Rentech Nitrogen Partners, L.P. (NYSE: RNF) today announced its results for the three months ended December 31, 2011.
Rentech Nitrogen Partners, L.P. (Rentech Nitrogen), located in East Dubuque, IL, manufactures and sells nitrogen fertilizer products including ammonia, urea ammonia nitrate (UAN) and liquid and granular urea in the Mid Corn Belt region of the United States.
For the three months ended December 31, 2011, Rentech Nitrogen generated net income of $10.5 million, which included $10.3 million of loss on extinguishment of debt. This compares to net income of $4.3 million for the three months ended December 31, 2010, which included $4.6 million of loss on extinguishment of debt.
Rentech Nitrogen generated net income subsequent to its initial public offering (November 9, 2011 through December 31, 2011) of $11.3 million or $0.30 per common unit. Excluding loss on extinguishment of debt, net income for the same period was $21.6 million or $0.56 per common unit. Further explanation of net income excluding non-recurring items, a non-GAAP financial measure, and a reconciliation of consolidated net income excluding non-recurring items to net income have been included below in this press release.During the three months ended December 31, 2011, Rentech Nitrogen generated operating income of $22.6 million as compared to $14.6 million during the comparable period in the prior year. Rentech Nitrogen generated $25.9 million of EBITDA for the three months ended December 31, 2011, as compared to $17.2 million in the comparable period in the prior year. Further explanation of EBITDA, a non-GAAP financial measure, and a reconciliation of Rentech Nitrogen’s EBITDA to operating income have been included below in this press release. Rentech Nitrogen completed a scheduled bi-annual plant turnaround in the fall of 2011 which included approximately 15.5 days of plant downtime in October 2011. This reduced EBITDA during the three months ended December 31, 2011, due to lost production and $3.0 million in turnaround expenses.
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