Madison, Miss. — Phosphate Holdings Inc., which owns Pascagoula phosphate producer Mississippi Phosphates Corp., reported a third-quarter net loss of $4.8 million ($0.57 per diluted share of common stock), compared to the year-ago net income of $1.5 million ($0.18 per share). Third-quarter net sales were $70.3 million, a 26 percent decrease from the year-ago $94.7 million. The average sales price of DAP was $496/st FOB, a 14 percent decrease from the year-ago $578/st. During the third quarter, PHI sold 140,258 st of DAP, with 31,335 st moving into export markets and 108,923 st into domestic. This compares with 162,761 st of DAP sold in the third quarter of 2011. PHI had an operating loss of $7.6 million for the third quarter versus year-ago operating income of $2.7 million, while EBITDA was a negative $3.7 million, down from the year-ago positive $6.6 million. PHI reported a nine-month loss of $5 million on sales of $244.3 million, versus the year-ago loss of $232,000 on sales of $246.5 million. PHI had a nine-month operating loss of $7.5 million, versus a year-ago positive income of $144,000. Nine-month EBITDA was a positive $4 million, down from the year $12.4 million. As of Sept. 30, 2012, PHI had a cash balance of approximately $2.9 million and borrowings under its credit agreement of $14.4 million. During the third quarter, the company expended $2.8 million on capital expenditures. On Nov. 30, 2012, PHI and OCP S.A. agreed to extend the term of their Agreement for the Purchase and Sale of Phosphate Rock dated Aug. 27, 2009, through June 30, 2013. The agreement was scheduled to expire on Dec. 31, 2012.
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