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Rentech Reports 2012 Activities And Financial Results; Provides 2013 Guidance

Conference Call with Management

The Company will hold a conference call today, March 19, 2013, at 11:00 a.m. PDT, during which time Rentech's senior management will review the Company's financial results for this period and provide an update on corporate developments. Callers may listen to the live presentation, which will be followed by a question and answer segment, by dialing 866-294-4838 or 847-944-7303 and the audience passcode 5088586#. An audio webcast of the call will be available at www.rentechinc.com within the Investor Relations portion of the site under the Presentations section. A replay will be available by audio webcast and teleconference from 1:00 p.m. PDT on March 19 through 1:00 p.m. PDT on March 26. The replay teleconference will be available by dialing 888-843-7419 or 630-652-3042 and the audience code 5088586#.

               

Rentech, Inc. and Subsidiaries

Consolidated Statements of Income

(Stated in Thousands, Except per Share Data)

 
For the Three Months For the Year
Ended December 31, Ended December 31,
2012       2011 2012       2011
(unaudited) (unaudited) 1
 
Total Revenues $ 92,459 $ 63,066 $ 261,925 $ 200,115
 
Cost of Sales   63,872     37,510     130,006     114,110  
 
Gross Profit 28,587 25,556 131,919 86,005
 
Selling, general and administrative expense 14,409 10,498 48,240 30,815
Research and development 6,270 4,202 20,944 28,785
Depreciation and amortization 1,268 566 3,754 2,218
Loss on impairments 15,941 583 15,965 59,272
Advance for equity investment - - - (7,892 )
Other   (13 )   (507 )   (328 )   16  
Operating Expenses   37,875     15,342     88,575     113,214  
 
Operating Income (Loss) (9,288 ) 10,214 43,344 (27,209 )
Other Income (Expense), Net
Interest expense (3,661 ) (4,098 ) (8,949 ) (17,034 )
Loss on debt extinguishment (4,801 ) (10,263 ) (4,801 ) (19,486 )
Loss on interest rate swaps (43 ) - (951 ) -
Other income (expense), net   4     51     258     139  
Total Other Expenses, Net   (8,501 )   (14,310 )   (14,443 )   (36,381 )
 
Income (loss) before income taxes (17,789 ) (4,096 ) 28,901 (63,590 )
 
Income tax expense   122     2     1,364     6  
 
Income (loss) from continuing operations (17,911 ) (4,098 ) 27,537 (63,596 )
Income from discontinued operations, net of tax   16     -     150     -  
Net Income (Loss) (17,895 ) (4,098 ) 27,687 (63,596 )
Net income attributable to noncontrolling interests   (6,630 )   (4,433 )   (41,687 )   (3,700 )
Net Loss Attributable to Rentech $ (24,525 ) $ (8,531 ) $ (14,000 ) $ (67,296 )
 
Net Loss per Common Share Attributed to Rentech:
Basic and diluted $ (0.11 ) $ (0.04 ) $ (0.06 ) $ (0.30 )
 
Weighted-Average Shares:
Basic and diluted   221,757     224,414     223,189     223,281  
 

1 Due 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 for both Rentech and Rentech Nitrogen, the Company’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, Inc.

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 -
Alternative Energy   52     52     290     206  
Total Revenues $ 92,459 $ 63,066 $ 261,925 $ 200,115
 
Gross Profit (Loss)
East Dubuque $ 30,290 $ 25,554 $ 133,543 $ 85,998
Pasadena (1,704 ) - (1,704 ) -
Alternative Energy   1     2     80     7  
Total Gross Profit $ 28,587 $ 25,556 $ 131,919 $ 86,005
 
Operating Income (Loss)
East Dubuque $ 28,221 $ 22,648 $ 125,984 $ 77,918
Pasadena (2,648 ) - (2,648 ) -
Alternative Energy   (30,589 )   (12,434 )   (68,219 )   (105,127 )
Total Operating Income $ (5,016 ) $ 10,214 $ 55,117 $ (27,209 )
 
Net Income (Loss)
East Dubuque $ 26,094 $ 10,455 $ 123,721 $ 45,700
Pasadena (2,648 ) - (2,648 ) -
Alternative energy   (35,449 )   (14,553 )   (79,316 )   (109,296 )
Total Net Income $ (12,003 ) $ (4,098 ) $ 41,757 $ (63,596 )
 

Reconciliation of Segment Net Income to Consolidated Net Income

Segment Net Income $ (12,003 ) $ (4,098 ) $ 41,757 $ (63,596 )
Partnership and Unallocated Expenses (4,573 ) - (11,844 ) -

Unallocated Interest Expense and Loss on Interest Rate Swaps

  (1,319 )   -     (2,226 )   -  
Consolidated Net Income $ (17,895 ) $ (4,098 ) $ 27,687   $ (63,596 )
 

1 Due 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 for both Rentech and Rentech Nitrogen, the Company’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, Inc. and Subsidiaries

Balance Sheet Data

(Stated in Thousands)

 

As of

December 31, 2012

As of

December 31, 2011

Cash and Cash Equivalents $ 141,736 $ 237,478
Working Capital 107,059 206,434
Construction in Progress 61,417 9,809
Total Assets 479,202 360,528
Total Long-Term Liabilities 194,130 53,475
Total Rentech Stockholders' Equity 157,987 208,848
 
 

Disclosure Regarding Non-GAAP Financial Measures

EBITDA is defined as net income plus interest expense and other financing costs, loss on debt extinguishment, loss on interest rate swaps, income tax expense and depreciation and amortization, net of interest income. EBITDA is used as a supplemental financial measure by management and by external users of the Company’s financial statements, such as investors and commercial banks, to assess:

  • the financial performance of the Company’s assets without regard to financing methods, capital structure or historical cost basis; and
  • the Company’s operating performance and return on invested capital compared to those of other public companies, without regard to financing methods and capital structure.

EBITDA should not be considered an alternative to net income, operating income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA may have material limitations as a performance measure because it excludes items that are necessary elements of Rentech’s costs and operations. In addition, EBITDA presented by other companies may not be comparable to Rentech’s presentation, since each company may define these terms differently.

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