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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
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