The table below reconciles EBITDA to net income for Rentech's nitrogen products manufacturing segment for the three and nine months ended September 30, 2012 and 2011 (stated in thousands).
|Three Months Ended,||Nine Months Ended,|
|September 30,||September 30,|
|Loss on debt extinguishment||-||-||-||9,223|
|Loss on interest rate swaps||327||-||907||-|
|Income tax expense||-||2,553||-||14,643|
|Depreciation and amortization||3,679||2,514||9,456||7,419|
Net income (loss) attributable to Rentech excluding loss on debt extinguishment and non-recurring items is a presentation of net income (loss) attributable to Rentech adjusted for items, such as loss on impairments and extinguishment of debt. The table below reconciles net income (loss) attributable to Rentech excluding loss on debt extinguishment and non-recurring items to net income for the three and nine months ended September 30, 20111 (stated in thousands, except per share data).
For the Three
For the Nine
|September 30, 2011|
Net Loss Attributable to Rentech
|Loss on Impairments||58,689||58,689|
|Advance for Equity Investment||(7,892||)||(7,892||)|
|Loss on Debt Extinguishment||-||9,223|
Net Income (Loss) Attributable to Rentech Excluding Loss on Debt Extinguishment and Non-Recurring Items
|Net Loss per Share Attributable to Rentech||$||(0.26||)||$||(0.26||)|
|Loss on Impairments||0.26||0.26|
|Advance for Equity Investment||(0.04||)||(0.04||)|
|Loss on Debt Extinguishment||-||0.04|
Net Income (Loss) per Share Attributable to Rentech Excluding Loss on Debt Extinguishment and Non-Recurring Items
|Weighted-Average Shares Outstanding||223,356||222,899|
About Rentech, Inc.
Rentech, Inc. ( www.rentechinc.com) owns and develops technologies that enable the production of certified synthetic fuels and renewable power when integrated with certain other third-party technologies. The Company owns the Rentech-SilvaGas and the Rentech-ClearFuels biomass gasification technologies, each of which can produce synthesis gas from biomass or waste materials, for production of renewable power and fuels. The Rentech-ClearFuels gasifier can also produce renewable hydrogen as a product. Rentech also owns the patented Rentech Process, based on Fischer-Tropsch chemistry, which can convert syngas from the Company’s own or other gasification technologies into complex hydrocarbons that then can be upgraded into fuels or chemicals using refining technology that we license.Rentech also owns, through its wholly-owned subsidiaries, the general partner and approximately 60% of the common units representing limited partner interests in Rentech Nitrogen Partners, L.P. ( www.rentechnitrogen.com), a limited partnership traded publicly under the symbol RNF. Rentech Nitrogen Partners, L.P. manufactures and sells nitrogen fertilizer products domestically and abroad. Safe Harbor Statement This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 about matters such as: the forecasted cash spend for the alternative energy segment; the outlook for both our energy and nitrogen fertilizer businesses; and the projected financial impact of the Agrifos acquisition, including accretion, projected EBITDA and growth opportunities for the Pasadena facility. 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 the Company’s prior press releases and periodic public filings with the Securities and Exchange Commission, which are available via Rentech’s website at www.rentechinc.com. The forward-looking statements in this press release are made as of the date of this press release and Rentech 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.
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