Denver-Intrepid Potash Inc. reported net income of $3.6 million ($.05 per diluted share) on sales of $64.3 million for the second quarter ending June 30, 2010, down from the year-ago $14.4 million ($.19 per diluted share) on sales of $73.4 million. The company said the second quarter represented the return of more normal seasonal agricultural patterns in the U.S. potash market. Intrepid said that in recent weeks it has seen demand from large distributors begin to pick up as they prepare for what Intrepid believes will be a strong fertilizer application season. Intrepid said that while it has opted this summer to match the pricing of competitors, it has elected to be selective of the orders it accepts beyond the end of September, saying it believes stronger pricing will emerge toward the end of the third quarter. While potash and Trio volumes were up during the second quarter at 129,000 st and 63,000 st, respectively, versus the year-ago 80,000 st and 45,000 st, prices were down, at $376/st and $162/st versus the year-ago $674/st and $338/st. Six-month net income was $15.4 million ($.21 per share) on sales of $171.7 million, versus the year-ago $39.1 million ($.52 per share) on sales of $162.3 million. Six-month potash and Trio volumes were 372,000 st and 132,000 st, versus the year-ago 179,000 st and 83,000 st. Prices were down at $361/st and $165/st from the year-ago $703/st and $335/st.
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