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TheStreet Open House

Rentech Nitrogen Announces Results For Fourth Quarter And Full Year 2012; Issues 2013 Guidance

Conference Call with Management

Rentech Nitrogen will hold a conference call today, March 19, 2013, at 9:00 a.m. PST, during which time senior management will review the Partnership’s financial results for this period and provide an update on the business. Callers may listen to the live presentation, which will be followed by a question and answer segment, by dialing 800-697-5978 or 630-691-2750 and the audience passcode 6179090#. An audio webcast of the call will be available at www.rentechnitrogen.com within the Investor Relations portion of the site under the Presentations section. A replay will be available by audio webcast and teleconference from 11:00 a.m. PST on March 19 through 11:00 a.m. PST on March 26. The replay teleconference will be available by dialing 888-843-7419 or 630-652-3042 and the audience passcode 6179090#.

Note: The financial statements and key operating metrics below and on subsequent pages for the periods ended December 31, 2012 include results of the Pasadena Facility from the date of the closing of the acquisition of Agrifos LLC, which was November 1, 2012.

Rentech Nitrogen Partners, L.P.

Consolidated Statements of Income

(Stated in Thousands, Except per Unit Data)

                               
For the Three Months For the Year
Ended December 31, Ended December 31,
  2012     2011     2012     2011  
 
(unaudited)

(unaudited) 1

Total Revenues $ 92,407 $ 63,014 $ 261,635 $ 199,909
 
Cost of Sales   63,821     37,460     129,796     113,911  
 
Gross Profit 28,586 25,554 131,839 85,998
 
Selling, general and administrative expense 6,394 3,336 18,376 7,690
Depreciation 665 77 1,390 374
(Gain) loss on disposal of property, plant and equipment   225     (507 )   510     16  
Operating Expenses   7,284     2,906     20,276     8,080  
 
Operating Income 21,302 22,648 111,563 77,918
Other Income (Expense), Net
Interest expense (1,289 ) (1,947 ) (1,469 ) (12,788 )
Loss on debt extinguishment (2,114 ) (10,263 ) (2,114 ) (19,486 )
Loss on interest rate swaps (44 ) - (951 ) -
Other income, net   2     17     277     56  
Total Other Expenses, Net   (3,445 )   (12,193 )   (4,257 )   (32,218 )
 
Income Before Income Taxes 17,857 10,455 107,306 45,700
 
Income tax expense 303 - 303 14,643
       
Net Income $ 17,554   $ 10,455   $ 107,003   $ 31,057  
 
Net income subsequent to initial public offering

(November 9, 2011 through December 31, 2011)

$ 11,331 $ 11,331
 
Net Income per Common Unit - Basic $ 0.44 $ 0.30 $ 2.78 $ 0.30
Net Income per Common Unit - Diluted $ 0.44 $ 0.30 $ 2.78 $ 0.30
 
Weighted-Average Units:
Basic   38,634     38,250     38,350     38,250  
Diluted   38,651     38,255     38,352     38,255  

1Due to a change in fiscal year, three months of the period presented are unaudited, but were included in a longer audited period. As a result of our change in fiscal year-end from September 30 to December 31 in 2011, the Partnership’s independent accountants audited the period from October 1, 2011 through December 31, 2011. The unaudited amounts presented for the calendar year ended December 31, 2011 were derived by subtracting the unaudited results for the 3 months ended December 31, 2010 from the audited results for the fiscal year ended September 30, 2011, and adding the audited results of the three months ended December 31, 2011.

Rentech Nitrogen Partners, L.P.

Statements of Income by Business Segment

(Stated in Thousands, Except per Unit Data)

                               
For the Three Months For the Year
Ended December 31, Ended December 31,
  2012     2011   2012     2011
 
(unaudited) (unaudited) 1

Revenues

East Dubuque

$ 54,977 $ 63,014 $ 224,205 $ 199,909
Pasadena   37,430     -   37,430     -
Total Revenues $ 92,407 $ 63,014 $ 261,635 $ 199,909
 
Gross Profit (Loss)
East Dubuque $ 30,290 $ 25,554 $ 133,543 $ 85,998
Pasadena   (1,704 )   -   (1,704 )   -
Total Gross Profit $ 28,586 $ 25,554 $ 131,839 $ 85,998
 
Operating Income (Loss)
East Dubuque $ 28,221 $ 22,648 $ 125,984 $ 77,918
Pasadena   (2,648 )   -   (2,648 )   -
Total Operating Income $ 25,573 $ 22,648 $ 123,336 $ 77,918
 
Net Income (Loss)
East Dubuque $ 26,094 $ 10,455 $ 123,721 $ 31,057
Pasadena   (2,648 )   -   (2,648 )   -
Total Net Income $ 23,446 $ 10,455 $ 121,073 $ 31,057
 
Reconciliation of Segment Net Income to Consolidated Net Income
Segment Net Income $ 23,446 $ 10,455 $ 121,073 $ 31,057
Partnership and Unallocated Expenses (4,573 ) - (11,844 ) -
Unallocated Interest Expense and Loss on Interest

Rate Swaps

  (1,319 )   -   (2,226 )   -
Consolidated Net Income $ 17,554   $ 10,455 $ 107,003   $ 31,057

1Due to a change in fiscal year, three months of the period presented are unaudited, but were included in a longer audited period. As a result of our change in fiscal year-end from September 30 to December 31 in 2011, the Partnership’s independent accountants audited the period from October 1, 2011 through December 31, 2011. The unaudited amounts presented for the calendar year ended December 31, 2011 were derived by subtracting the unaudited results for the 3 months ended December 31, 2010 from the audited results for the fiscal year ended September 30, 2011, and adding the audited results of the three months ended December 31, 2011.

Rentech Nitrogen Partners, L.P.

Balance Sheet Data

(Stated in Thousands)

                 

As ofD ecember 31, 2012

As of December 31, 2011

Cash and Cash Equivalents $ 55,799 $ 44,836
Working Capital 23,218 31,645
Construction in Progress 61,147 7,062
Total Assets 376,645 130,443
Debt 193,290 -
Total Long-Term Liabilities 192,961 277
Total Partners' Capital/ Stockholders’ Equity 109,404 99,191
 

Key Operating Statistics:

             
 

Three Months Ended December 31,

Twelve Months Ended December 31,

  2012           2011     2012           2011  
 
Production Tons (in thousands)
East Dubuque Facility:
Ammonia 62 63 293 261
Ammonia Available for Sale

(included in line above)

31 30 142 119
UAN 63 68 301 294
Other Products (excludes CO 2) 57 61 284 264
 
Pasadena Facility:
Ammonium Sulfate 88 - 88 -
Sulfuric Acid 69 - 69 -
Ammonium Thiosulfate 9 - 9 -
 
Delivered Tons (in thousands)
East Dubuque Facility:
Ammonia 48 55 149 135
UAN 54 65 291 301
Other Products (excludes CO 2) 10 10 49 44
 
Pasadena Facility:
Ammonium Sulfate 115 - 115 -
Sulfuric Acid 27 - 27 -
Ammonium Thiosulfate - - - -
 
 
Average Price per Delivered Ton
East Dubuque Facility:
Ammonia $ 676 $ 684 $ 669 $ 652
UAN $ 301 $ 307 $ 326 $ 297
 
Pasadena Facility:
Ammonium Sulfate $ 300 - $ 300 -
Sulfuric Acid $ 94 - $ 94 -
Ammonium Thiosulfate - - - -
 
 
 

Three Months Ended December 31,

Twelve Months Ended December 31,

  2012     2011     2012     2011  
 
Input Costs
East Dubuque Facility:
Natural Gas
Natural Gas Used in Production

(Million MMBtu)

2.2 2.3 10.6 9.8
Average Natural Gas Cost perMMBtu, including transportationcost

$

3.72

$ 4.71 $ 3.55 $ 4.74
 
Natural Gas in Cost of Sales
(Million MMBtu) 2.7 3.4 10.7 10.9
Average Natural Gas Cost perMMBtu, including transportationcost

$

3.44

$ 4.75 $ 3.59 $ 4.76
 
Pasadena Facility:
Ammonia
Ammonia in Cost of Sales (thousandtons) 23 - 23 -
Average Cost of Ammonia in

Cost of Sales ($/ton)

$

658

- $ 658 -
 
Sulfur
Sulfur in Cost of Sales (thousandtons) 25 - 25 -
Average Cost of Sulfur in Cost

of Sales ($/ton)

$

154

- $ 154 -
 
On-Stream Rates:
East Dubuque Facility:
Ammonia 81.5 % 83.7 % 95.4 % 92.3 %
UAN 80.4 % 84.8 % 95.1 % 92.6 %
 
Pasadena Facility:
Ammonium Sulfate 88.0 % - 88.0 % -
Sulfuric Acid 63.2 % - 63.2 % -

The respective on-stream factors for the ammonia, UAN, ammonium sulfate and sulfuric acid plant equal the total days the applicable plant operated in any given period, divided by the total days in that period.

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