Rentech Nitrogen continues to benefit from relatively low North American natural gas prices, which, when coupled with strong nitrogen product prices, resulted in gross profit margin of 59% for the period, up from 43% for the comparable period in the prior year.
During the three months ended March 31, 2012, Rentech Nitrogen delivered 30,000 tons of ammonia, 34,000 tons of UAN, and 13,000 tons of other nitrogen products, compared to 20,000 tons of ammonia, 30,000 tons of UAN, and 12,000 tons of other nitrogen products during the comparable period in the prior year. Delivered tons are rounded to the nearest thousand.
Rentech expects cash operating and capital expenses to be slightly higher than its previous guidance of $42-$44 million for the twelve months ending September 30, 2012, primarily due to the expense of minor modifications and delays to the IBR project. In 2013, Rentech expects R&D expenses to be less than $10 million.In its press release dated May 11, 2012, Rentech Nitrogen issued guidance for the twelve months ending December 31, 2012 and increased its guidance for the twelve months ending September 30, 2012. Cash Distributions from Rentech Nitrogen Rentech Nitrogen declared its first cash distribution of $1.06 per unit, payable on May 15, 2012 to unit holders of record as of May 8. Rentech will receive approximately $24.6 million, based on its ownership of 23.25 million units of Rentech Nitrogen as of the record date. Conference Call with Management The Company will hold a conference call on Friday, May 11, 2012 at 12:00 p.m. PDT, during which time Rentech's senior management will review the Company's financial results for this period and provide an update on corporate developments. Callers may listen to the live presentation, which will be followed by a question and answer segment, by dialing 800-734-8592 or 212-231-2903. An audio webcast of the call will be available at www.rentechinc.com within the Investor Relations portion of the site under the Presentations section. A replay will be available by audio webcast and teleconference from 2:00 p.m. PDT on May 11 through 2:00 p.m. PDT on May 18. The replay teleconference will be available by dialing 800-633-8284 or 402-977-9140 and the reservation number 21586856.
|Rentech, Inc. and Subsidiaries|
|Consolidated Statements of Operations|
|(Stated in Thousands, Except per Share Data)|
|For the Three Months|
|Ended March 31,|
|Cost of Sales||15,953||13,792|
|Selling, general and administrative expense||10,413||7,747|
|Research and development||5,022||6,372|
|Depreciation and amortization||1,139||559|
|Total Operating Expenses||16,057||14,634|
|Operating Income (Loss)||6,578||(4,432||)|
|Interest and dividend income||66||37|
|Other income (expense), net||(4||)||20|
|Total Other Expenses, Net||(2,252||)||(3,655||)|
|Net Income (Loss) from Continuing Operations before Income Taxes||4,326||(8,087||)|
|Income tax expense||-||-|
|Net Income (Loss)||4,326||(8,087||)|
|Net (income) loss attributable to noncontrolling interests||(7,590||)||522|
|Net Loss Attributable to Rentech||$||(3,264||)||$||(7,565||)|
|Basic and Diluted Net Loss per Common Share||$||(0.01||)||$||(0.03||)|
|Basic and Diluted Weighted-Average Common Shares Outstanding||225,865||222,218|
|Rentech, Inc. and Subsidiaries|
|Balance Sheet Data|
|(Stated in Thousands)|
|As of March 31,||As of December 31,|
|Cash and Cash Equivalents||$||247,137||$||237,478|
|Construction in Progress||25,843||9,809|
|Total Long-Term Liabilities||63,485||53,475|
|Total Rentech Stockholders' Equity||208,285||208,848|
- the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; and
- our operating performance and return on invested capital compared to those of other public companies, without regard to financing methods and capital structure.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV