Overland Park, Kan.-Compass Minerals reported that heavy rains in California reduced application of sulfate of potash during the second quarter ending June 30, contributing to lower specialty-fertilizer sales volumes compared to the year-ago quarter. Price improvements counterbalanced the volume shortfall and helped generate a modest year-over-year gain in specialty-fert revenues. Second-quarter volumes dropped to 95,000 st with an average price of $292.61, compared to the year-ago 104,000 st and $260.89, respectively. Six-month volumes are off at 192,000 st and $288.95, versus the year-ago 208,000 st and $250.13, respectively. Compass-wide, the company had a second-quarter loss of $2.1 million ($.07 per diluted share) on sales of $108.1 million, versus the year-ago $.2 million loss ($.16 per share) on sales of $97.7 million. Compass traditionally has a second-quarter loss as its salt business builds reserves for the winter. Six-month net earnings were up at $26.5 million ($.82 per share) on sales of $326 million, versus the year-ago $22.3 million (.68 per share) and $351.7 million. Compass said the bidding process for highway deicing contracts is 50 percent complete, and that it has achieved price improvements of approximately 10 percent.
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