SASKATOON, SK PRNewswire-FirstCall – Potash Corporation of Saskatchewan Inc. (PotashCorp) announced today that Canpotex Limited, the offshore sales agency for Saskatchewan potash producers, has concluded negotiations for a 1.5 million tonne contract with Sinochem in China. This 2003 sale of Saskatchewan potash was concluded at flat pricing. PotashCorp also announced that, due to a number of factors, it expects 2002 full-year results will be lower than anticipated. The company now believes that fully diluted earnings per share will be in the range of US $1.00 to $1.10 compared to its previous guidance of $1.20. Cash flow is expected to remain strong at approximately $5.70 per share.
PotashCorp has signed an agreement with SQM to sell to it 8,000 tonnes per month of potassium nitrate for the period November 2002 to December 2003. PotashCorp anticipates that its Yumbes plant will run at approximately two-thirds of its capacity or 200,000 tonnes in 2003. Tonnes not sold to SQM are expected to be sold into the US market. This agreement will support the Company’s entry into the potassium nitrate market and allow us to more than double our sales volumes over 2002.
SASKATOON, SK CNW – Potash Corporation of Saskatchewan Inc. announced today that its Board of Directors has declared a quarterly dividend of US $0.25 per share payable February 14, 2003 to shareholders of record January 24, 2003.
SASKATOON, SK PRNewswire-FirstCall via COMTEX – Potash Corporation of Saskatchewan Inc. (PotashCorp) today reported third-quarter diluted net income per share of $0.28, a 33 percent increase over the $0.21 per share earned in the same quarter a year ago. The greater profitability was primarily due to improving conditions in nitrogen. Third-quarter cash flow(1) was $1.29 per diluted share, a 13 percent increase over last year's $1.14 per share. Earnings before interest, taxes, depreciation and amortization (EBITDA(2) ) was $98.7 million in the third quarter of 2002, 11 percent better than the $89.0 million reported in the third quarter of 2001.
SASKATOON, SK PRNewswire-FirstCall via COMTEX – Potash Corporation of Saskatchewan Inc. announced today that its Board of Directors has declared a quarterly dividend of US $0.25 per share payable November 15, 2002 to shareholders of record October 25, 2002.
SASKATOON, SK PRNewswire-FirstCall via COMTEX – Potash Corporation of Saskatchewan Inc. (PotashCorp) announced today that it will resume DAP (diammonium phosphate) production at its White Springs, Florida facility. It also stated that its third-quarter earnings are being positively affected by a weakening Canadian dollar.
SASKATOON, SK PRNewswire-FirstCall via COMTEX – Potash Corporation of Saskatchewan Inc. (PotashCorp) announced today that its wholly owned subsidiary, PCS Nitrogen, Inc., has agreed to conclude the federal grand jury investigation and parallel state investigations of its Geismar, Louisiana facility by pleading guilty to one felony violation of the Clean Air Act in the United States District Court for the Middle District of Louisiana and one felony violation of analogous state law in each of the Eighteenth and Twenty- third Judicial Districts of the State of Louisiana. The Company also has agreed to pay a fine of $US 1.75 million to the U.S. government and $125,000 to each of the two state judicial districts. The amount of the fines is covered by a provision recorded in the second quarter of 2002.
SASKATOON, SK Potash Corporation of Saskatchewan Inc. (PotashCorp) today reported second-quarter net income of $US 11.9 million or diluted earnings per share of $0.23. The main factors in the reduction from the $0.83 per share earned in last year's second quarter were lower nitrogen prices and margins.
Continuous improvement, self-assessment and a strong commitment to doing the right thing are the keys to good corporate governance, says PotashCorp director Mary Mogford.As a recently named Fellow of the Institute of Corporate Directors (ICD), Mogford should know. Mogford, a director with PotashCorp since 2001, earned the prestigious Fellowship for her years of service to a number of corporate and volunteer boards across North America. The Fellowship Awards are presented to corporate directors who have, over a period of years, made significant contributions to the boards of public companies.“This award is particularly humbling for me because I believe that the recognition of one’s peers is the most sincere form of praise,” said Mogford.Mogford is a partner with Mogford Campbell Inc., a strategic business and financial consulting company. A Call for Improved GovernanceIn her acceptance speech, Mogford discussed the important role of directors play in protecting the interests of shareholders.“I believe that is is useful for all of us as directors to ask ourselves the questions: Is our board a strategic asset for the company? Are we adding value for our company and our shareholders? And in that sense, is this the best board we all sit on?” said Mogford.She pointed to recent high profile examples of corporate failures and stressed the need for directors to adopt a best practice approach to governance. She emphasized that the current scrutiny of corporate boards provides a chance for strong boards to highlight their commitment to shareholders.“Good companies can take the current environment as an opportunity,” said Mogford. “Companies that truly embody the principles of transparency, full disclosure and sound behavior will have an advantage.”Mogford was formerly Ontario Deputy Minister of Finance (Treasury and Economics) and Deputy Minister of Natural Resources. She was the first woman appointed to either of those positions.In addition to her responsibilities with PotashCorp, Mogford is a a member of the boards of Falconbridge Limited; MDS Inc; Sears Canada; Teranet Inc.; and the Altamira Advisory Council. She is also chair of the Ontario SuperBuild Board, which oversees $20 billion, five-year program that will see government, in partnership with the private sector and other public agencies, invest in major infrastructure projects.
Understanding the complex fertilizer industry is easier when you know what’s inside. A great place to start is the 2002 Overview of PotashCorp and its Industry.More than 100 charts, graphs and tables provide details about PotashCorp’s operations, world fertilizer consumption trends and the ebb and flow of demand for nitrogen, phosphate and potash.