Rentech, Inc. (NASDAQ: RTK) today announced financial and operating results for the three and twelve months ended December 31, 2013.
Rentech’s financial results reflect the consolidated results of Rentech, Inc. and its subsidiaries, including its wood fibre processing business and Rentech Nitrogen Partners, L.P. (NYSE: RNF) (Rentech Nitrogen), of which Rentech owns the general partner and approximately 60% of the common units representing limited partner interests. The results of the wood fibre processing business are reported as two operating segments: Fulghum Fibres (wood chipping) and wood pellets. The results of Rentech Nitrogen include two operating segments: the East Dubuque Facility and the Pasadena Facility. Results of the Company’s energy technologies business are reported in a separate segment.
Rentech today posted a presentation on the Investor Relations section of its website, to provide additional detail on the Company’s financial results and wood fibre processing business.
D. Hunt Ramsbottom, President and CEO of Rentech, said, “We made a strong entry into the wood fibre processing business this year. Our wood chipping business, Fulghum Fibres, is generating solid revenues and EBITDA. Our two industrial wood pellet projects in Canada are on schedule, on budget and on track to provide the returns we expect, based on long-term contracts. We are also pleased that our facilities at both Fulghum Fibres and Rentech Nitrogen have exceeded our safety goals.”
“Although we made significant strategic progress in 2013, our fourth quarter and full year financial results were muted by challenges at Rentech Nitrogen. We saw significant industry-wide declines in nitrogen product prices, as well as downtime at both of our facilities that reduced production and sales volumes. Both facilities are currently operating exceptionally well and at increased operating rates, due to investments we made in capacity expansion and improvements. We continue to see higher prices for nitrogen products compared to the lows we witnessed during the second half of last year, and we are confident that the higher prices and expanded capacity will lead to improved financial and operating results for Rentech Nitrogen in 2014.”