Weak quarterly sales led to a substantial drop in third-quarter earnings for fertilizer firm Mosaic (NYSE: MOS). After the closing bell yesterday, the phosphate and potash producer reported third-quarter earnings of 13 cents per share, far lower than last year's same-quarter earnings of $1.17 per share.

Not only were the results far worse than a year ago, but they missed the Street's expectations for earnings of 24 cents per share. The current results did include a gain of $47.1 million (seven cents per share) for foreign currency transactions.

Innophos Holdings (NASDAQ: IPHS) is the largest North American producer of specialty phosphates. Last year, the firm generated sales of $541.8 million and EBITDA of $30.9 million.

Now, the company has filed with the SEC to issue 5 million shares in a follow-on offering. That comes to about $77.6 million.

But the cash won't go the company. Instead, it will fall into the pockets of the private equity firm, Bain Capital. As of now, Bain has a 48.5% equity stake.

Interestingly, it was back in November that Innophos had its IPO. Much of the money was used to pay down debt. There was also a $13.2 million payment to Bain to terminate its advisory agreement.

Since its IPO, the shares of Innophos have had a decent performance -- going from $12 to $15.36

The underwriters on the follow-on offering include Credit Suisse (NYSE: CS) and UBS Investment Bank (NYSE: UBS).

You can find the the filing at the SEC website.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.