Results for the three and nine months ended September 30, 2012 and 2011 exclude those of Agrifos LLC since Rentech Nitrogen acquired Agrifos subsequent to September 30, 2012.
Three months ended September 30, 2012
Consolidated revenues for the three months ended September 30, 2012 were $60.2 million, compared to $38.6 million for the comparable period last year. Revenues were derived almost entirely from sales of nitrogen fertilizer products through Rentech Nitrogen.Consolidated operating income for the three months ended September 30, 2012 was $16.6 million, compared to an operating loss of $53.7 million for the three months ended September 30, 2011. During the third quarter of 2011, Rentech reported a $58.7 million loss due to impairments for the Company’s abandoned alternative energy projects. Rentech also extinguished a liability of $7.9 million related to its previously abandoned coal-to-liquids conversion project at its fertilizer plant. During the three months ended September 30, 2012, Rentech’s nitrogen products manufacturing segment generated operating income of $29.2 million, compared to $10.4 million during the comparable period in the prior year. EBITDA for Rentech’s nitrogen products manufacturing segment was $32.9 million for the period, compared to $12.9 million in the corresponding period in 2011. Further explanation of EBITDA, a non-GAAP financial measure, and a reconciliation of EBITDA to net income for Rentech’s nitrogen products manufacturing segment have been included below in this press release. For the three months ended September 30, 2012, Rentech reported consolidated net income of $4.3 million, or $0.02 per basic share. This compares to a net loss of $59.1 million, or $0.26 per basic share, reported in the comparable period in the prior year. Excluding non-recurring items, the Company generated net loss of $0.04 per share for the prior period. Further explanation of net income excluding non-recurring items, a non-GAAP financial measure, and a reconciliation of consolidated net income excluding non-recurring items to net income have been included below in this press release.
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