Mosaic To Change Fiscal Year
PLYMOUTH, Minn., Dec. 17, 2012 /PRNewswire/ -- The Mosaic Company (NYSE: MOS) today announced that its Board of Directors has approved a change in the Company's fiscal year end to December 31 from May 31. Mosaic will complete its current fiscal year on May 31, 2013 and will then begin reporting quarterly results on a calendar-year basis with the quarter ending on September 30, 2013. The Company will report results for a transition period of June 1 to Dec. 31, 2013. The Company's first full calendar reporting year will be 2014.
"The change in our fiscal year better aligns our financial reporting cycle with our business activity and budgeting process," said Larry Stranghoener, Chief Financial Officer. "In addition, our financial reporting will be aligned with other companies in our industry, allowing investors and securities analysts to make more direct comparisons between our results and our peers'."
Mosaic plans to provide historical GAAP financial and other business performance data for calendar quarters beginning January 1, 2012 and through June 30, 2013. This information is expected to be furnished to the Securities and Exchange Commission and released to the public in early September 2013.
Mosaic intends to report its financial results on the following schedule:
- Fiscal second quarter 2013: January 4, 2013
- Fiscal third quarter 2013: late March 2013
- Fiscal fourth quarter and full fiscal year 2013: mid-July 2013
- Calendar third quarter 2013: early November 2013
- Calendar fourth quarter and the seven month period ending December 31: mid-February 2014
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the Company is available at www.mosaicco.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results. Such statements are based upon the current beliefs and expectations of The Mosaic Company's management and are subject to significant risks and uncertainties. These risks and uncertainties include but are not limited to the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories in the distribution channels for crop nutrients; changes in foreign currency and exchange rates; international trade risks; changes in government policy; changes in environmental and other governmental regulation, including greenhouse gas regulation, implementation of the U.S. Environmental Protection Agency's numeric water quality standards for the discharge of nutrients into Florida lakes and streams or possible efforts to reduce the flow of excess nutrients into the Gulf of Mexico; further developments in judicial or administrative proceedings; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global tax audit activity; the effectiveness of the Company's processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida or the Gulf Coast of the United States, including potential hurricanes or excess rainfall; actual costs of various items differing from management's current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, or Canadian resources taxes and royalties; accidents and other disruptions involving Mosaic's operations, including brine inflows at its Esterhazy, Saskatchewan potash mine and other potential mine fires, floods, explosions, seismic events or releases of hazardous or volatile chemicals, as well as other risks and uncertainties reported from time to time in The Mosaic Company's reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements.
SOURCE The Mosaic Company