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MAY 15, 2002 OVERLAND PARK, KS, MAY 15, 2002 - Compass Minerals Group, Inc., a leading producer and marketer of salt and specialty potash, today reported its financial results for the three months ended March 31, 2002. Consolidated operating earnings were $27.5 million, resulting in consolidated EBITDA of $39.1 million for the first quarter 2002. Consolidated EBITDA decreased $8.1 million from pro forma combined EBITDA of the prior year. Compass Minerals Group was a wholly-owned subsidiary of IMC Global Inc. through November 27, 2001, when a controlling interest was acquired by an affiliate of Apollo Management, L.P. in a recapitalization transaction. "The mild winter weather that we experienced in the fourth quarter of 2001 continued throughout the remainder of the winter season in both the U.K. and North American markets," said Michael E. Ducey, the new President and Chief Executive Officer of Compass. Ducey continued, "Consistent with the 2001 annual earnings discussion, we expected a decline of approximately $8.0 million in the EBITDA results for the first quarter of 2002 compared to the prior year period. However, we still believe our early implementation of cost reduction initiatives and capital spending curtailments should allow us to substantially meet our full year 2002 deleveraging goals despite the mild March 2002 quarter." The lower consolidated EBITDA in 2002 was driven almost entirely by weather related product sales. Annual highway deicing sales volumes were lower in 2002 than in 2001 in both the U.K. and North America. This was partially offset by an increase in prices in virtually all product lines in North America. Net sales for 2002 were $113.9 million, an 18.3% decrease from prior year pro forma net sales. Compass Minerals Group is the second largest North American producer of salt, the largest producer of salt in the United Kingdom and the largest North American producer of sulphate of potash, a specialty fertilizer. For the three months ended March 31, 2002, the Company generated $39.1 million of consolidated EBITDA on net sales of $113.9 million. Compass Minerals Group is 80.1% owned by Apollo Management L.P. and Company management, with the remainder owned by IMC Global Inc. Certain statements in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company's current expectations and involve risks and uncertainties that could cause the Company's actual results to differ materially from those set forth in the statements. The Company can give no assurance that such expectations will prove to be correct. Factors that could cause the Company's results to differ materially from current expectations include: general economic and business conditions, industry trends, weather, raw material costs and availability, changes in demand for its products, actions of its competitors and the additional factors and risks contained in the Company's S-4 dated April 23, 2002. Furthermore, we do not claim or represent that the pro forma information presented is indicative of the results that would have been reported had the transactions actually occurred January 1, 2001 nor is it indicative of our future results. There can be no assurance that the assumptions used in the preparation of the pro forma financial information provided below will prove to be correct. Compass Minerals Group Combined and Consolidated Operating Results ###
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