Cranbury, N.J. — Specialty phosphate maker Innophos Holdings Inc. reported a 36 percent drop in net income for the fourth quarter ending Dec. 31, 2012, to $13.4 million ($0.60 per diluted share) on sales of $208.8 million, compared to the year-ago $20.9 million ($0.93 per share) on sales of $209.2 million. While CEO Randy Gress said he was satisfied with the progress the company had made during the year, he said that results reflected challenging market conditions, particularly in the fourth quarter, when there was a pronounced seasonal slowdown in the U.S. and Canadian specialty phosphate markets. However, he said volumes recovered strongly in January, and this gives the company confidence the slowdown was limited to the fourth quarter. Full-year net income was $74.2 million ($3.30 per share) on sales of $862.4 million, down from 2011’s $86.5 million ($3.83 per share) on sales of $810.5 million.
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