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 Aug. 5, 2022 Source: Intrepid Potash news release Denver, CO, -- Intrepid Potash, Inc. ("Intrepid", the "Company", "we", "us", "our") (NYSE:IPI) today reported its results for the second quarter of 2022. Key Highlights for Second Quarter 2022 *Total sales of $91.7 million, an increase of $23.8 million compared to $67.9 million in the second quarter of 2021, as potash and Trio® net realized sales prices(1) increased to $738 and $493 per ton, respectively. *Net income of $23.7 million (or $1.74 per diluted share), a $4.2 million improvement compared to the second quarter of 2021; adjusted net income(1) totaled $24.8 million, which compares to $7.4 million in the second quarter of 2021. *Gross margin of $41.8 million, a $27.6 million improvement over the prior year. *Cash flow from operations of $49.1 million, a $16.8 million improvement over the prior year. *Adjusted EBITDA(1) of $41.5 million, which was a $24.6 million improvement over the prior year. *As of July 31, 2022, Intrepid had approximately $85 million in cash and cash equivalents and $74 million available under its revolving credit facility, for total liquidity of approximately $159 million. *Incurred capital expenditures of $16.0 million in the second quarter of 2022 and expect full year 2022 capital investment to be in the range of $65 million to $75 million. *Continued progress on production improvement projects designed to capitalize on the strong commodity environment and improve our production cost per ton: Replacing the injection pipeline at HB with an improved system designed to maintain higher flow rates and increase brine storage underground - expected in-service 1H 2023 Preparing to drill an additional potash cavern in Moab which is expected to increase production tons through higher overall extraction brine grade - expected in-service Q4 2022 Upgrading brackish and deep-brine wells in Wendover to increase brine availability and better manage variability in weather and evaporation rates - expected in-service Q4 2022 Initial development planning of a frac sand opportunity on our strategically located South ranch with the potential to produce over 600k tons per year of frac sand for sale into the Delaware Basin, starting in 2023. To read the entire report click here. Tweet |
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