CRANBURY, N.J., May 16, 2017 /PRNewswire/ -- Innophos Holdings, Inc. (NASDAQ: IPHS), today publicized its 2016 quarterly segment results according to the new operating segments that were implemented in the first quarter of 2017.
"The new operating segments, which include Food, Health & Nutrition (FHN), Industrial Specialties (IS) and Other, more accurately reflect the underlying business dynamics and align with the new strategic direction of the Company," said Han Kieftenbeld, Senior Vice President and Chief Financial Officer.
Through the fiscal year ended December 31, 2016, the Company's business was reported in three operating segments: Specialty Phosphates US & Canada, Specialty Phosphates Mexico and GTSP & Other. Changes in the Company's strategic direction to be a market focused organization prompted the Company to change its operating segments to FHN, IS and Other. The Company began to report results under the new operating segments with the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2017.
To assist investors in making comparisons of financial information for current and future periods with financial information from prior periods, the Company is furnishing certain unaudited historical segment information for the fiscal year and related quarters of 2016, revised to reflect the Company's new operating segment structure. The changes in the segment structure affect only the manner in which the results for the operating segments were previously reported. The Company's new segment structure has no impact on the Company's previously reported consolidated statements of operations, consolidated statements of comprehensive income (loss), consolidated balance sheets, consolidated statements of equity and consolidated statements of cash flows. The revised information does not represent a restatement of previously issued financial statements.
About the Company
Innophos is a leading international producer of specialty ingredient solutions that deliver far-reaching, versatile benefits for the food, health, nutrition and industrial markets. We leverage our expertise in the science and technology of blending and formulating phosphate, mineral and botanical based ingredients to help our customers offer products that are tasty, healthy, nutritious and economical. Headquartered in Cranbury, New Jersey, Innophos has manufacturing operations across the United States, in Canada, Mexico and China.
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