Selling, general and administrative (SG&A) expenses were $6.4 million for the three months ended December 31, 2012, compared to $3.3 million for the prior-year period. The increase was primarily due to business development expenses of approximately $2.4 million, including $2.3 million related to the acquisition of the Pasadena Facility. In addition, non-cash unit-based compensation was approximately $0.4 million higher in the current period than in the prior-year period. Current period expenses also include $0.4 million in SG&A expenses at the Pasadena Facility. Partially offsetting the increase in SG&A expenses was a $1.1 million reduction in audit and tax fees which were higher in the prior-year period due to the additional audit and tax work required for the initial public offering (IPO) and change in fiscal year.
Twelve months ended December 31, 2012
Revenues for the twelve months ended December 31, 2012 were $261.6 million, compared to $199.9 million for the prior year. The increase was primarily due to the contribution of $37.4 million of revenues from the Pasadena Facility, increased sales prices for all products from the East Dubuque Facility and higher sales volume for ammonia at the East Dubuque Facility. UAN sales volume declined in the current year as a result of production lost during plant outages at the East Dubuque Facility that occurred in the fourth quarter of 2012. This delayed UAN shipments scheduled for the fourth quarter of 2012 into the first quarter of 2013.
During the twelve months ended December 31, 2012, Rentech Nitrogen generated operating income of $111.6 million, compared to $77.9 million in the prior year.For the twelve months ended December 31, 2012, net income was $107.0 million or $2.78 per unit, which included $2.1 million of loss on debt extinguishment. This compares to net income of $31.1 million for last year, which included $19.5 million of loss on debt extinguishment. Rentech Nitrogen generated net income subsequent to its IPO (November 9, 2011 through December 31, 2011) of $11.3 million or $0.30 per common unit.
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