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TheStreet Open House

Rentech Reports Results For Third Quarter 2012

In its press release dated November 8, 2012, Rentech Nitrogen reiterated its guidance for the twelve months ending December 31, 2012. The partnership also provided an updated outlook for 2013.

Cash Distributions from Rentech Nitrogen

Rentech Nitrogen declared its third quarter cash distribution of $0.85 per unit, payable on November 14, 2012 to unit holders of record as of November 7. Rentech will receive approximately $19.8 million in third quarter cash distributions from Rentech Nitrogen, based on its ownership of 23.25 million units of the partnership as of the record date.

Conference Call with Management

The Company will hold a conference call today, November 8, 2012, at 11:00 a.m. PST, 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 800-272-0419 or 303-223-4370. 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 1:00 p.m. PST on November 8 through 1:00 p.m. PST on November 15. The replay teleconference will be available by dialing 800-633-8284 or 402-977-9140 and the reservation number 21607164.

                           

Rentech, Inc. and Subsidiaries

Consolidated Statements of Operations

(Stated in Thousands, Except per Share Data)

 
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
2012 2011 2012 2011
(unaudited) (unaudited)
 
Total Revenues $ 60,170 $ 38,619 $ 169,465 $ 137,049
 
Cost of Sales   25,130     25,800     66,134     76,600  
 
Gross Profit 35,040 12,819 103,331 60,449
 
Selling, general and administrative expense 12,058 4,409 33,832 20,318
Research and development 5,563 10,223 14,675 24,582
Depreciation and amortization 670 546 2,486 1,652
Loss on impairments - 58,689 - 58,689
Advance for equity investment - (7,892 ) - (7,892 )
Other   145     593     (292 )   523  
Operating Expenses   18,436     66,568     50,701     97,872  
 
Operating Income (Loss) 16,604 (53,749 ) 52,630 (37,423 )
Other Income (Expense), Net
Interest and dividend income 70 31 196 89
Interest expense (828 ) (5,380 ) (5,288 ) (12,936 )
Loss on debt extinguishment - - - (9,223 )
Loss on interest rate swaps (327 ) - (907 ) -
Other income (expense), net   (8 )   (5 )   59     (1 )
Total Other Expenses, Net   (1,093 )   (5,354 )   (5,940 )   (22,071 )
 
Income (loss) before income taxes 15,511 (59,103 ) 46,690 (59,494 )
 
Income tax expense   68     4     1,243     4  
 
Income (loss) from continuing operations 15,443 (59,107 ) 45,447 (59,498 )
Income from discontinued operations, net of tax   134     -     134     -  
Net Income (Loss) 15,577 (59,107 ) 45,581 (59,498 )
Net (income) loss attributable to noncontrolling interests   (11,307 )   19     (35,056 )   733  
Net Income (Loss) Attributable to Rentech $ 4,270   $ (59,088 ) $ 10,525   $ (58,765 )
 
Net Income (Loss) per Common Share Attributed to Rentech:
Basic $ 0.02   $ (0.26 ) $ 0.05   $ (0.26 )
Diluted $ 0.02   $ (0.26 ) $ 0.04   $ (0.26 )
 
Weighted-Average Shares:
Basic   220,063     223,356     223,572     222,899  
Diluted   229,815     223,356     232,773     222,899  
 
 
                         

Rentech, Inc. and Subsidiaries

Balance Sheet Data

(Stated in Thousands)

 

As of

September 30, 2012

As of

December 31, 2011

Cash and Cash Equivalents $ 238,506 $ 237,478
Working Capital 154,378 206,434
Construction in Progress 45,734 9,809
Total Assets 395,289 360,528
Total Long-Term Liabilities 32,375 53,475
Total Rentech Stockholders' Equity 211,427 208,848
 
 

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 the Company's financial statements, such as investors and commercial banks, to assess:

  • the financial performance of the Company's assets without regard to financing methods, capital structure or historical cost basis; and
  • the Company's 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 Rentech's costs and operations. In addition, EBITDA presented by other companies may not be comparable to Rentech's presentation, since each company may define these terms differently.

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