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Rentech Reports Results For Second Quarter 2012

Share Repurchases

In the second quarter of 2012, Rentech repurchased approximately 9.1 million shares at an average price of $1.81 per share, for an aggregate purchase price of $16.4 million. Approximately $8.6 million worth of shares can still be repurchased under the existing $25 million share repurchase plan.

Conference Call with Management

The Company will hold a conference call on Friday, August 10, 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 800-909-4195 or 212-231-2934. 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 August 10 through 2:00 p.m. PDT on August 17. The replay teleconference will be available by dialing 800-633-8284 or 402-977-9140 and the reservation number 21598522.

 
Rentech, Inc. and Subsidiaries
Consolidated Statements of Operations

(Stated in Thousands, Except per Share Data)

 
      For the Three Months       For the Six Months
Ended June 30, Ended June 30,
2012       2011 2012       2011
(unaudited) (unaudited)
Total Revenues $ 70,707 $ 74,436 $ 109,295 $ 98,430
Cost of Sales   25,052     37,008     41,005     50,800  
Gross Profit 45,655 37,428 68,290 47,630
 
Selling, general and administrative expense 11,361 8,161 21,774 15,909
Research and development 4,089 7,988 9,112 14,359
Depreciation and amortization 677 547 1,816 1,106
Vendor settlement - - (509 ) -
Other   80     (26 )   72     (70 )
Operating Expenses   16,207     16,670     32,265     31,304  
Operating Income 29,448 20,758 36,025 16,326
Other Income (Expense), Net
Interest and dividend income 60 21 126 58
Interest expense (2,147 ) (3,844 ) (4,460 ) (7,556 )
Loss on debt extinguishment - (9,223 ) - (9,223 )
Loss on interest rate swaps (580 ) - (580 ) -
Other income (expense), net   73     (16 )   68     4  
Total Other Expenses, Net   (2,594 )   (13,062 )   (4,846 )   (16,717 )
Income (loss) before income taxes 26,854 7,696 31,179 (391 )
Income tax expense   1,175     -     1,175     -  
Net Income (Loss) 25,679 7,696 30,004 (391 )
Net (income) loss attributable to noncontrolling interests   (16,159 )   192     (23,749 )   714  
Net Income Attributable to Rentech $ 9,520   $ 7,888   $ 6,255   $ 323  
 
Net Income per Common Share Attributed to Rentech:
Basic $ 0.04   $ 0.04   $ 0.03   $ 0.00  
Diluted $ 0.04   $ 0.03   $ 0.03   $ 0.00  
 
Weighted-Average Shares:
Basic   225,119     223,110     225,492     222,666  
Diluted   233,737     228,456     233,812     228,850  
 
 
Rentech, Inc. and Subsidiaries
Balance Sheet Data
(Stated in Thousands)
 
      As of       As of
June 30, 2012 December 31, 2011
Cash and Cash Equivalents $ 208,684 $ 237,478
Working Capital 157,209 206,434
Construction in Progress 35,182 9,809
Total Assets 365,603 360,528
Total Long-Term Liabilities 25,310 53,475
Total Rentech Stockholders' Equity 204,211 208,848
 

Disclosure Regarding Non-GAAP Financial Measures

EBITDA is defined as net income plus interest expense and other financing costs, loss on debt extinguishment, loss on interest rate swaps, income tax expense and depreciation and amortization, net of interest income. EBITDA is used as a supplemental financial measure by management and by external users of our financial statements, such as investors and commercial banks, to assess:

  • 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.

EBITDA should not be considered an alternative to net income, operating income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA may have material limitations as a performance measure because it excludes items that are necessary elements of our costs and operations. In addition, EBITDA presented by other companies may not be comparable to our presentation, since each company may define these terms differently.

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