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Rentech Nitrogen Announces Results For Three Months Ended December 31, 2011

Urea Expansion and Diesel Exhaust Fluid Build-Out (DEF): The expansion project to increase urea production capacity by approximately 13%, or 17,500 tons annually, remains within budget and on schedule, to be completed by the end of 2012. The additional urea could be marketed as liquid urea or upgraded into UAN, both of which typically sell at a premium to ammonia per unit of nitrogen. As a part of this project, mixing, storage and load-out equipment will be installed that would enable the production and sale of DEF from urea produced at the facility. The project is expected to generate a return of greater than 20%, given current expectations for pricing of products and costs of natural gas.

The plant has begun a new scoping study to evaluate the possibility of increasing product upgrading capacity at the facility.

Change in Fiscal Year

Rentech Nitrogen previously announced that the Board of Directors has approved a change of the Company’s fiscal year end to December 31 st from September 30 th. With this change, Rentech Nitrogen’s 2012 fiscal year began on January 1, 2012 and will end on December 31, 2012.

Conference Call with Management

The Company will hold a conference call on Friday, March 16, 2012 at 10:00 a.m. PDT, during which time senior management will review the Company's financial results for this period and provide an update on corporate developments. Callers may listen to the live presentation, which will be followed by a question and answer segment, by dialing 800-920-6941 or 212-231-2900. An audio webcast of the call will be available at within the Investor Relations portion of the site under the Presentations section. A replay will be available by audio webcast and teleconference from 12:00 p.m. PDT on March 16 through 12:00 p.m. PDT on March 23. The replay teleconference will be available by dialing 800-633-8284 or 402-977-9140 and the reservation number 21575040.



(Stated in thousands, except per unit data)

For the Three Months
Ended December 31,
  2011     2010  
Total Revenues $ 63,014 $ 42,962
Cost of Sales   37,460     26,835  
Gross Profit 25,554 16,127
Operating Expenses   2,906     1,543  
Operating Profit   22,648     14,584  
Interest Income 14 13
Interest Expense (1,947 ) (2,912 )
Loss on Debt Extinguishment (10,263 ) (4,593 )
Other Income, Net   3     4  
Total Other Expenses   (12,193 )   (7,488 )
Income before income taxes 10,455 7,096
Income tax expense   -     2,772  
Net Income $ 10,455   $ 4,324  

Net Income Subsequent to Initial Public

Offering (November 9, 2011 through December 31, 2011)

$ 11,331  
Net Income per Common Unit – Basic $ 0.30
Net Income per Common Unit – Diluted $ 0.30
Weighted Average Units:
Basic 38,250
Diluted 38,255
For the Three Months
Ended December 31,
  2011     2010  

Nitrogen Fertilizer Key Operating Statistics for Primary Products:


Delivered Tons (in thousands)


55 44
UAN 65 79
Average Price per Delivered Ton
Ammonia $ 684 $ 512
UAN $ 307 $ 193
Natural Gas
Natural Gas Used in Production

(Million MMBtu)

2.3 2.8
Average Natural Gas Cost per MMBtu $ 4.71 $ 4.82

On Stream Rates:

Ammonia Synthesis Loop

83.7 % 100.0 %
UAN Conversion Facility 84.8 % 100.0 %

Disclosure Regarding Non-GAAP Financial Measures

To supplement Rentech Nitrogen’s financial information presented in accordance with GAAP, management uses EBITDA, an additional measure that is known as a “non-GAAP financial measure,” in its evaluation of past performance.

Stock quotes in this article: RNF, RTK 

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