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Rentech Reports 2012 Activities And Financial Results; Provides 2013 Guidance

For the twelve months ended December 31, 2012, total cash operating and capital expenditures for Rentech's alternative energy segment were $42.1 million, which was below the Company’s previous guidance of approximately $45 million.

Consolidated SG&A expenses were $48.2 million for the twelve months ended December 31, 2012, compared to $30.8 million for the prior year. Current period SG&A expenses were comprised of $29.8 million for the alternative energy segment and $18.4 million for Rentech Nitrogen, compared to $23.1 million and $7.7 million, respectively, for the prior-year period. The majority of the increase in SG&A expenses for the alternative energy segment relates to an increase in non-cash compensation of $6.5 million as compared to the prior period. The increase in SG&A expenses for the nitrogen products manufacturing business was primarily due to business development expenses of approximately $4.5 million, including approximately $4.1 million for the Agrifos acquisition. In addition, Rentech Nitrogen was a publicly traded limited partnership for twelve full months in 2012 as compared to 52 days in 2011, which resulted in increases in non-cash unit-based compensation of approximately $2.6 million, payroll costs of approximately $1.3 million, approximately $1.0 million in professional and other fees related to being a publicly-traded partnership, and $0.7 million of fees on the unused credit facility. Current period expenses also include $0.4 million in SG&A expenses at the Pasadena Facility. The increase in SG&A expenses was partially offset by a $0.7 million reduction in audit and tax fees due to additional audit and tax work in 2011 required for the IPO and change in fiscal year.

R&D expenses incurred in the alternative energy segment during the twelve months ended December 31, 2012 were $20.9 million, down from $28.8 million for the prior year. The decrease in R&D expenses resulted primarily from a reduction in the engineering, procurement and construction activities associated with the Rentech-ClearFuels gasifier at the PDU of approximately $17.6 million and a savings from property tax and sales and use tax of approximately $3.3 million. This reduction in expense was partially offset by an increase in the start-up and operations costs of the gasifier of approximately $6.5 million and a reduction in DOE reimbursements of $7.0 million.

Stock quotes in this article: RTK 

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