$IPI
Intrepid Potash, Inc.

2012 Form 10-K Financial Statement

#000142146113000007 Filed on February 14, 2013

View on sec.gov

Income Statement

Concept 2012 2011 Q4 2011 Q3
Revenue $451.3M $104.6M $114.0M
YoY Change 1.89% 8.78% 24.63%
Cost Of Revenue $281.2M $52.41M $55.55M
YoY Change 9.54% 6.57% 3.22%
Gross Profit $170.1M $42.76M $47.11M
YoY Change -8.64% 13.58% 75.72%
Gross Profit Margin 37.7% 40.88% 41.32%
Selling, General & Admin $33.75M $7.700M $8.277M
YoY Change 6.11% -4.94% 29.33%
% of Gross Profit 19.84% 18.01% 17.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.60M $9.800M $8.403M
YoY Change 41.78% 28.95% 21.78%
% of Gross Profit 27.98% 22.92% 17.84%
Operating Expenses $33.75M $8.000M $8.277M
YoY Change 6.11% -5.88% 21.72%
Operating Profit $135.4M $34.76M $41.76M
YoY Change -22.13% 19.25% 108.72%
Interest Expense $900.0K $300.0K $300.0K
YoY Change 0.0% 0.0% -250.0%
% of Operating Profit 0.66% 0.86% 0.72%
Other Income/Expense, Net $588.0K $200.0K $22.00K
YoY Change 12.43% 100.0% -78.0%
Pretax Income $136.9M $35.30M $42.05M
YoY Change -21.87% 19.26% 112.39%
Income Tax $49.48M $10.40M $16.55M
% Of Pretax Income 36.14% 29.46% 39.35%
Net Earnings $87.40M $24.90M $25.50M
YoY Change -20.11% 36.81% 117.95%
Net Earnings / Revenue 19.37% 23.8% 22.37%
Basic Earnings Per Share $1.16 $0.33 $0.34
Diluted Earnings Per Share $1.16 $0.33 $0.34
COMMON SHARES
Basic Shares Outstanding 75.28M shares 75.20M shares
Diluted Shares Outstanding 75.34M shares 75.30M shares

Balance Sheet

Concept 2012 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.70M $170.6M $141.0M
YoY Change -66.18% 40.18% 41.42%
Cash & Equivalents $27.60M $73.37M $67.49M
Short-Term Investments $24.10M $97.20M $73.60M
Other Short-Term Assets $7.400M $9.900M $6.400M
YoY Change -25.25% 30.26% -12.33%
Inventory $53.30M $55.39M $53.40M
Prepaid Expenses
Receivables $31.50M $29.30M $34.20M
Other Receivables $12.40M $11.40M $18.00M
Total Short-Term Assets $162.4M $276.6M $253.2M
YoY Change -41.29% 32.48% 27.75%
LONG-TERM ASSETS
Property, Plant & Equipment $637.3M $387.4M $392.6M
YoY Change 51.41% 35.5% 33.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $6.200M $27.70M
YoY Change -100.0% -70.89% 3.36%
Other Assets $195.0M $3.949M $240.3M
YoY Change -14.88% -25.64% -17.48%
Total Long-Term Assets $832.2M $656.2M $660.6M
YoY Change 26.8% 5.83% 7.78%
TOTAL ASSETS
Total Short-Term Assets $162.4M $276.6M $253.2M
Total Long-Term Assets $832.2M $656.2M $660.6M
Total Assets $994.6M $932.9M $913.8M
YoY Change 6.61% 12.55% 12.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.60M $21.00M $21.20M
YoY Change -6.67% 16.02% 25.44%
Accrued Expenses $44.20M $14.80M $32.30M
YoY Change 62.5% -13.75% 14.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $67.40M $49.68M $54.70M
YoY Change 35.61% 9.4% 16.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $21.50M $2.354M $13.30M
YoY Change 77.69% -47.22% -48.25%
Total Long-Term Liabilities $21.50M $2.354M $13.30M
YoY Change 77.69% -47.22% -48.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.40M $49.68M $54.70M
Total Long-Term Liabilities $21.50M $2.354M $13.30M
Total Liabilities $88.90M $61.74M $68.00M
YoY Change 44.08% -13.1% -6.08%
SHAREHOLDERS EQUITY
Retained Earnings $308.2M
YoY Change 55.04%
Common Stock $564.4M
YoY Change 0.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $905.7M $871.1M $845.8M
YoY Change
Total Liabilities & Shareholders Equity $994.6M $932.9M $913.8M
YoY Change 6.61% 12.55% 12.66%

Cashflow Statement

Concept 2012 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income $87.40M $24.90M $25.50M
YoY Change -20.11% 36.81% 117.95%
Depreciation, Depletion And Amortization $47.60M $9.800M $8.403M
YoY Change 41.78% 28.95% 21.78%
Cash From Operating Activities $187.8M $44.30M $50.30M
YoY Change 7.99% -5.34% 484.88%
INVESTING ACTIVITIES
Capital Expenditures $246.4M -$35.40M -$37.20M
YoY Change 81.58% 16.83% 86.0%
Acquisitions
YoY Change
Other Investing Activities -$2.000K -$2.900M -$15.50M
YoY Change -59.15% -21.72%
Cash From Investing Activities -$170.2M -$38.30M -$52.70M
YoY Change -2.63% 2.41% 32.08%
FINANCING ACTIVITIES
Cash Dividend Paid $56.47M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -57.40M 0.000 -1.400M
YoY Change 3088.89%
NET CHANGE
Cash From Operating Activities 187.8M 44.30M 50.30M
Cash From Investing Activities -170.2M -38.30M -52.70M
Cash From Financing Activities -57.40M 0.000 -1.400M
Net Change In Cash -39.80M 6.000M -3.800M
YoY Change 1374.07% -36.17% -87.86%
FREE CASH FLOW
Cash From Operating Activities $187.8M $44.30M $50.30M
Capital Expenditures $246.4M -$35.40M -$37.20M
Free Cash Flow -$58.61M $79.70M $87.50M
YoY Change -253.42% 3.37% 205.94%

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5500000 USD
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195000 USD
CY2012 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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CY2012Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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195000 USD
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CY2011 us-gaap Defined Contribution Plan Cost Recognized
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">RECENT ACCOUNTING PRONOUNCEMENTS </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In December 2011, the FASB issued guidance enhancing disclosure requirements about the nature of an entity's right to offset related arrangements associated with its financial instruments and derivative instruments. The new guidance requires the disclosure of the gross amounts subject to rights of set-off, amounts offset in accordance with the accounting standards followed, and the related net exposure. The new guidance is effective for fiscal years and interim periods beginning on or after January 1, 2013. Other than requiring additional disclosures, Intrepid does not anticipate material impact on its consolidated financial statements upon adoption.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#8212; COMPANY BACKGROUND</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intrepid Potash,&#160;Inc. (individually or in any combination with its subsidiaries, &#8220;Intrepid&#8221;) produces muriate of potash (&#8220;potassium chloride&#8221; or &#8220;potash&#8221;) and langbeinite, and sells these products primarily into the agricultural market as a fertilizer. These products are also sold into the animal feed market as a nutritional supplement and potash is sold into the industrial market as an additive for oil and gas drilling and fracture stimulation market as well as the flux market. In addition, Intrepid sells by-products including salt, magnesium chloride and metal recovery salts. The processing of langbeinite ore results in sulfate of potash magnesia, which is marketed for sale as Trio</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intrepid owns </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">five</font><font style="font-family:inherit;font-size:10pt;"> active potash production facilities: </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:inherit;font-size:10pt;"> in New Mexico, and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">two</font><font style="font-family:inherit;font-size:10pt;"> in Utah. Intrepid is also developing a sixth production facility, the HB Solar Solution mine, near Carlsbad, New Mexico. Construction on this project continues as of December 31, 2012. Intrepid has commenced pumping potassium rich brine into the solar evaporation ponds. Currently, production comes from </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">two</font><font style="font-family:inherit;font-size:10pt;"> underground mines in the Carlsbad region of New Mexico; a solar evaporation solution mine near Moab, Utah; and a solar evaporation shallow brine mine in Wendover, Utah. Trio</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> production comes from mining the mixed ore body that contains both potash and langbeinite, which is processed through the East facility near Carlsbad, New Mexico. Intrepid manages sales and marketing operations centrally to evaluate the product needs of its customers and then determines which of its production facilities to utilize in order to fill customers&#8217; orders in a manner designed to realize the highest average net realized sales price to Intrepid. Intrepid calculates average net realized sales price by deducting freight costs from gross revenues and then by dividing this result by tons of product sold during the period. As such, product inventory levels and overall production costs are monitored centrally. Intrepid has </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">one</font><font style="font-family:inherit;font-size:10pt;"> reporting segment being the extraction, production, and sale of potassium related products. Intrepid's extraction and production operations are conducted entirely in the continental United States.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;">&#8212;The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Intrepid bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Significant estimates include those for proven and probable mineral reserve volumes, the related present value of estimated future net cash flows, useful lives of plant assets, asset retirement obligations, normal inventory production levels, inventory valuations, the valuation of equity awards, the valuation of derivative financial instruments, and estimated blended income tax rates utilized in the current and deferred income tax calculations. There are numerous uncertainties inherent in estimating quantities of proven and probable reserves, projecting future rates of production, the blend of state tax rates to utilize in the valuation of deferred income taxes, and the timing of development expenditures. Future mineral prices may vary significantly from the prices in effect at the time the estimates are made, as may estimates of future operating costs. The estimate of proven and probable mineral reserve volumes, useful lives of plant assets, and the related present value of estimated future net cash flows can affect depletion, the net carrying value of Intrepid&#8217;s mineral properties, and the useful lives of related property, plant and equipment, as well as depreciation expenses.</font></div></div>
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0 shares
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IncrementalCommonSharesAttributableToPerformanceAwards
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IncrementalCommonSharesAttributableToPerformanceAwards
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IncrementalCommonSharesAttributableToStockOptions
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InterestIncludingSettlementsOnDerivatives
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10208000 USD
CY2012 ipi Interest Including Settlements On Derivatives
InterestIncludingSettlementsOnDerivatives
1840000 USD
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0001421461
CY2012 ipi Maximum Maturity Period Of Short Term Investments Description
MaximumMaturityPeriodOfShortTermInvestmentsDescription
less than or equal to one year
CY2012 ipi Maximum Original Maturity Period Of Cash And Liquid Investments Description
MaximumOriginalMaturityPeriodOfCashAndLiquidInvestmentsDescription
three months or less
CY2011Q4 ipi Mineral Properties And Development Costs Net
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33482000 USD
CY2012Q4 ipi Mineral Properties And Development Costs Net
MineralPropertiesAndDevelopmentCostsNet
94096000 USD
CY2012 ipi Minimum Maturity Period Of Long Term Investments Description
MinimumMaturityPeriodOfLongTermInvestmentsDescription
greater than one year
CY2012 ipi Number Of Potash Production Facilities Owned
NumberOfPotashProductionFacilitiesOwned
5 Facilities
CY2012Q4 ipi Number Of Primary Markets
NumberOfPrimaryMarkets
3 markets
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698000 USD
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771000 USD
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1117000 USD
CY2012 ipi Pension Plan Termination Current Benefits Lump Sum Interest Rate
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0.027
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0.034
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0.035
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PensionPlanTerminationNoncurrentBenefitsLumpSumInterestRateForYearsTwentyAndAfter
0.046
CY2012 ipi Pension Plan Termination Noncurrent Benefits Lump Sum Interest Rate For Years Zero To Four
PensionPlanTerminationNoncurrentBenefitsLumpSumInterestRateForYearsZeroToFour
0.010
CY2012 ipi Period In Which Payments Are Expected
PeriodInWhichPaymentsAreExpected
P5Y
CY2012Q4 ipi Reclamation Deposits And Surety Bonds
ReclamationDepositsAndSuretyBonds
7900000 USD
CY2011 ipi Refundable Employment Credit Other Income
RefundableEmploymentCreditOtherIncome
7900000 USD
CY2012 ipi Reporting Segments Number
ReportingSegmentsNumber
1 Reporting_Segments
CY2013Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
75553526 shares
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012Q4 ipi Surety Bonds
SuretyBonds
7400000 USD
CY2012Q4 ipi Total Product Inventory
TotalProductInventory
35966000 USD
CY2011Q4 ipi Total Product Inventory
TotalProductInventory
40873000 USD
CY2012 ipi Vesting Of Restricted Common Stock Net Of Restricted Common Stock Used To Fund Employee Income Tax Withholding Due Upon Vesting Value
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878000 USD
CY2010 ipi Vesting Of Restricted Common Stock Net Of Restricted Common Stock Used To Fund Employee Income Tax Withholding Due Upon Vesting Value
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771000 USD
CY2011 ipi Vesting Of Restricted Common Stock Net Of Restricted Common Stock Used To Fund Employee Income Tax Withholding Due Upon Vesting Value
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1117000 USD
CY2010 ipi Warehousing And Handling Costs
WarehousingAndHandlingCosts
10683000 USD
CY2012 ipi Warehousing And Handling Costs
WarehousingAndHandlingCosts
14966000 USD
CY2011 ipi Warehousing And Handling Costs
WarehousingAndHandlingCosts
14027000 USD
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
CY2012 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012Q2 dei Entity Public Float
EntityPublicFloat
1233587539 USD
CY2012 dei Entity Registrant Name
EntityRegistrantName
Intrepid Potash, Inc.
CY2011 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2011 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

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