During the twelve months ended December 31, 2012, Rentech’s nitrogen products manufacturing business generated operating income of $111.6 million, compared to $77.9 million in 2011. EBITDA for Rentech’s nitrogen manufacturing business was $124.0 million for the current period, compared to $88.6 million in 2011. EBITDA for the current period, excluding Partnership level expenses and non-recurring items related to the Pasadena Facility, totaled $135.8 million. The East Dubuque Facility and the Pasadena Facility contributed $137.5 million and ($1.7) million in EBITDA, respectively, during the twelve months ended December 31, 2012. As part of purchase accounting adjustments related to the acquisition of Agrifos, the value of inventory was increased to fair value as of the closing date, which resulted in an approximately $3.4 million increase in the cost of product sold by the Pasadena Facility during the two-month period ended December 31, 2012. Further explanation of EBITDA, a non-GAAP financial measure, and a reconciliation of EBITDA to net income for Rentech’s nitrogen products manufacturing business have been included below in this press release.
Gross margins for the nitrogen products manufacturing business were 50% for the twelve months ended December 31, 2012, compared to 43% for 2011. The increase in gross margins was primarily attributable to an increase in revenues and lower natural gas costs. Average natural gas costs in cost of sales for the East Dubuque Facility were $3.59 per MMBtu for the twelve months ended December 31, 2012, compared to $4.76 per MMBtu for the prior year. Average ammonia and sulfur costs in cost of sales for the Pasadena Facility were $658 per ton and $154 per ton, respectively for the current period.
For the twelve months ended December 31, 2012, Rentech reported consolidated net loss of $14.0 million, or $0.06 per share. This compares to a net loss of $67.3 million, or $0.30 per share, reported in the prior year. Excluding loss on debt extinguishment and non-recurring items, the Company generated net income of $0.03 per share for the twelve months ended December 31, 2012 and net income of $0.05 per share for the prior-year period. Further explanation of net income excluding loss on debt extinguishment and non-recurring items, a non-GAAP financial measure, and a reconciliation of consolidated net income excluding loss on debt extinguishment and non-recurring items to net income have been included below in this press release.
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