Intrepid Potash Inc. generated a second quarter net loss of $5.9 million on sales of $43.9 million, an improvement over the year-ago loss of $13.4 million and $51.8 million, respectively.
“Our strategy to shift to solar-only potash production and expand Trio® sales paid off in the second quarter with improved potash margins and a year-over-year increase in Trio® sales volume,” said Bob Jornayvaz, Intrepid’s executive chairman, president and CEO. “Solid results and increased visibility into the second half of the year gave us the confidence to further reduce the outstanding balance on our senior notes, utilizing remaining proceeds from our first quarter equity raise and cash from operating activities.”
“We continue to execute on our strategy to diversify our income and have been successful in increasing sales of water and by-products. Water sales are continuing to grow and we are working to put in place a broad set of arrangements with the goal of generating a significant long-term revenue stream. We expect at least $20 million to $30 million in water sales during 2018. We believe these additional cash flow streams will allow Intrepid to better handle the normal variability of the fertilizer commodity cycle, while also creating synergies in our existing markets.”