During the nine months ended September 30, 2012, Rentech’s nitrogen products manufacturing segment generated operating income of $90.3 million, compared to $55.3 million during the comparable period in the prior year. EBITDA for Rentech’s nitrogen products manufacturing segment was $99.7 million for the period, compared to $62.7 million in the corresponding period in 2011. Further explanation of EBITDA, a non-GAAP financial measure, and a reconciliation of EBITDA to net income for Rentech’s nitrogen products manufacturing segment have been included below in this press release.

For the nine months ended September 30, 2012, Rentech reported consolidated net income of $10.5 million, or $0.05 per share. This compares to a net loss of $58.8 million, or $0.26 per share, reported in the comparable period in the prior year. Excluding loss on debt extinguishment and non-recurring items, the Company generated net income of $0.00 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.

Consolidated SG&A expenses were $33.8 million for the nine months ended September 30, 2012, compared to $20.3 million for the comparable period in the prior year. Current period SG&A expenses were comprised of $21.9 million for the alternative energy business and $12.0 million for the nitrogen fertilizer business, compared to $16.0 million and $4.4 million, respectively, for the prior-year period. The net increase in SG&A expenses for the alternative energy segment was primarily attributable to an increase in non-cash compensation expense of $6.0 million, reflecting the reversal of accruals of $2.2 million in the year-ago period for grants related to milestones associated with projects that were terminated; cash SG&A expenses for the alternative energy segment declined by $0.1 million. The $7.6 million increase in SG&A expenses for the nitrogen products manufacturing segment was primarily due to business development expenses, including acquisition costs of $2.0 million relating to the Agrifos acquisition, and the costs associated with having become a publicly traded limited partnership, including an increase of $2.3 million in non-cash unit-based compensation expense.

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