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Ciudad Real, Spain

Animal Health

Ciudad Real, Spain
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A new study, published in Philosophical Transactions of the Royal Society B, found that some types of conservation action could increase the abundance of ticks, which transmit diseases like Lyme disease. The research – led by the University of Glasgow in collaboration with Scottish Natural Heritage, the James Hutton Institute and Public Health England – examined how conservation management activities could affect tick populations, wildlife host communities, the transmission of the Borrelia bacteria that can cause Lyme disease and, ultimately, the risk of contracting Lyme disease. The study found that managing the environment for conservation and biodiversity has many positive effects, including benefits for human health and wellbeing from spending time in nature; however the researchers suggested that there should be consideration of disease vectors such as ticks and mosquitoes in conservation management decisions. Lead author Dr Caroline Millins, from the University of Glasgow's School of Veterinary Medicine and Institute of Biodiversity, Animal Health and Comparative Medicine (BAHCM), said: "We identified several widespread conservation management practices which could affect Lyme disease risk: the management of deer populations, woodland regeneration, urban greening and control of invasive species. "We found that some management activities could lead to an increased risk of Lyme disease by increasing the habitat available for wildlife hosts and the tick vector. These activities were woodland regeneration and biodiversity policies which increase the amount of forest bordering open areas as well as urban greening. "However, if deer populations are managed alongside woodland regeneration projects, this can reduce tick populations and the risk of Lyme disease." Deer are often key to maintaining tick populations, but do not become infected with the bacteria. Previous research by co-author Lucy Gilbert of The James Hutton Institute has shown that greatly reducing deer densities by exclusion fencing or culling can reduce tick density and therefore Lyme disease risk. Senior author Dr Roman Biek, University of Glasgow's BAHCM, said: "Widespread management activities can potentially teach us a lot about how changes to the environment can affect the chances of humans coming into contact with ticks and with the pathogens ticks transmit. We recommend that monitoring ticks and pathogens should accompany conservation measures such as woodland regeneration and urban greening projects. This will allow appropriate guidelines and mitigation strategies to be developed, while also helping us to better understand the processes leading to higher Lyme disease risk." Co-author Professor Des Thompson, Principal Adviser on Science and Biodiversity with Scottish Natural Heritage, commented: "This is the sort of vital research we need to act on in order to advise Government on the best practices for enhancing wildlife whilst minimising risks to human health. The Scottish Government's 2020 plan for Scotland's Biodiversity requires this integrated approach, bringing human health and wildlife management sectors together." Explore further: Lyme disease researchers seek consensus as number of cases grows More information: Caroline Millins et al. Effects of conservation management of landscapes and vertebrate communities on Lyme borreliosis risk in the United Kingdom, Philosophical Transactions of the Royal Society B: Biological Sciences (2017). DOI: 10.1098/rstb.2016.0123


News Article | May 12, 2017
Site: globenewswire.com

OTTAWA, Ontario, May 12, 2017 (GLOBE NEWSWIRE) -- Avivagen Inc. (TSXV:VIV) (OTC Pink:CHEXF) (Avivagen or the Corporation), a Corporation with a proven and commercially-ready, patent-protected product intended to replace the antibiotics added to livestock feeds as growth promoters, announces the hiring of a regulatory consulting firm to work with the Corporation to analyze and seek regulatory approvals of Avivagen’s OxC-beta™ for Livestock in the United States. Avivagen has already secured approvals in several Asian markets and will be seeking to confirm the regulatory pathway for approvals in the U.S., Europe, South America and other important markets. Avivagen believes that obtaining  regulatory approval in additional jurisdictions could  increase the market access of OxC-beta™ for Livestock, as well as assist in securing potential licensing and distribution partners in those markets. Avivagen has engaged BioPharmaPotentials, a consulting firm that works with select inventors, entrepreneurs, investigators and investors to maximize the full potential for new and current chemical and biologic entities within the field of animal health. BioPharmaPotentials’ founder and CEO, Dr. Edward Robb, DVM, MS, DACVN, has held leadership research and development positions at Boehringer-Ingelheim Vetmedica, Pfizer Animal Health, Pharmacia and Upjohn Animal Health, Parnell, CEVA, Embrex and American Cyanamid. About Avivagen Avivagen Inc. is a public Corporation traded on the TSXV under the symbol VIV and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada and Charlottetown, Prince Edward Island. For more information, visit www.avivagen.com. About OxC-beta™ Technology and OxC-beta™ Livestock Avivagen’s OxC-beta™ technology is derived from Avivagen discoveries about carotenoids, compounds that give certain fruits and vegetables their bright colors and is a non-antibiotic means of maintaining optimal health and growth. OxC-beta™ Livestock is a proprietary product shown to be effective and economic in replacing the antibiotics commonly added to livestock feeds.  OxC-beta™ Livestock is currently registered and available for sale in the Philippines, Taiwan and Thailand. Avivagen’s OxC-beta™ Livestock product is safe, effective and could fulfill the global mandate to remove all in-feed antibiotics as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta™ Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics. Forward Looking Statements This news release includes certain forward-looking statements that are based upon the current expectations of management. Forward-looking statements involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “aim”, “anticipate”, “appear”, “believe”, “consider”, “could”, “estimate”, “expect”, “if”, “intend”, “goal”, ”helps”, “hope”, “likely”, “may”, “plan”, “possibly”, “potentially”, “pursue”, “seem”, “should”, “whether”, “will”, “would” and similar expressions or opinions of management. Statements relating to Avivagen’s planned activities with its regulatory consulting firm, its plans to seek regulatory approval in additional jurisdictions and the potential effects of the receipt of any such approvals, are all forward-looking statements. Avivagen faces risks and uncertainties in connection with its business, including, but not limited to, risks relating to the following: Avivagen’s ability to continue as a going concern; whether the Corporation can expand its global regulatory advisor network in order to gain market approval of OxC-beta™; whether the Corporation can obtain market approval in additional geographies, if at all; whether it will be able to replace the antibiotics added to livestock feeds as growth promoters, whether it will confirm and expedite potential regulatory approvals of Avivagen’s OxC-beta™ for Livestock in major markets around the world, whether it will seek and be able to confirm the regulatory pathway for approvals in the U.S., Europe, South America and all other important markets, whether it will confirm, define and potentially expedite regulatory pathways for approval, whether any such approvals will be applied for or received in a timely manner or at all,  whether it will increase the market access of OxC-beta™ for Livestock, whether it will secure potential licensing and distribution partners in those markets and whether it can assure the full potential for the Corporation.   Avivagen may decide not to seek regulatory approval for its products in additional jurisdictions, regulatory approvals for Avivagen’s products may not be available in one or more additional jurisdictions in a timely or cost effective manner, if at all, and, if received, such approvals may not have the anticipated positive effects on the Corporation’s business and prospects. Readers should also refer to the risk factors in Avivagen’s annual information form and other securities law filings from time to time. Accordingly, readers should not place undue or even any reliance on forward-looking statements.  Except as required by law, Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


ST. PAUL, Minn.--(BUSINESS WIRE)--Patterson Companies, Inc. (Nasdaq:PDCO), today announced that it will hold its fiscal 2017 fourth-quarter conference call on Thursday, May 25 at 9 a.m. CT (10 a.m. ET). The company’s earnings release will be issued that morning before the market opens. To access the live webcast, go to the investor relations section of the company’s website, www.PattersonCompanies.com. The fourth-quarter fiscal 2017 earnings conference call replay will be available beginning at 12 p.m. CT (1 p.m. ET) on Thursday, May 25, 2017, through 12 p.m. CT (1 p.m. ET) on Thursday, June 1, 2017. Interested persons may dial 1-888-203-1112 and enter Conference ID 8211258 when prompted. Dental Market Patterson's Dental segment provides a virtually complete range of consumable dental products, equipment and software, turnkey digital solutions and value-added services to dentists and dental laboratories throughout North America. Animal Health Market Patterson's Animal Health segment is a leading distributor of products, services and technologies to both the production and companion animal health markets in North America and the U.K.


News Article | May 8, 2017
Site: globenewswire.com

TEANECK, N.J., May 08, 2017 (GLOBE NEWSWIRE) -- Phibro Animal Health Corporation (NASDAQ:PAHC) today announced its financial results for its third quarter ended March 31, 2017. Highlights for the March 2017 quarter (compared to the March 2016 quarter) “On balance, our third quarter performance was encouraging,” said Jack Bendheim, Phibro’s Chairman, President and Chief Executive Officer. “We were able to grow our Animal Health sales and gross profit despite reduced demand in the U.S. for medically important antibacterials and a challenging economic environment in Brazil. The continued double-digit growth in vaccines and nutritional specialties has enabled us to report overall Animal Health sales growth. To position ourselves for future growth, we increased spending on Animal Health product development and organization capabilities which tempered the profitability of the segment. Our Mineral Nutrition business contributed another solid quarter of income growth on consistent demand for our products.” Net sales of $189.9 million for the three months ended March 31, 2017, increased $6.4 million, or 3%, as compared to the three months ended March 31, 2016. Animal Health and Mineral Nutrition grew $2.6 million and $4.1 million, respectively, while Performance Products declined $0.4 million. Net sales of $121.0 million for the three months ended March 31, 2017, grew $2.6 million, or 2%. The growth was primarily due to volume increases in the nutritional specialty and vaccine product groups within the segment. Nutritional specialty products grew $4.8 million, or 21%, primarily due to volume growth of our products for the U.S. poultry and dairy industries. Vaccines grew $3.9 million, or 30%, primarily due to volume growth of our products for the poultry and swine industries. Medicated feed additives (“MFAs”) and other declined $6.1 million, or 7%, primarily due to volume declines.  Domestic net sales of MFAs and other declined $4.3 million, primarily due to reduced volumes of medically important antibacterials. International net sales declined $1.8 million, primarily due to economic conditions in Brazil. Net sales of $57.2 million increased $4.1 million, or 8%, for the three months ended March 31, 2017. The increased revenue was due to increased volumes and higher average selling prices resulting from underlying raw material commodity price increases. Net sales of $11.7 million decreased $0.4 million, or 3%, for the three months ended March 31, 2017, due to lower average selling prices of personal care ingredients and copper-based products and lower volumes of copper-based products. Higher volumes of personal care ingredients partially offset the declines. Gross profit of $60.6 million for the three months ended March 31, 2017, increased $1.8 million, or 3%, as compared to the three months ended March 31, 2016. Gross profit decreased to 31.9% of net sales for the three months ended March 31, 2017, as compared to 32.0% for the three months ended March 31, 2016. The three months ended March 31, 2016, included $1.6 million of acquisition-related cost of goods sold. Depreciation expense included in cost of goods sold increased $1.0 million due to recent capital expenditures. Excluding the effects of the acquisition-related cost of goods sold and increased depreciation, Animal Health gross profit increased $1.2 million due to volume growth in nutritional specialty and vaccine products, as well as lower unit costs from improved operating efficiencies. Mineral Nutrition gross profit increased $0.3 million due to volume growth and higher average selling prices, partially offset by higher raw material costs. Performance Products gross profit decreased $0.3 million due lower average selling prices of personal care ingredients and copper-based products, partially offset by higher volumes of personal care ingredients. Selling, general and administrative expenses (“SG&A”) of $30.6 million for the three months ended March 31, 2017, decreased $7.0 million, or 19%, as compared to the three months ended March 31, 2016. During the three months ended March 31, 2017, we recorded a $7.5 million gain in SG&A resulting from a payment to us by an insurance carrier. The payment reflected the settlement of our claims against the carrier under our liability insurance policies, which arose from damages incurred in fiscal year 2010 by certain customers resulting from the use of one of our animal health products. We previously paid our customers for the damages and recognized the cost in the consolidated statement of operations prior to fiscal year 2017. SG&A for the three months ended March 31, 2016, included $0.6 million of acquisition-related transaction costs. Without the effects of the gain on the insurance settlement and the acquisition-related transaction costs, SG&A increased $1.1 million, or 3%. Animal Health accounted for $1.6 million of the increase, driven by timing of spending. Interest expense, net of $3.9 million for the three months ended March 31, 2017, decreased $0.3 million, or 8%, as compared to the three months ended March 31, 2016. Interest income increased $0.3 million from interest on deposits in foreign jurisdictions. Interest expense decreased $0.1 million due to decreased borrowings under our Revolver, compared to the three months ended March 31, 2016. Foreign currency (gains) losses, net for the three months ended March 31, 2017, amounted to net gains of $0.4 million, as compared to $2.2 million in net gains for the three months ended March 31, 2016. Foreign currency gains in the three months ended March 31, 2017, were primarily due to the movement of the Brazilian, Argentinian and Mexican currencies relative to the U.S. dollar. Foreign currency gains and losses primarily arise from intercompany balances. The provision for income taxes was $2.8 million for the three months ended March 31, 2017, as compared to $0.6 million for the three months ended March 31, 2016. The effective income tax rates for these periods were 10.6% and 3.0%, respectively. During the three months ended March 31, 2017, we concluded it was more likely than not that the value of deferred tax assets related to a foreign subsidiary would be realized, and it was no longer necessary to maintain a valuation allowance. The provision for income taxes for the three months ended March 31, 2017, included a $3.8 million benefit from the valuation allowance release and also included a $1.4 million benefit related to the exercise of employee stock options. Without the benefit of the valuation allowance release and the benefit related to employee stock options, the effective income tax rate was 30.4% for the three months ended March 31, 2017. The provision for income taxes for the three months ended March 31, 2016, included a $2.5 million benefit from the release of a domestic valuation allowance and a $2.1 million benefit related to previously unrecognized tax benefits. Without these benefits, the effective income tax rate was 27.2% for the three months ended March 31, 2016. Our future effective income tax rate may fluctuate due to various factors, including the relative amounts of income earned in different taxing jurisdictions, changes in statutory tax rates, potential strategies to reduce our overall income tax expense, discrete items, the benefit of employee stock option exercises and certain non-deductible items. Net income of $23.6 million for the three months ended March 31, 2017, increased $5.1 million, as compared to net income of $18.6 million for the three months ended March 31, 2016. The increase was a result of the factors described above, including the $7.5 million gain on insurance settlement. Diluted EPS was $0.59 for the three months ended March 31, 2017, an increase of $0.13, compared to $0.46 for the three months ended March 31, 2016, as a result of the increase in net income. Adjusted EBITDA of $29.7 million for the three months ended March 31, 2017, increased $0.1 million, or less than 1%, as compared to the three months ended March 31, 2016. Animal Health Adjusted EBITDA decreased $0.3 million, or 1%, due to increased SG&A, partially offset by sales growth and increased gross profit. Mineral Nutrition increased $0.3 million, or 8%, due to improved operating margins from volume growth and from higher average selling prices, partially offset by higher raw material costs. Performance Products decreased less than $0.1 million, as lower average selling prices were offset by higher volumes. Corporate expenses decreased $0.1 million due to lower compensation costs and lower professional fees. Adjusted diluted EPS was $0.37 for the quarter, a decrease of $0.03 compared to $0.40 last year.  A lower gross profit ratio, SG&A growth and a higher effective income tax rate, were the primary contributors to the decline. We have updated our financial guidance for the fiscal year 2017.  The guidance is shown in detail on the schedule included with this press release. Phibro Animal Health Corporation will host a webcast and conference call during which the company will review its financial results and respond to questions. NOTE: In order to join this conference call, all participants will be required to provide the Conference ID number. A replay of the webcast will be archived and made available on Phibro’s website. Forward-Looking Statements: This communication contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “believe,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These statements are not guarantees of future performance or actions. If one or more of these risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Phibro expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.  A further list and description of risks, uncertainties and other matters can be found in our Quarterly Report on Form 10-Q and Annual Report on Form 10-K, including in the sections thereof captioned “Forward-Looking Statements” and “Risk Factors.” These filings and subsequent filings are available online at www.sec.gov, www.pahc.com, or on request from Phibro. Non-GAAP Financial Information: We use non-GAAP financial measures, such as adjusted EBITDA and adjusted net income, to assess and analyze our operational results and trends and to make financial and operational decisions. Management uses adjusted EBITDA as its primary operating measure. We report adjusted net income to portray the results of our operations prior to considering certain income statement elements. We believe these non-GAAP financial measures are also useful to investors because they provide greater transparency regarding our operating performance. The non-GAAP financial measures included in this communication should not be considered alternatives to measurements required by GAAP, such as net income, operating income, and earnings per share, and should not be considered measures of liquidity. These non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. Reconciliation of non-GAAP financial measures and GAAP financial measures are included in the tables accompanying this communication and/or our Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Internet Posting of Information: We routinely post information that may be important to investors in the “Investors” section of our website at www.pahc.com. We encourage investors and potential investors to consult our website regularly for important information about us. Phibro Animal Health Corporation is a diversified global developer, manufacturer and marketer of a broad range of animal health and mineral nutrition products for use in the production of poultry, swine, cattle, dairy and aquaculture. For further information, please visit www.pahc.com.


News Article | May 12, 2017
Site: globenewswire.com

OTTAWA, Ontario, May 12, 2017 (GLOBE NEWSWIRE) -- Avivagen Inc. (TSXV:VIV) (OTC Pink:CHEXF) (Avivagen or the Corporation), a Corporation with a proven and commercially-ready, patent-protected product intended to replace the antibiotics added to livestock feeds as growth promoters, announces the hiring of a regulatory consulting firm to work with the Corporation to analyze and seek regulatory approvals of Avivagen’s OxC-beta™ for Livestock in the United States. Avivagen has already secured approvals in several Asian markets and will be seeking to confirm the regulatory pathway for approvals in the U.S., Europe, South America and other important markets. Avivagen believes that obtaining  regulatory approval in additional jurisdictions could  increase the market access of OxC-beta™ for Livestock, as well as assist in securing potential licensing and distribution partners in those markets. Avivagen has engaged BioPharmaPotentials, a consulting firm that works with select inventors, entrepreneurs, investigators and investors to maximize the full potential for new and current chemical and biologic entities within the field of animal health. BioPharmaPotentials’ founder and CEO, Dr. Edward Robb, DVM, MS, DACVN, has held leadership research and development positions at Boehringer-Ingelheim Vetmedica, Pfizer Animal Health, Pharmacia and Upjohn Animal Health, Parnell, CEVA, Embrex and American Cyanamid. About Avivagen Avivagen Inc. is a public Corporation traded on the TSXV under the symbol VIV and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada and Charlottetown, Prince Edward Island. For more information, visit www.avivagen.com. About OxC-beta™ Technology and OxC-beta™ Livestock Avivagen’s OxC-beta™ technology is derived from Avivagen discoveries about carotenoids, compounds that give certain fruits and vegetables their bright colors and is a non-antibiotic means of maintaining optimal health and growth. OxC-beta™ Livestock is a proprietary product shown to be effective and economic in replacing the antibiotics commonly added to livestock feeds.  OxC-beta™ Livestock is currently registered and available for sale in the Philippines, Taiwan and Thailand. Avivagen’s OxC-beta™ Livestock product is safe, effective and could fulfill the global mandate to remove all in-feed antibiotics as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta™ Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics. Forward Looking Statements This news release includes certain forward-looking statements that are based upon the current expectations of management. Forward-looking statements involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “aim”, “anticipate”, “appear”, “believe”, “consider”, “could”, “estimate”, “expect”, “if”, “intend”, “goal”, ”helps”, “hope”, “likely”, “may”, “plan”, “possibly”, “potentially”, “pursue”, “seem”, “should”, “whether”, “will”, “would” and similar expressions or opinions of management. Statements relating to Avivagen’s planned activities with its regulatory consulting firm, its plans to seek regulatory approval in additional jurisdictions and the potential effects of the receipt of any such approvals, are all forward-looking statements. Avivagen faces risks and uncertainties in connection with its business, including, but not limited to, risks relating to the following: Avivagen’s ability to continue as a going concern; whether the Corporation can expand its global regulatory advisor network in order to gain market approval of OxC-beta™; whether the Corporation can obtain market approval in additional geographies, if at all; whether it will be able to replace the antibiotics added to livestock feeds as growth promoters, whether it will confirm and expedite potential regulatory approvals of Avivagen’s OxC-beta™ for Livestock in major markets around the world, whether it will seek and be able to confirm the regulatory pathway for approvals in the U.S., Europe, South America and all other important markets, whether it will confirm, define and potentially expedite regulatory pathways for approval, whether any such approvals will be applied for or received in a timely manner or at all,  whether it will increase the market access of OxC-beta™ for Livestock, whether it will secure potential licensing and distribution partners in those markets and whether it can assure the full potential for the Corporation.   Avivagen may decide not to seek regulatory approval for its products in additional jurisdictions, regulatory approvals for Avivagen’s products may not be available in one or more additional jurisdictions in a timely or cost effective manner, if at all, and, if received, such approvals may not have the anticipated positive effects on the Corporation’s business and prospects. Readers should also refer to the risk factors in Avivagen’s annual information form and other securities law filings from time to time. Accordingly, readers should not place undue or even any reliance on forward-looking statements.  Except as required by law, Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


News Article | May 8, 2017
Site: globenewswire.com

TEANECK, N.J., May 08, 2017 (GLOBE NEWSWIRE) -- Phibro Animal Health Corporation (NASDAQ:PAHC) today announced its financial results for its third quarter ended March 31, 2017. Highlights for the March 2017 quarter (compared to the March 2016 quarter) “On balance, our third quarter performance was encouraging,” said Jack Bendheim, Phibro’s Chairman, President and Chief Executive Officer. “We were able to grow our Animal Health sales and gross profit despite reduced demand in the U.S. for medically important antibacterials and a challenging economic environment in Brazil. The continued double-digit growth in vaccines and nutritional specialties has enabled us to report overall Animal Health sales growth. To position ourselves for future growth, we increased spending on Animal Health product development and organization capabilities which tempered the profitability of the segment. Our Mineral Nutrition business contributed another solid quarter of income growth on consistent demand for our products.” Net sales of $189.9 million for the three months ended March 31, 2017, increased $6.4 million, or 3%, as compared to the three months ended March 31, 2016. Animal Health and Mineral Nutrition grew $2.6 million and $4.1 million, respectively, while Performance Products declined $0.4 million. Net sales of $121.0 million for the three months ended March 31, 2017, grew $2.6 million, or 2%. The growth was primarily due to volume increases in the nutritional specialty and vaccine product groups within the segment. Nutritional specialty products grew $4.8 million, or 21%, primarily due to volume growth of our products for the U.S. poultry and dairy industries. Vaccines grew $3.9 million, or 30%, primarily due to volume growth of our products for the poultry and swine industries. Medicated feed additives (“MFAs”) and other declined $6.1 million, or 7%, primarily due to volume declines.  Domestic net sales of MFAs and other declined $4.3 million, primarily due to reduced volumes of medically important antibacterials. International net sales declined $1.8 million, primarily due to economic conditions in Brazil. Net sales of $57.2 million increased $4.1 million, or 8%, for the three months ended March 31, 2017. The increased revenue was due to increased volumes and higher average selling prices resulting from underlying raw material commodity price increases. Net sales of $11.7 million decreased $0.4 million, or 3%, for the three months ended March 31, 2017, due to lower average selling prices of personal care ingredients and copper-based products and lower volumes of copper-based products. Higher volumes of personal care ingredients partially offset the declines. Gross profit of $60.6 million for the three months ended March 31, 2017, increased $1.8 million, or 3%, as compared to the three months ended March 31, 2016. Gross profit decreased to 31.9% of net sales for the three months ended March 31, 2017, as compared to 32.0% for the three months ended March 31, 2016. The three months ended March 31, 2016, included $1.6 million of acquisition-related cost of goods sold. Depreciation expense included in cost of goods sold increased $1.0 million due to recent capital expenditures. Excluding the effects of the acquisition-related cost of goods sold and increased depreciation, Animal Health gross profit increased $1.2 million due to volume growth in nutritional specialty and vaccine products, as well as lower unit costs from improved operating efficiencies. Mineral Nutrition gross profit increased $0.3 million due to volume growth and higher average selling prices, partially offset by higher raw material costs. Performance Products gross profit decreased $0.3 million due lower average selling prices of personal care ingredients and copper-based products, partially offset by higher volumes of personal care ingredients. Selling, general and administrative expenses (“SG&A”) of $30.6 million for the three months ended March 31, 2017, decreased $7.0 million, or 19%, as compared to the three months ended March 31, 2016. During the three months ended March 31, 2017, we recorded a $7.5 million gain in SG&A resulting from a payment to us by an insurance carrier. The payment reflected the settlement of our claims against the carrier under our liability insurance policies, which arose from damages incurred in fiscal year 2010 by certain customers resulting from the use of one of our animal health products. We previously paid our customers for the damages and recognized the cost in the consolidated statement of operations prior to fiscal year 2017. SG&A for the three months ended March 31, 2016, included $0.6 million of acquisition-related transaction costs. Without the effects of the gain on the insurance settlement and the acquisition-related transaction costs, SG&A increased $1.1 million, or 3%. Animal Health accounted for $1.6 million of the increase, driven by timing of spending. Interest expense, net of $3.9 million for the three months ended March 31, 2017, decreased $0.3 million, or 8%, as compared to the three months ended March 31, 2016. Interest income increased $0.3 million from interest on deposits in foreign jurisdictions. Interest expense decreased $0.1 million due to decreased borrowings under our Revolver, compared to the three months ended March 31, 2016. Foreign currency (gains) losses, net for the three months ended March 31, 2017, amounted to net gains of $0.4 million, as compared to $2.2 million in net gains for the three months ended March 31, 2016. Foreign currency gains in the three months ended March 31, 2017, were primarily due to the movement of the Brazilian, Argentinian and Mexican currencies relative to the U.S. dollar. Foreign currency gains and losses primarily arise from intercompany balances. The provision for income taxes was $2.8 million for the three months ended March 31, 2017, as compared to $0.6 million for the three months ended March 31, 2016. The effective income tax rates for these periods were 10.6% and 3.0%, respectively. During the three months ended March 31, 2017, we concluded it was more likely than not that the value of deferred tax assets related to a foreign subsidiary would be realized, and it was no longer necessary to maintain a valuation allowance. The provision for income taxes for the three months ended March 31, 2017, included a $3.8 million benefit from the valuation allowance release and also included a $1.4 million benefit related to the exercise of employee stock options. Without the benefit of the valuation allowance release and the benefit related to employee stock options, the effective income tax rate was 30.4% for the three months ended March 31, 2017. The provision for income taxes for the three months ended March 31, 2016, included a $2.5 million benefit from the release of a domestic valuation allowance and a $2.1 million benefit related to previously unrecognized tax benefits. Without these benefits, the effective income tax rate was 27.2% for the three months ended March 31, 2016. Our future effective income tax rate may fluctuate due to various factors, including the relative amounts of income earned in different taxing jurisdictions, changes in statutory tax rates, potential strategies to reduce our overall income tax expense, discrete items, the benefit of employee stock option exercises and certain non-deductible items. Net income of $23.6 million for the three months ended March 31, 2017, increased $5.1 million, as compared to net income of $18.6 million for the three months ended March 31, 2016. The increase was a result of the factors described above, including the $7.5 million gain on insurance settlement. Diluted EPS was $0.59 for the three months ended March 31, 2017, an increase of $0.13, compared to $0.46 for the three months ended March 31, 2016, as a result of the increase in net income. Adjusted EBITDA of $29.7 million for the three months ended March 31, 2017, increased $0.1 million, or less than 1%, as compared to the three months ended March 31, 2016. Animal Health Adjusted EBITDA decreased $0.3 million, or 1%, due to increased SG&A, partially offset by sales growth and increased gross profit. Mineral Nutrition increased $0.3 million, or 8%, due to improved operating margins from volume growth and from higher average selling prices, partially offset by higher raw material costs. Performance Products decreased less than $0.1 million, as lower average selling prices were offset by higher volumes. Corporate expenses decreased $0.1 million due to lower compensation costs and lower professional fees. Adjusted diluted EPS was $0.37 for the quarter, a decrease of $0.03 compared to $0.40 last year.  A lower gross profit ratio, SG&A growth and a higher effective income tax rate, were the primary contributors to the decline. We have updated our financial guidance for the fiscal year 2017.  The guidance is shown in detail on the schedule included with this press release. Phibro Animal Health Corporation will host a webcast and conference call during which the company will review its financial results and respond to questions. NOTE: In order to join this conference call, all participants will be required to provide the Conference ID number. A replay of the webcast will be archived and made available on Phibro’s website. Forward-Looking Statements: This communication contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “believe,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These statements are not guarantees of future performance or actions. If one or more of these risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Phibro expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.  A further list and description of risks, uncertainties and other matters can be found in our Quarterly Report on Form 10-Q and Annual Report on Form 10-K, including in the sections thereof captioned “Forward-Looking Statements” and “Risk Factors.” These filings and subsequent filings are available online at www.sec.gov, www.pahc.com, or on request from Phibro. Non-GAAP Financial Information: We use non-GAAP financial measures, such as adjusted EBITDA and adjusted net income, to assess and analyze our operational results and trends and to make financial and operational decisions. Management uses adjusted EBITDA as its primary operating measure. We report adjusted net income to portray the results of our operations prior to considering certain income statement elements. We believe these non-GAAP financial measures are also useful to investors because they provide greater transparency regarding our operating performance. The non-GAAP financial measures included in this communication should not be considered alternatives to measurements required by GAAP, such as net income, operating income, and earnings per share, and should not be considered measures of liquidity. These non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. Reconciliation of non-GAAP financial measures and GAAP financial measures are included in the tables accompanying this communication and/or our Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Internet Posting of Information: We routinely post information that may be important to investors in the “Investors” section of our website at www.pahc.com. We encourage investors and potential investors to consult our website regularly for important information about us. Phibro Animal Health Corporation is a diversified global developer, manufacturer and marketer of a broad range of animal health and mineral nutrition products for use in the production of poultry, swine, cattle, dairy and aquaculture. For further information, please visit www.pahc.com.


LONDON, May 11, 2017 /PRNewswire/ -- India Animal Health Care Market: Overview In terms of revenue, the India animal health care market is expected to register a CAGR of 8.0% during the forecast period, 2016–2024. The primary objective of the report is to offer insights on the market dynamics that can influence growth of the India animal health care market over the forecast period. Insights on key trends, drivers, restraints, value forecasts and opportunities for companies operating in the India animal health care market are presented in the report. Download the full report: https://www.reportbuyer.com/product/4895311/ The India animal health care market is expected to witness significant growth rate in terms of value owing to Increase in consumption of animal protein among human population, rise in epidemics of animal diseases, significant animal population and better technology and growing awareness about animal health management practices contributes to growth of the animal health care market. Moreover, development of novel drugs and vaccines against various animal diseases is creating high potential growth opportunities for players operating in the India animal health care market. Revenue from the animal health care market in India is expected to expand at the relatively higher CAGR due to rising awareness for veterinary care and development of strong distribution channel in India. To understand and assess opportunities in this market, the report offers market forecast on the basis of animal type, therapeutic applications and zones. The report provides analysis of the India animal health care market in terms of market value (US$ Mn). India Animal Health Care Market: Segmentation The India animal health care market is segmented on the basis of animal type: Livestock and Companion. The report begins with the market definition, followed by definitions of the different animal types and different therapeutic applications. The market dynamics section includes TMR's analysis on key trends, drivers, restraints, opportunities and macro-economic factors influencing the growth of the India animal health care market. Next, the report analyses the market on the basis of regions and presents forecast in terms of value for the next 10 years. On the basis of zone, the India animal health care market is segmented into North India, East India, West India, and South India. We have considered Year-on-Year (Y-o-Y) growth to understand the predictability of the market and identify growth opportunities for companies operating in the India animal health care market. Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity. This is usually overlooked, while forecasting the market. However, absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective for services offered by animal health care market. To understand key segments in terms of their growth and performance in the India animal health care market, Transparency market research has developed a market attractiveness index. The resulting index would help providers identify existing market opportunities. India Animal Health Care Market: Competitive Analysis In the final section of the report, a 'competitive landscape' has been included to provide a dashboard view of key companies operating in the India animal health care market. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the India animal health care market and the potential players. However, this section also includes market strategies and SWOT analysis of the main players operational in the India animal health care market. Detailed profiles of players operating in India animal health care market are also included in the scope of the report to evaluate their long- and short-term strategies. Key players included in this report are Merck & Co., Inc. (Intervet India Pvt. Ltd.), Zoetis, Inc., Bayer AG, Elanco, Merial, Boehringer Ingelheim GmbH, Virbac Group, Ceva Santé Animale, Vetoquinol, Intas Pharmaceuticals Ltd., Cipla, Inc. (Cipla Vet), Cargill, Incorporated, Venkys India, Zydus Animal Health, The Himalaya Drug Company, Ayurvet Limited, and Natural Remedies Pvt. Ltd., among others. The India animal health care market has been segmented as follows: By Zone North India East India West India South India By Animal Type Livestock Bovine Species Porcine Species Ovine Species Poultry Species Companion Canine Species Feline Species By Distribution Channel Veterinary Hospitals Veterinary Clinics Pharmacies and Drug Stores Others (Direct Distribution, Pet Shops) By Therapeutic Type Drugs Anti-infective by route of administration Analgesic, Antipyretic, and Anti-inflammatory by route of administration Parasiticides by route of administration Dewormers by route of administration Others by route of administration Vaccines Live Attenuated Vaccine by route of administration Inactivated Vaccine by route of administration Download the full report: https://www.reportbuyer.com/product/4895311/ About Reportbuyer Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers http://www.reportbuyer.com For more information: Sarah Smith Research Advisor at Reportbuyer.com Email: query@reportbuyer.com Tel: +44 208 816 85 48 Website: www.reportbuyer.com To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/animal-health-care-market-and-companion-distribution-channel---veterinary-hospitals-veterinary-clinics-pharmacies-drug-stores-direct-distribution-and-pet-shops---india-industry-analysis-size-share-growth-trends-and-fore-300456382.html


News Article | May 12, 2017
Site: news.yahoo.com

Gerald Skalsky holds the 1-day-old calf with an extra pair of legs attached to its neck on Thursday, May 11, 2017 at his ranch near Beulah, N.D. . The state veterinarian says the extra legs are likely due to a genetic disorder. ( Tom Stromme/The Bismarck Tribune via AP) BEULAH, N.D. (AP) — A calf was born with an extra set of limbs but seemingly healthy at a North Dakota ranch. Rancher Gerald Skalsky said he was surprised when the calf was born Wednesday with two small limbs hanging off one side of its neck. Skalsky, whose ranch is south of Beulah, notes the condition isn't fatal. "I've been ranching my whole life, and I've never seen anything like it," Skalsky told The Bismarck Tribune (http://bit.ly/2r1c5L4 ) State Veterinarian Susan Keller said the calf may have been born with one of two disorders: polymelia, where extra limbs are often smaller or shrunken, or polydactyly, which is the result of genetic combinations involving recessive genes. Keller said such defects are an "important topic that producers should not be afraid to report to their veterinarian and to all breed associations." Sheridan Animal Hospital veterinarian Gerald Kitto, a member of the North Dakota Board of Animal Health, said he's seen only three or four calves with an extra limb during his 42 years of practice. Skalsky said he plans to have the calf's extra limbs surgically removed.


News Article | May 12, 2017
Site: globenewswire.com

OTTAWA, Ontario, May 12, 2017 (GLOBE NEWSWIRE) -- Avivagen Inc. (TSXV:VIV) (OTC Pink:CHEXF) (Avivagen or the Corporation), a Corporation with a proven and commercially-ready, patent-protected product intended to replace the antibiotics added to livestock feeds as growth promoters, announces the hiring of a regulatory consulting firm to work with the Corporation to analyze and seek regulatory approvals of Avivagen’s OxC-beta™ for Livestock in the United States. Avivagen has already secured approvals in several Asian markets and will be seeking to confirm the regulatory pathway for approvals in the U.S., Europe, South America and other important markets. Avivagen believes that obtaining  regulatory approval in additional jurisdictions could  increase the market access of OxC-beta™ for Livestock, as well as assist in securing potential licensing and distribution partners in those markets. Avivagen has engaged BioPharmaPotentials, a consulting firm that works with select inventors, entrepreneurs, investigators and investors to maximize the full potential for new and current chemical and biologic entities within the field of animal health. BioPharmaPotentials’ founder and CEO, Dr. Edward Robb, DVM, MS, DACVN, has held leadership research and development positions at Boehringer-Ingelheim Vetmedica, Pfizer Animal Health, Pharmacia and Upjohn Animal Health, Parnell, CEVA, Embrex and American Cyanamid. About Avivagen Avivagen Inc. is a public Corporation traded on the TSXV under the symbol VIV and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada and Charlottetown, Prince Edward Island. For more information, visit www.avivagen.com. About OxC-beta™ Technology and OxC-beta™ Livestock Avivagen’s OxC-beta™ technology is derived from Avivagen discoveries about carotenoids, compounds that give certain fruits and vegetables their bright colors and is a non-antibiotic means of maintaining optimal health and growth. OxC-beta™ Livestock is a proprietary product shown to be effective and economic in replacing the antibiotics commonly added to livestock feeds.  OxC-beta™ Livestock is currently registered and available for sale in the Philippines, Taiwan and Thailand. Avivagen’s OxC-beta™ Livestock product is safe, effective and could fulfill the global mandate to remove all in-feed antibiotics as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta™ Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics. Forward Looking Statements This news release includes certain forward-looking statements that are based upon the current expectations of management. Forward-looking statements involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “aim”, “anticipate”, “appear”, “believe”, “consider”, “could”, “estimate”, “expect”, “if”, “intend”, “goal”, ”helps”, “hope”, “likely”, “may”, “plan”, “possibly”, “potentially”, “pursue”, “seem”, “should”, “whether”, “will”, “would” and similar expressions or opinions of management. Statements relating to Avivagen’s planned activities with its regulatory consulting firm, its plans to seek regulatory approval in additional jurisdictions and the potential effects of the receipt of any such approvals, are all forward-looking statements. Avivagen faces risks and uncertainties in connection with its business, including, but not limited to, risks relating to the following: Avivagen’s ability to continue as a going concern; whether the Corporation can expand its global regulatory advisor network in order to gain market approval of OxC-beta™; whether the Corporation can obtain market approval in additional geographies, if at all; whether it will be able to replace the antibiotics added to livestock feeds as growth promoters, whether it will confirm and expedite potential regulatory approvals of Avivagen’s OxC-beta™ for Livestock in major markets around the world, whether it will seek and be able to confirm the regulatory pathway for approvals in the U.S., Europe, South America and all other important markets, whether it will confirm, define and potentially expedite regulatory pathways for approval, whether any such approvals will be applied for or received in a timely manner or at all,  whether it will increase the market access of OxC-beta™ for Livestock, whether it will secure potential licensing and distribution partners in those markets and whether it can assure the full potential for the Corporation.   Avivagen may decide not to seek regulatory approval for its products in additional jurisdictions, regulatory approvals for Avivagen’s products may not be available in one or more additional jurisdictions in a timely or cost effective manner, if at all, and, if received, such approvals may not have the anticipated positive effects on the Corporation’s business and prospects. Readers should also refer to the risk factors in Avivagen’s annual information form and other securities law filings from time to time. Accordingly, readers should not place undue or even any reliance on forward-looking statements.  Except as required by law, Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


News Article | May 8, 2017
Site: globenewswire.com

TEANECK, N.J., May 08, 2017 (GLOBE NEWSWIRE) -- Phibro Animal Health Corporation (NASDAQ:PAHC) today announced its financial results for its third quarter ended March 31, 2017. Highlights for the March 2017 quarter (compared to the March 2016 quarter) “On balance, our third quarter performance was encouraging,” said Jack Bendheim, Phibro’s Chairman, President and Chief Executive Officer. “We were able to grow our Animal Health sales and gross profit despite reduced demand in the U.S. for medically important antibacterials and a challenging economic environment in Brazil. The continued double-digit growth in vaccines and nutritional specialties has enabled us to report overall Animal Health sales growth. To position ourselves for future growth, we increased spending on Animal Health product development and organization capabilities which tempered the profitability of the segment. Our Mineral Nutrition business contributed another solid quarter of income growth on consistent demand for our products.” Net sales of $189.9 million for the three months ended March 31, 2017, increased $6.4 million, or 3%, as compared to the three months ended March 31, 2016. Animal Health and Mineral Nutrition grew $2.6 million and $4.1 million, respectively, while Performance Products declined $0.4 million. Net sales of $121.0 million for the three months ended March 31, 2017, grew $2.6 million, or 2%. The growth was primarily due to volume increases in the nutritional specialty and vaccine product groups within the segment. Nutritional specialty products grew $4.8 million, or 21%, primarily due to volume growth of our products for the U.S. poultry and dairy industries. Vaccines grew $3.9 million, or 30%, primarily due to volume growth of our products for the poultry and swine industries. Medicated feed additives (“MFAs”) and other declined $6.1 million, or 7%, primarily due to volume declines.  Domestic net sales of MFAs and other declined $4.3 million, primarily due to reduced volumes of medically important antibacterials. International net sales declined $1.8 million, primarily due to economic conditions in Brazil. Net sales of $57.2 million increased $4.1 million, or 8%, for the three months ended March 31, 2017. The increased revenue was due to increased volumes and higher average selling prices resulting from underlying raw material commodity price increases. Net sales of $11.7 million decreased $0.4 million, or 3%, for the three months ended March 31, 2017, due to lower average selling prices of personal care ingredients and copper-based products and lower volumes of copper-based products. Higher volumes of personal care ingredients partially offset the declines. Gross profit of $60.6 million for the three months ended March 31, 2017, increased $1.8 million, or 3%, as compared to the three months ended March 31, 2016. Gross profit decreased to 31.9% of net sales for the three months ended March 31, 2017, as compared to 32.0% for the three months ended March 31, 2016. The three months ended March 31, 2016, included $1.6 million of acquisition-related cost of goods sold. Depreciation expense included in cost of goods sold increased $1.0 million due to recent capital expenditures. Excluding the effects of the acquisition-related cost of goods sold and increased depreciation, Animal Health gross profit increased $1.2 million due to volume growth in nutritional specialty and vaccine products, as well as lower unit costs from improved operating efficiencies. Mineral Nutrition gross profit increased $0.3 million due to volume growth and higher average selling prices, partially offset by higher raw material costs. Performance Products gross profit decreased $0.3 million due lower average selling prices of personal care ingredients and copper-based products, partially offset by higher volumes of personal care ingredients. Selling, general and administrative expenses (“SG&A”) of $30.6 million for the three months ended March 31, 2017, decreased $7.0 million, or 19%, as compared to the three months ended March 31, 2016. During the three months ended March 31, 2017, we recorded a $7.5 million gain in SG&A resulting from a payment to us by an insurance carrier. The payment reflected the settlement of our claims against the carrier under our liability insurance policies, which arose from damages incurred in fiscal year 2010 by certain customers resulting from the use of one of our animal health products. We previously paid our customers for the damages and recognized the cost in the consolidated statement of operations prior to fiscal year 2017. SG&A for the three months ended March 31, 2016, included $0.6 million of acquisition-related transaction costs. Without the effects of the gain on the insurance settlement and the acquisition-related transaction costs, SG&A increased $1.1 million, or 3%. Animal Health accounted for $1.6 million of the increase, driven by timing of spending. Interest expense, net of $3.9 million for the three months ended March 31, 2017, decreased $0.3 million, or 8%, as compared to the three months ended March 31, 2016. Interest income increased $0.3 million from interest on deposits in foreign jurisdictions. Interest expense decreased $0.1 million due to decreased borrowings under our Revolver, compared to the three months ended March 31, 2016. Foreign currency (gains) losses, net for the three months ended March 31, 2017, amounted to net gains of $0.4 million, as compared to $2.2 million in net gains for the three months ended March 31, 2016. Foreign currency gains in the three months ended March 31, 2017, were primarily due to the movement of the Brazilian, Argentinian and Mexican currencies relative to the U.S. dollar. Foreign currency gains and losses primarily arise from intercompany balances. The provision for income taxes was $2.8 million for the three months ended March 31, 2017, as compared to $0.6 million for the three months ended March 31, 2016. The effective income tax rates for these periods were 10.6% and 3.0%, respectively. During the three months ended March 31, 2017, we concluded it was more likely than not that the value of deferred tax assets related to a foreign subsidiary would be realized, and it was no longer necessary to maintain a valuation allowance. The provision for income taxes for the three months ended March 31, 2017, included a $3.8 million benefit from the valuation allowance release and also included a $1.4 million benefit related to the exercise of employee stock options. Without the benefit of the valuation allowance release and the benefit related to employee stock options, the effective income tax rate was 30.4% for the three months ended March 31, 2017. The provision for income taxes for the three months ended March 31, 2016, included a $2.5 million benefit from the release of a domestic valuation allowance and a $2.1 million benefit related to previously unrecognized tax benefits. Without these benefits, the effective income tax rate was 27.2% for the three months ended March 31, 2016. Our future effective income tax rate may fluctuate due to various factors, including the relative amounts of income earned in different taxing jurisdictions, changes in statutory tax rates, potential strategies to reduce our overall income tax expense, discrete items, the benefit of employee stock option exercises and certain non-deductible items. Net income of $23.6 million for the three months ended March 31, 2017, increased $5.1 million, as compared to net income of $18.6 million for the three months ended March 31, 2016. The increase was a result of the factors described above, including the $7.5 million gain on insurance settlement. Diluted EPS was $0.59 for the three months ended March 31, 2017, an increase of $0.13, compared to $0.46 for the three months ended March 31, 2016, as a result of the increase in net income. Adjusted EBITDA of $29.7 million for the three months ended March 31, 2017, increased $0.1 million, or less than 1%, as compared to the three months ended March 31, 2016. Animal Health Adjusted EBITDA decreased $0.3 million, or 1%, due to increased SG&A, partially offset by sales growth and increased gross profit. Mineral Nutrition increased $0.3 million, or 8%, due to improved operating margins from volume growth and from higher average selling prices, partially offset by higher raw material costs. Performance Products decreased less than $0.1 million, as lower average selling prices were offset by higher volumes. Corporate expenses decreased $0.1 million due to lower compensation costs and lower professional fees. Adjusted diluted EPS was $0.37 for the quarter, a decrease of $0.03 compared to $0.40 last year.  A lower gross profit ratio, SG&A growth and a higher effective income tax rate, were the primary contributors to the decline. We have updated our financial guidance for the fiscal year 2017.  The guidance is shown in detail on the schedule included with this press release. Phibro Animal Health Corporation will host a webcast and conference call during which the company will review its financial results and respond to questions. NOTE: In order to join this conference call, all participants will be required to provide the Conference ID number. A replay of the webcast will be archived and made available on Phibro’s website. Forward-Looking Statements: This communication contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “believe,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These statements are not guarantees of future performance or actions. If one or more of these risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Phibro expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.  A further list and description of risks, uncertainties and other matters can be found in our Quarterly Report on Form 10-Q and Annual Report on Form 10-K, including in the sections thereof captioned “Forward-Looking Statements” and “Risk Factors.” These filings and subsequent filings are available online at www.sec.gov, www.pahc.com, or on request from Phibro. Non-GAAP Financial Information: We use non-GAAP financial measures, such as adjusted EBITDA and adjusted net income, to assess and analyze our operational results and trends and to make financial and operational decisions. Management uses adjusted EBITDA as its primary operating measure. We report adjusted net income to portray the results of our operations prior to considering certain income statement elements. We believe these non-GAAP financial measures are also useful to investors because they provide greater transparency regarding our operating performance. The non-GAAP financial measures included in this communication should not be considered alternatives to measurements required by GAAP, such as net income, operating income, and earnings per share, and should not be considered measures of liquidity. These non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. Reconciliation of non-GAAP financial measures and GAAP financial measures are included in the tables accompanying this communication and/or our Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Internet Posting of Information: We routinely post information that may be important to investors in the “Investors” section of our website at www.pahc.com. We encourage investors and potential investors to consult our website regularly for important information about us. Phibro Animal Health Corporation is a diversified global developer, manufacturer and marketer of a broad range of animal health and mineral nutrition products for use in the production of poultry, swine, cattle, dairy and aquaculture. For further information, please visit www.pahc.com.

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