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Rentech Nitrogen Partners, L.P. Announces Results For Second Quarter 2013; Updates 2013 Guidance

The table below reconciles net income attributable to Rentech Nitrogen excluding loss on debt extinguishment and gain on fair value adjustment to earn-out contingent consideration to net income for the three and six months ended June 30, 2013 (stated in thousands, except per share data).

      For the Three       For the Six
Months Ended Months Ended
June 30, 2013 June 30, 2013
 
Net Income $ 28,721 $ 43,730

Less: Income Allocated to Unvested Units
  115     194  

Net Income Allocated to Common Unit

Holders
$ 28,606   $ 43,536  
 
Loss on Debt Extinguishment   6,001     6,001  

Gain on Fair Value Adjustment to Earn-Out

Contingent Consideration
  (4,823 )   (4,611 )

Net Income Allocated to Common Unit

Holders Excluding Loss on Debt

Extinguishment and Gain on Fair Value

Adjustment to Earn-Out Contingent

Consideration
$ 29,784   $ 44,926  
 

Net Income per Unit Allocated to CommonUnit Holders
$ 0.74 $ 1.12

Loss per Unit on Debt Extinguishment
0.15

0.16

Gain per Unit on Fair Value Adjustment toEarn-Out Contingent Consideration
  (0.12 )   (0.12 )

Net Income per Unit Allocated toCommon Unit Holders ExcludingLoss on Debt Extinguishment and Gain on

Fair Value Adjustment to Earn-Out

Consideration
$ 0.77   $

1.16
 
 
Weighted-Average Common Units

Outstanding
38,842 38,840

The table below reconciles consolidated Adjusted EBITDA and cash available for distribution to net income for the three months ended June 30, 2013 (stated in thousands, except per unit data).
         
For the Three Months Ended June 30, 2013

East Dubuque

Facility
     

Pasadena

Facility
     

Partnership

Level
     

Consolidated
Net Income $ 36,044 $ 34 $ (7,357 ) $ 28,721

Plus:

Net Interest Expense
- 3 3,923 3,926

Plus:

Loss on Debt Extinguishment
- - 6,001 6,001

Less:

Gain on Fair Value Adjustment

to Earn-Out Consideration

-

-

(4,823

)

(4,823

)

Plus:

Loss on Interest Rate Swaps
- - 96 96

Plus:

Income Tax Expense
326 101 (302 ) 125

Plus:

Depreciation and Amortization
2,483 1,905 - 4,388

Plus:

Other
  -     -     -     -  
Adjusted EBITDA $ 38,853 $ 2,043 $ (2,462 ) $ 38,434

Plus:

Non-Cash Compensation Expense

-

-

523

523

Less:

Maintenance Capital Expenditures 1

(1,912

)

-

-

(1,912

)

Less:

Net Interest Expense and Other Debt Service

-

(3

)

(5,860

)

(5,863

)

Plus:

Distribution of Cash Reserves for Working Capital
 

-
   

-
   

1,839
   

1,839
 
Cash Available for Distribution $ 36,941   $ 2,040   $ (5,960 ) $ 33,021  

Cash Available for Distribution, per Unit

$

0.95
 

$

0.05
 

$

(0.15

)

$

0.85
 
Common Units Outstanding 38,849 38,849 38,849 38,849
 

1Excludes $1.6 million of maintenance capital expenditures at the Pasadena Facility funded by debt.

The table below reconciles consolidated Adjusted EBITDA to net income for the six months ended June 30, 2013 (stated in thousands).
         
For the Six Months Ended June 30, 2013

East Dubuque

Facility
     

Pasadena

Facility
     

Partnership

Level
     

Consolidated
Net Income $ 53,314 $ 1,850 $ (11,434 ) $ 43,730

Plus:

Net Interest Expense
- 6 5,723 5,729

Plus:

Loss on Debt Extinguishment
- - 6,001 6,001

Less:

Gain on Fair Value Adjustment to Earn-Out Consideration

-

-
(4,611 )

(4,611

)

Plus:

Loss on Interest Rate Swaps
- - 7 7

Plus:

Income Tax Expense
369 138 (302 ) 205

Plus:

Depreciation and Amortization
  4,788   3,207   -     7,995  
Adjusted EBITDA $ 58,471 $ 5,201 $ (4,616 ) $ 59,056
 

The table below reconciles EBITDA to net income for the three and six months ended June 30, 2012 (stated in thousands).
                         

Three Months Ended

June 30, 2012

Six Months Ended

June 30, 2012
 
Net income $ 41,228 $ 60,601
Plus:
Net Interest Expense 28 112
Depreciation and Amortization 3,312 5,777
Loss on Interest Rate Swaps 580 580
Other   (232 )   (232 )
EBITDA $ 44,916 $ 66,838
 

The table below reconciles forecasted EBITDA and cash available for distribution to forecasted net income for the twelve months ending December 31, 2013, for the upper and lower ends of the range of cash distributions contained in the Partnership’s updated guidance for 2013 (stated in thousands, except per unit data).
         

Forecasted For the Twelve Months

Ending December 31, 2013
(Stated in thousands, except per unit data)
Net Income $ 67,000   -   $ 73,600

Plus:

Net Interest Expense
16,300 - 16,300

Plus:

Loss on Debt Extinguishment
6,000 - 6,000

Less:

Gain on Fair Value Adjustment to Earn-Out Consideration

(4,600

)
- (4,600 )

Plus:

Income Tax Expense
300 - 300

Plus:

Depreciation and Amortization
  16,900     -     16,900  
EBITDA $ 101,900 - $ 108,500

Plus:

Non-Cash Compensation Expense
2,200 - 2,200

Less:

Maintenance Capital Expenditures 1
(10,200 ) - (10,200 )

Less:

Net Interest Expense and Other Debt Service

(20,100

)

-

(20,100

)

Plus:

Distribution of Cash Reserves for Working Capital
 

5,700
   

-
   

4,900
 
Cash Available for Distribution $ 79,500     -   $ 85,300  
Cash Available for Distribution, per Unit $ 2.05     -   $ 2.20  
Common Units Outstanding 38,846 - 38,846
 

1Excludes $15.8 million of maintenance capital expenditures at the Pasadena Facility funded by debt.

About Rentech Nitrogen, L.P.

Rentech Nitrogen ( www.rentechnitrogen.com) was formed by Rentech, Inc. to own, operate and expand its nitrogen fertilizer business. Rentech Nitrogen’s assets consist of two fertilizer production facilities owned by its operating subsidiaries. The East Dubuque Facility is located in the northwestern corner of Illinois, and uses natural gas as a feedstock to produce primarily anhydrous ammonia and UAN solution for sale to customers in the Mid Corn Belt. The Pasadena Facility is located in Pasadena, Texas, along the Houston Ship Channel, and uses ammonia and sulfur as feedstocks to produce ammonium sulfate and ammonium thiosulfate fertilizers, and sulfuric acid. Rentech Nitrogen is the largest producer of synthetic granulated ammonium sulfate fertilizer in North America, with sales in the United States and internationally.

Forward-Looking Statements

This press release contains forward-looking statements about matters such as: our forecasted EBITDA and cash available for distribution for the twelve months ending December 31, 2013; the outlook for our nitrogen fertilizer businesses; and the timing of our expansion projects and growth opportunities for the facilities. These statements are based on management’s current expectations and actual results may differ materially as a result of various risks and uncertainties. Other factors that could cause actual results to differ from those reflected in the forward-looking statements are set forth in Rentech Nitrogen’s prior press releases and periodic public filings with the Securities and Exchange Commission, which are available via Rentech Nitrogen’s website at www.rentechnitrogen.com. The forward-looking statements in this press release are made as of the date of this press release and Rentech Nitrogen does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law.

Copyright Business Wire 2010
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