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Rentech Reports Results For Third Quarter 2012

Stocks in this article: RTK

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,
2012       2011           2012       2011
Net income $ 28,848 $ 3,312 $ 89,448 $ 20,602
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 -
Income tax expense - 2,553 - 14,643
Depreciation and amortization 3,679 2,514 9,456 7,419
Other   -           1               (232 )         -  
EBITDA $ 32,879         $ 12,890             $ 99,717         $ 62,689  

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

Months Ended

For the Nine

Months Ended

September 30, 2011

Net Loss Attributable to Rentech

$ (59,088 ) $ (58,765 )
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

$ (8,291 ) $ 1,255  
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

$ (0.04 ) $ -  
Weighted-Average Shares Outstanding 223,356 222,899

About Rentech, Inc.

Rentech, Inc. ( 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. (, 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 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.

Copyright Business Wire 2010
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