TORONTO, May 16, 2019 (GLOBE NEWSWIRE) — Itafos (TSX VENTURE: IFOS) (the “Company”) reported today its Q1 2019 financial results and operational highlights. The Financial Statements and Management’s Discussion and Analysis for the quarter ended March 31, 2019 are available under the Company’s profile at www.sedar.com and under the Investors – Financial Statements page of the Company’s website, www.itafos.com. All dollar values are in US Dollars.
Itafos Conda continues to operate well, with Q1 2019 fertilizer production volumes up more than 10% year-over-year. This solid production, coupled with higher year-over-year fertilizer prices, helped to offset the unusually cold and wet weather conditions across key growing areas of the US, which caused many growers to defer fertilizer purchases into Q2 2019. Itafos Conda generated revenues of $69.3 million and Adjusted EBITDA of $11.5 million in Q1 2019.
The Company continues to work toward implementing the repurpose plan at Itafos Arraias aimed at optimizing finished fertilizer production with a multi-product portfolio of higher grade SSP, micronutrient SSP and value added premium PK compound products. To enable the repurpose plan, the Company is focusing on procuring higher-grade phosphate rock from third parties and, once operational, from Itafos Farim.
Lastly, the Company continues to focus on extending Itafos Conda’s mine life by further advancing our nearby development projects, Itafos Paris Hills and Itafos Husky 1/North Dry Ridge, and continuing to de-risk Itafos Farim.