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Rentech Reports 2012 Activities And Financial Results; Provides 2013 Guidance

R&D expenses incurred in the alternative energy segment during the three months ended December 31, 2012 were $6.3 million, up from $4.2 million for the comparable period in the prior year. The increase in R&D expenses resulted primarily from approximately $3.6 million of lower reimbursements from the U.S. Department of Energy (DOE) for costs related to the Rentech-ClearFuels gasifier. These R&D expenditures were partially offset by lower property taxes related to the PDU of $1.2 million in 2012, which were recorded as R&D expense.

Twelve months ended December 31, 2012

Consolidated revenues for the twelve months ended December 31, 2012 were $261.9 million, compared to $200.1 million for 2011. Revenues were derived almost entirely from sales of nitrogen fertilizer products through Rentech Nitrogen. The increase in revenues at Rentech Nitrogen 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.

Consolidated operating income for the twelve months ended December 31, 2012 was $43.3 million, compared to an operating loss of $27.2 million in 2011. During the twelve months ended December 31, 2012, Rentech reported $16.0 million of impairments related to the Company’s capitalized SilvaGas patents and goodwill from the acquisition of ClearFuels, in the approximate amounts of $8.5 million and $7.2 million, respectively. During the year ended December 31, 2011, Rentech recorded a loss on impairment of $59.3 million relating to canceled alternative energy projects.

Stock quotes in this article: RTK 

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