PAHC
#The minerals, it is difficult to model the top line, there is no sense trying to model what commodity prices are going to do.
The bottom line is, we expect that business to be a solid, steady, growing contributor.
We have said before that it is tied to animal numbers in the US, and so it is a low single-digit type of growth business and we would expect our EBITDA to continue to grow in that kind of a range, with maybe a little bit of upside as we get efficiencies and some leverage on some of our expenses.
That is how you think about that, from a modeling point of view.
Yes, you can ---+ I don't even have the number off the top of my head, but I think we say our animal health segment is about 45% in the US, yes it's 45% across the entire segment.
And the us is ---+ MFAs is probably similar to a slightly less percentage.
I'm stumbling around.
What was the second part of your question.
Poultry and swine, but predominantly to poultry.
There is a whole range of products that go into chickens which might not be defined as antibiotics, but are fed through, put in the animal through feed.
These products are not affected by people saying ---+ their requests for antibiotics.
Antibiotics is a defined term.
And most of the industry, if you read through most of the producers, I would say the trend is to try to focus on what is medically important, and yet to use a range of other products, including some antibiotics, in order to treat coccidial diseases and all of the diseases that these animals have, and there is no other way to do that.
Ultimately, the consumer, when they order chicken, want chicken delivered and not some other something else because chicken is not available.
That is how we got to the Magni-Phi product line, and we continue to look.
This is not a simple task at all, we are dealing with lots of conditions, cocci, bacteria, viruses, a whole range of things that go on in an animal that need to be dealt with.
And remembering that the chicken lives for 4 to 5 weeks, and they don't have a long time to treat the animal before it gets slaughtered, so we're not going to see a huge, huge shift away from what is necessary to raise animals.
And again, you know I saw an article the other day, there is some segment of the market can say, we will spend $20 for a chicken.
That might be true, but that's not most of us.
Overall it's a tumult right now, we are right in the mix of everything.
Lots of stuff going on, but we should not forget at the end of the day that the US produces the healthiest, most wholesome and least expensive protein of pretty much any country in the world.
That's what people expect, that's what people demand.
And while we can adjust some of that, and we should adjust some of that, the market is willing to pay for it.
Overall there are lot and lots of people out there that do not want to see their choices limited because they can't afford it.
It is primarily the latter.
We did build some inventories in anticipation of higher sales and now we will pull those back down.
We recognized that some time ago, but a lot of these supply chains are pretty long between initial sourcing or production and finished good products, so we are adjusting that as we go.
MVP was a small part of the dollar increase.
What we've talked about is pricing pressure in some international markets, and Brazil is an important market for us, and so with the Brazil currency strengthening back a bit from where it had been, that takes a little bit of the pricing pressure off and makes it a little easier for us, for our customer to make the sale and take some volumes.
Okay everyone, we will come back to you and we'll be talking about our full-year results when we release them, probably in ---+ we haven't announced it yet, but it will either be late August or early September we'll be putting out our fiscal year results so, talk then.
Goodbye everybody.
