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[Tommy]

$IPI - Intrepid Potash Management Discusses Q3 2013 Results - Earnings Call Transcript

http://seekingalpha.com/article/1796322-intrepid-potash-management-discusses-q3-2013-results-earnings-call-transcript?source=email_portfolio&ifp=0

Operator

This is the conference operator. Welcome to the Intrepid Potash, Inc. 2013 Third Quarter Conference Call. [Operator Instructions] At this time, I'd like to turn the conference over to Gary Kohn, Vice President Investor Relations. Please go ahead.
Gary Kohn - Vice President of Investor Relations

Thanks, Brock. Good morning. Thank you, all, for joining us for our third quarter 2013 earnings conference call. Presenting on the call today are Dave Honeyfield, President and Chief Financial Officer; and Kelvin Feist, Senior Vice President of Sales and Marketing. Also in the room with us today are Hugh Harvey, Executive Vice Chairman of the Board; John Mansanti, Senior Vice President of Operations; Martin Litt, Executive Vice President and General Counsel; and Brian Frantz, Vice President of Finance and Chief Accounting Officer. Bob Jornayvaz, our Executive Chairman of the Board is traveling and unable to join us today.

I would like to remind everyone that statements made on this call that are not historical fact or that express our belief, expectation or intention, including statements about our financial operational outlook, are forward-looking statements within the meaning of the United States securities laws. These statements are not guarantees of future performance and are based on a number of assumptions, which we believe are reasonable.

Forward-looking statements involve risks and uncertainties that could cause actual results to differ from our expectations. You can find more information about these risks and uncertainties in our annual report on Form 10-K and subsequent quarterly reports on Form 10-Q as filed with the SEC.

Also during today's call, we may refer to certain non-GAAP financial measures such as adjusted EBITA, adjusted net income and adjusted net income per diluted share. Our earnings press release includes reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Our SEC filings and our press releases are available on our website at intrepidpotash.com.

I will now turn the call over to Dave.
David W. Honeyfield - President and Chief Financial Officer

Thanks, Gary. Good morning, and welcome to everyone who has joined us for today's call. The most important news for the third quarter is the progress we continue to make on our new and upgraded assets that will enhance our operations by lowering cash operating cost per ton, increasing production and providing more flexibility in our processes to allow us to pursue the best margin sales opportunities. This has been a planned multi-year program that is now reaching its desired end goals.

In the quarter, our teams brought each project closer to the finish line, setting us up to start realizing the benefits of the investments as we move through 2014. Specifically, we have recently placed the first 2 lines of our new North Compaction facility into service and are happy with the new capabilities that the plant offers. We completed construction of the HB wells, pipeline and pond and, beginning in August, we have filled all the solar evaporation ponds with potash-rich brine. We've continued construction of the HB mill, with the target of beginning our first harvest of potash and delivering first production near the end of this year. We completed the drilling of the third cavern system at Moab and we're set to begin circulating brine. And we continue to make upgrades for improved recovery at our West facility.