Neigbhour's 2010 full year highlights...Intrepid Announces 2010...

Neigbhour's 2010 full year highlights...


Intrepid Announces 2010 Fourth Quarter and Full Year Financial Results
DENVER, Feb 23, 2011 (BUSINESS WIRE) --

Intrepid Potash, Inc. (NYSE:IPI) announced today 2010 fourth quarter and full year financial results, with net income for the fourth quarter of $18.2 million, resulting in $0.24 of earnings per diluted share. Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA1) for the fourth quarter of 2010 was $37.3 million.


"During the fourth quarter of 2010, we saw a significant expansion in nutrient demand, which was more robust than we had expected and was further bolstered by a strengthening commodity market," said Bob Jornayvaz, Intrepid's Executive Chairman of the Board. "A number of factors contributed to the overall strength of the potash market domestically during the fourth quarter. Mild fall weather and an early harvest in much of the United States allowed for an extended application period for potash and other nutrients well into December. Further, prices for virtually every agricultural commodity moved higher, as yield estimates were trimmed and global demand continued to grow, driving farmer economics to historically attractive levels."

Fourth Quarter 2010 Highlights:


-Potash sales increased 44 percent in the fourth quarter of 2010 to 216,000 tons as compared to 150,000 tons sold in the same period of 2009.

-Potash production increased 81 percent in the fourth quarter of 2010 to 224,000 tons compared to 124,000 tons produced in the fourth quarter of 2009.

-The average net realized sales price2 for potash was $386 per ton ($425 per metric tonne) in the fourth quarter of 2010, compared to $408 per ton ($450 per metric tonne) in the fourth quarter of 2009.

-Our cash operating cost of goods sold, net of by-product credits3, for potash was $166 per ton in the fourth quarter of 2010. This compares to $186 per ton in the fourth quarter of 2009. There were no abnormal production costs recognized in the fourth quarter of 2010, whereas, in the comparable period of 2009, $8.8 million of abnormal production costs for potash were expensed in the period and were excluded from the cash operating cost of goods sold. Our fourth quarter 2010 cash operating cost of goods sold per ton results reflect all costs attributed to production of potash as we operated within normal ranges during this period.

-Sales of langbeinite, which we market as Trio(R), were 27,000 tons in the fourth quarter of 2010 compared to 25,000 tons in the fourth quarter of 2009.

-Langbeinite production in the fourth quarter of 2010 decreased to 31,000 tons from 45,000 tons produced in the fourth quarter of 2009.

-The average net realized sales price for Trio(R) was $222 per ton ($245 per metric tonne) in the fourth quarter of 2010 compared to $190 per ton ($209 per metric tonne) in the fourth quarter of 2009.

-Average gross margin in the fourth quarter of 2010 for the sale of potash was $169 per ton or 44 percent, compared to $173 per ton or 42 percent in the fourth quarter of 2009, which excluded the abnormal production expense incurred in this period. Average gross margin for the sale of Trio(R) was $38 per ton or 17 percent compared to $16 per ton or 8 percent in the same period of 2009.

-Capital investment in the fourth quarter of 2010 totaled $32.7 million.

-As of December 31, 2010, we had $143.0 million of cash and investments, no outstanding debt, and $125.0 million of availability under our revolving credit facility.

found here...

http://investors.intrepidpotash.com/phoenix.zhtml?c=218952&p=irol-newsArticle&ID=1532201&highlight=