Denver-Intrepid Potash Inc. reported net income of $14.4 million ($.19 per diluted share) on sales of $73.4 million for the second quarter ending June 30, compared to the year-ago $32.4 million ($.43 per share) and $105.2 million, respectively. Intrepid saw a 62 percent drop in potash sales volumes to 80,000 st during the quarter, down from the year-ago 213,000 st. The average price was $674/st versus the year-ago $425/st. Six-month net income was $39.1 million ($.52 per share) on sales of $162.3 million, versus the year-ago $51.7 million ($.69 per share) and $189.6 million. Six-month potash sales volumes were 179,000 st with an average price of $703/st, versus the year-ago 426,000 st and $360/st. Intrepid said that due to the uncertainty around the price of potash, it believes current agricultural sales are going to actual direct application rather than to restock inventories. It added the third quarter is typically a slower time for shipments to the ag market, and that while decreased prices may spur demand, it expects current market trends will remain during the majority of the third quarter. Intrepid said industrial sales have remained slow in response to low oil and gas prices, and that the feed portion of the business has seen consistent demand. The company said its balance sheet remains strong, and that its product will be in place when more normal demand returns.
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