This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Rentech Nitrogen Announces Results For The First Quarter Of 2012; Issues New Guidance For 2012

The table below reconciles EBITDA to net income for the three months ended March 31, 2012 and 2011 (stated in thousands).

      Three Months Ended March 31,
2012                 2011
 
Net income $ 19,373 $ 3,533
Add:
Interest income (16 ) (17 )
Interest expense 100 3,039
Income tax expense - 2,470
Depreciation and amortization 2,465 1,474
Other   -     (13 )
EBITDA $ 21,922   $ 10,486  
 
 

The table below reconciles EBITDA and cash available for distribution to net income for the period from November 9, 2011 through March 31, 2012 (stated in thousands).

                       

November 9, 2011

through March 31,

January 1, 2012

through March 31,

November 9, 2011

through December 31,

2012 2012       2011
Net income $ 30,704 $ 19,373 $ 11,331
Add:
Interest income (23 ) (16 ) (7 )
Interest expense 164 100 64
Depreciation and amortization 4,957 2,465 2,492
Loss on debt extinguishment 10,263 - 10,263
Other   (8 )   -           (8 )
EBITDA $ 46,057 $ 21,922 $ 24,135
Plus: Non-cash compensation expense 509 446 63
Less: Maintenance capital expenditures (2,253 ) (1,987 ) (266 )

Plus: Portion of maintenance capital expenditures funded by IPO proceeds

1,765 - 1,765

Less: Net interest expense and other financing costs

(142 ) (85 ) (57 )
Less: Cash reserves for working capital   (5,391 )   -           (5,391 )
Cash available for distribution $ 40,545   $ 20,296         $ 20,249  
Cash available for distribution, per unit $ 1.06   $ 0.53         $ 0.53  
Common units outstanding 38,250 38,250 38,250
 
 

The table below reconciles forecasted EBITDA and cash available for distribution to forecasted net income for the twelve months ending December 31, 2012 and September 30, 2012 (stated in thousands).

     
For the Twelve Months Ending
December 31, 2012                   September 30, 2012
Net income $ 105,100 $ 85,000
Add:
Net interest expense 2,000 3,100
Depreciation and amortization 12,800 11,700
Loss on debt extinguishment   -     10,300  
EBITDA $ 119,900   $ 110,100  

Plus: Non-cash compensation expense

$ 1,300 $ 1,100
Less: Maintenance capital expenditures (9,900 ) (9,900 )

Plus: Portion of maintenance capital expenditures funded by IPO proceeds

- 1,765
Less: Net cash interest expense and other financing costs   (1,900 )   (1,100 )

Cash available for distribution

$ 109,400   $ 101,965  

Cash available for distribution, per unit

$ 2.86   $ 2.67  
Common units outstanding 38,250 38,250
 
 

About Rentech Nitrogen, L.P.

Rentech Nitrogen ( www.rentechnitrogen.com) was formed by Rentech, Inc. to own, operate and expand its nitrogen fertilizer business. Rentech Nitrogen’s assets consist of a nitrogen fertilizer facility located in East Dubuque, Illinois, owned by Rentech Nitrogen, LLC, its operating subsidiary. The facility is located in the Mid Corn Belt in the northwestern corner of Illinois, adjacent to the Iowa and Wisconsin state lines, and produces primarily anhydrous ammonia and urea ammonium nitrate solution, using natural gas as its primary feedstock, for sale to customers in the Mid Corn Belt.

Forward-Looking Statements

This press release contains forward-looking statements such as: our forecasted EBITDA and cash available for distribution for the twelve months ending September 30, 2012 and December 31, 2012 and the outlook for our nitrogen fertilizer businesses. These statements are based on management’s current expectations and actual results may differ materially as a result of various risks and uncertainties. Other factors that could cause actual results to differ from those reflected in the forward-looking statements are set forth in Rentech Nitrogen’s prior press releases and periodic public filings with the Securities and Exchange Commission, which are available via Rentech Nitrogen’s website at www.rentechnitrogen.com. The forward-looking statements in this press release are made as of the date of this press release and Rentech Nitrogen does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law.

Copyright Business Wire 2010
5 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,915.07 -70.54 -0.42%
S&P 500 1,964.68 -8.15 -0.41%
NASDAQ 4,396.2040 -22.83 -0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs