Compass Minerals Reports Revenue Increase

Compass Minerals CMP reports the following results of its second-quarter 2010 operations: Sales were up 12 percent over the prior-year quarter, reflecting stronger specialty fertilizer and U.K. highway deicing sales volumes and improved salt pricing, partially offset by lower specialty fertilizer average selling prices. Net earnings for the three months ended June 30, 2010, were $11.3 million, or $0.34 per diluted share, compared to $14.1 million, or $0.42 per diluted share, in the 2009 quarter. Excluding special items from the 2009-quarter results, net earnings were $17.1 million, or $0.51 per diluted share. Operating earnings declined to $18.4 million in the current quarter from $34.8 million in the second quarter of 2009, primarily due to lower average selling prices for sulfate of potash specialty fertilizers and the impact of reduced salt production. Second-quarter cash flow from operations increased $57 million over the prior-year quarter. For the six months ended June 30, 2010, cash flow from operations nearly doubled to $171.1 million from $88.3 million for the six months ended June 30, 2009.