Innophos Holdings, Inc.

CIK:0001364099|SEC Filings

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Statement of Comprehensive Income [Abstract]

Net sales

$ 189,349

$ 196,934

$ 565,801

$ 609,099

Cost of goods sold

156,685

161,706

460,333

495,259

Gross profit

32,664

35,228

105,468

113,840

Operating expenses:

Selling, general and administrative

17,803

19,525

57,505

64,548

Research & development expenses

1,179

1,240

3,751

3,989

Total operating expenses

18,982

20,765

61,256

68,537

Operating income

13,682

14,463

44,212

45,303

Interest expense, net

3,990

3,428

11,580

9,530

Foreign exchange loss (gain)

373

(531)

(478)

409

Other (income), net

(5)

(14)

(16)

(42)

Income before income taxes

9,324

11,580

33,126

35,406

Provision (benefit) for income taxes

2,873

(2,510)

16,580

4,155

Net income

6,451

14,090

16,546

31,251

Net income attributable to participating common shareholders

$ 6,417

$ 14,033

$ 16,474

$ 31,139

Income per participating share:

Basic (in dollars per share)

$ 0.33

$ 0.72

$ 0.84

$ 1.60

Diluted (in dollars per share)

$ 0.32

$ 0.71

$ 0.83

$ 1.57

Weighted average participating shares outstanding:

Basic (in shares)

19,583,316

19,525,284

19,575,764

19,511,097

Diluted (in shares)

19,785,045

19,838,962

19,740,262

19,790,570

Other comprehensive income (loss), net of tax:

Change in interest rate swaps, (net of tax of $41, $0, $732, and $0)

$ (122)

$ 0

$ (2,195)

$ 0

Change in pension and post-retirement plans, (net of tax of ($19), $16, $13, and $228)

288

(47)

(426)

436

Other comprehensive income (loss), net of tax

166

(47)

(2,621)

436

^[1]

Comprehensive (loss) income

$ 6,617

$ 14,043

$ 13,925

$ 31,687

[1]	Includes the impact of ASU 2018-02, which transferred those amounts from accumulated other comprehensive income (loss) to retained earnings. See Note 16 to the Condensed Consolidated Financial Statements.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows provided by operating activities
Net income	$ 16,546	$ 31,251
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	31,776	33,317
Amortization of deferred financing charges	322	322
Deferred income tax provision	242	7,006
Share-based compensation	5,188	4,143
Changes in assets and liabilities:
Accounts receivable	(3,655)	(2,272)
Inventories	9,913	(23,094)
Other current assets	(11,042)	(9,362)
Accounts payable	(18,060)	(1,167)
Other current liabilities	5,041	10,291
Other long-term assets and liabilities, net	(11,608)	(15,071)
Net cash provided by operating activities	24,663	35,364
Cash flows used for investing activities:
Capital expenditures	(25,576)	(47,800)
Net cash used for investing activities	(25,576)	(47,800)
Cash flows provided by financing activities:
Long-term debt borrowings	51,000	86,000
Long-term debt repayments	(11,000)	(51,000)
Restricted stock forfeitures	(235)	(251)
Dividends paid	(28,318)	(28,197)
Net cash provided by financing activities	11,447	6,552
Effect of foreign exchange rate changes on cash and cash equivalents	0	181
Net change in cash	10,534	(5,703)
Cash and cash equivalents at beginning of period	20,197	28,782
Cash and cash equivalents at end of period	30,731	23,079
Non-cash investing and financing activities:
Accrued additions to plant assets	$ 5,242	$ 5,073

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 30,731	$ 20,197
Accounts receivable, net of allowance for doubtful accounts ($884 and $688)	106,219	102,564
Inventories	170,290	180,203
Other current assets	35,136	24,094
Total current assets	342,376	327,058
Property, plant and equipment, net	237,803	240,235
Lease right-of-use assets	55,597	0
Goodwill	152,767	152,767
Intangibles and other assets, net	87,301	95,094
Total assets	875,844	815,154
Current liabilities:
Accounts payable, trade and other	57,850	80,007
Other current liabilities	58,655	49,993
Total current liabilities	116,505	130,000
Long-term debt	340,000	300,000
Long-term lease obligations	49,077	0
Other long-term liabilities	32,364	49,639
Total liabilities	537,946	479,639
Commitments and contingencies (Note 14)
Common stock, par value $.001 per share; authorized 100,000,000; issued 23,042,492 and 22,984,608; outstanding 19,690,774 and 19,613,085 shares	20	20
Paid-in capital	147,727	142,558
Common stock held in treasury, at cost (3,351,718 and 3,371,523 shares)	(177,097)	(176,862)
Retained earnings	372,885	372,815
Accumulated other comprehensive loss	(5,637)	(3,016)
Total stockholders' equity	337,898	335,515
Total liabilities and stockholders' equity	$ 875,844	$ 815,154