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Rentech Nitrogen Announces Results For Third Quarter 2012

Conference Call with Management

Rentech Nitrogen will hold a conference call today, November 8, 2012, at 9:00 a.m. PST, during which time senior management will review the Partnership’s financial results for this period and provide an update on the business. Callers may listen to the live presentation, which will be followed by a question and answer segment, by dialing 800-404-5245 or 303-223-4363. An audio webcast of the call will be available at www.rentechnitrogen.com within the Investor Relations portion of the site under the Presentations section. A replay will be available by audio webcast and teleconference from 11:00 a.m. PST on November 8 through 11:00 a.m. PST on November 15. The replay teleconference will be available by dialing 800-633-8284 or 402-977-9140 and the reservation number 21607176.

 
Rentech Nitrogen Partners, L.P.
Consolidated Statements of Operations
(Stated in Thousands, Except per Unit Data)
 
      For the Three Months       For the Nine Months
Ended September 30, Ended September 30,
2012       2011 2012       2011
(unaudited) (unaudited)
 
Total Revenues $ 60,112 $ 38,567 $ 169,228 $ 136,895
 
Cost of Sales   25,077     25,751     65,975     76,451  
 
Gross Profit 35,035 12,816 103,253 60,444
 
Selling, general and administrative expense 5,508 1,750 11,982 4,354
Depreciation 90 95 726 297
(Gain) loss on disposal of property, plant and equipment   237     595     284     523  
Operating Expenses   5,835     2,440     12,992     5,174  
 
Operating Income 29,200 10,376 90,261 55,270
Other Income (Expense), Net
Interest income 14 12 43 39
Interest expense (39 ) (4,522 ) (181 ) (10,841 )
Loss on debt extinguishment - - - (9,223 )
Loss on interest rate swaps (327 ) - (907 ) -
Other income, net   -     (1 )   232     -  
Total Other Expenses, Net   (352 )   (4,511 )   (813 )   (20,025 )
 
Income Before Income Taxes 28,848 5,865 89,448 35,245
 
Income tax expense   -     2,553     -     14,643  
 
Net Income $ 28,848   $ 3,312   $ 89,448   $ 20,602  
 
Net Income per Common Unit - Basic $ 0.75 $ 2.34
Net Income per Common Unit - Diluted $ 0.75 $ 2.34
 
Weighted-Average Units:
Basic   38,260     38,254  
Diluted   38,292     38,259  
 
 
 
Rentech Nitrogen Partners, L.P.
Balance Sheet Data
(Stated in Thousands)
 
          As of           As of
September 30, 2012 December 31, 2011
Cash and Cash Equivalents $ 55,487 $ 44,836
Working Capital 27,779 31,645
Construction in Progress 42,987 7,062
Total Assets 176,068 130,443
Credit Facilities 26,990 -
Total Long-Term Liabilities 28,108 277
Total Partners' Capital 104,964 99,191
 

Key Operating Statistics:

      Three Months Ended       Nine Months Ended
September 30, September 30,
2012       2011 2012       2011
 
Production Tons (in thousands)
Ammonia 76 55 231 198

Ammonia Available for Sale(included in line above)

37 24 112 89
UAN 77 67 238 226
Other Products (excludes CO 2) 76 57 228 203
 
Delivered Tons (in thousands)

Ammonia

31 18 101 81
UAN 110 77 236 236
Other Products (excludes CO 2) 14 7 40 34
 
Average Price per Delivered Ton
Ammonia $ 620 $ 636 $ 666 $ 630
UAN $ 295 $ 298 $ 332 $ 294
 
Natural Gas

Natural Gas Used in Production(Million MMBtu)

2.8 2.1 8.4 7.5
Average Natural Gas Cost perMMBtu, including transportationcost $ 3.18 $ 4.81 $ 3.51 $ 4.75
 

Natural Gas Cost in Cost of Sales(Million MMBtu)

3.1 2.1 8.0 7.4

Average Natural Gas Cost perMBtu, including transportationcost

$ 3.14 $ 4.74 $ 3.63 $ 4.78
 
On-Stream Rates:

Ammonia

100.0 % 85.9 % 100.0 % 95.2 %
UAN 100.0 % 85.9 % 100.0 % 95.2 %
 

The respective on-stream factors for the ammonia and UAN plant equal the total days the applicable plant operated in any given period, divided by the total days in that period. The bi-annual turnaround occurred during the three months and nine months ended September 30, 2011.

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