Denver — Intrepid Potash Inc. released preliminary results for the first quarter ending March 31, 2012, reflecting potash sales of 200-210,000 st, up from the year-ago 196,000 st. Production, however, was down, at 215-225,000 st from the year-ago 234,000 st. Average net realized prices were up, at $470-$480/st from $442/st. Intrepid estimates that its cash cost of goods sold for potash for the quarter, net of by-product credits, was $190-$200/st. Trio sales were off at 25-30,000 st from the year-ago 52,000 st, while production was about the same at 30-35,000 st versus 31,000 st. Intrepid said it sales were limited by production and low inventory levels as demand was strong, as were prices, which were up at $295-$305/st from the year-ago $204/st. Intrepid expects improved Trio production once the Dense Media Separation component of the Langbeinite Recovery Improvement Project is fully commissioned in the second quarter of 2012. Intrepid will release earnings May 2.
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