Revises 2015 Guidance
Rentech Nitrogen Partners, L.P. (NYSE: RNF) today announced
financial and operating results for the three and nine months ended
September 30, 2015. The Partnership also announced a cash
distribution of $0.25 per unit for the third quarter of 2015.
Keith Forman, CEO of Rentech Nitrogen, said, “The third quarter
operating results for Rentech Nitrogen were strong, especially in
the context of year over year comparison. Demand for our products
remained robust, East Dubuque produced a record quantity of
ammonia, and our sales margins were higher as well. The combined
impact of those factors resulted in higher recorded EBITDA which in
turn translated into higher cash distributions to unitholders
despite modest results at Pasadena and the addition of costs
related to our pending transaction with CVR Partners.”
Mr. Forman continued, “We continue to work towards completing
the merger with CVR Partners, and we expect to close in the first
quarter of next year. We are in an active sale process for the
Pasadena Facility while working a parallel path to be ready for a
spin-off of the Pasadena Facility if necessary.”
“Our outlook for the year at East Dubuque has improved somewhat,
although Pasadena has weakened slightly, due to market conditions,
and we are absorbing some transaction costs associated with the
merger with CVR Partners,” added Mr. Forman.
Summary of Results
Revenues for the third quarter of 2015 were $84.3 million,
compared to $84.2 million for the same period last year.
Revenues for the nine months ended September 30, 2015 were $263.4
million, compared to $254.1 million for the same period last year.
Gross profit for the third quarter of 2015 was $19.4
million, compared to $6.7 million for the same period last
year. Gross profit for the nine months ended September 30, 2015
were $82.9 million, compared to $48.7 million for the same period
last year. Adjusted EBITDA for the third quarter of
2015 was $19.0 million, compared to $9.1 million for
the same period last year. Adjusted EBITDA for the nine months
ended September 30, 2015 was $85.9 million, compared to $51.3
million for the same period last year. A further explanation of
Adjusted EBITDA, a non-GAAP financial measure, as used here and
throughout this press release appears below.
For the Pasadena Facility, the Partnership updated its forecasts
of operating cash flows, assessed indications of interest from
potential buyers, and updated its estimates of the probabilities of
selling and operating the plant. As a result, the carrying value
was further reduced by recording an asset impairment charge of
$32.5 million in the third quarter of 2015. For the nine months
ended September 30, 2015, asset impairment charges for the Pasadena
Facility totaled $134.3 million, and impairment of goodwill totaled
$27.2 million for the nine months ended September 30, 2014. There
is significant uncertainty as to whether the Partnership will sell
the Pasadena Facility to a third party, and as to whether any sale
price would equal the carrying value of the asset, which is an
estimate.
Net loss for the third quarter of 2015 was $(25.5)
million, or a loss of $(0.66) per basic unit. Excluding the loss
due to the Pasadena asset impairment, net income was $7.0
million, or $0.18 per basic unit, for the third quarter of 2015.
This compares to a net loss of $(3.1) million, or a loss of
$(0.08) per basic unit, for the third quarter of 2014.
Net loss for the nine months ended September 30, 2015 was
$(82.8) million, or a loss of $(2.14) per basic unit. Excluding the
loss due to the Pasadena asset impairment, net income
was $51.5 million, or $1.31 per basic unit, for the nine
months ended September 30, 2015. This compares to a net loss of
$(8.9) million, or a loss of $(0.23) per basic unit for the prior
year period. Excluding the loss due to the Pasadena goodwill
impairment, net income was $18.3 million, or $0.47 per basic
unit, for the nine months ended September 30, 2014.
East Dubuque Facility
Revenues for the third quarter of 2015 were $46.8 million,
compared to $46.0 million for the same period in the prior year.
The increase was primarily due to higher sales volumes for ammonia
and UAN, partially offset by lower sales prices for almost all
products, and lower natural gas sales.
Ammonia deliveries increased due to strong demand from
agricultural and industrial customers. UAN deliveries increased
between the third quarters of each year due to lower demand in the
spring of 2015 due to a significant amount of pre-plant ammonia
applied, the availability of lower priced urea, and wet conditions
during the UAN application period, pushing UAN sales into the third
quarter.
Average sales prices per ton for the third quarter of 2015 were
7% lower for ammonia and 10% lower for UAN, as compared with the
same period last year. These two products comprised 84% of our East
Dubuque Facility’s revenues for the third quarter of 2015 and 80%
for the same period last year.
Gross profit was $18.9 million for the third quarter of 2015,
compared to $15.5 million for the same period in the prior year.
Gross profit margin was 40% for the third quarter of 2015, compared
to 34% for the same period in the prior year. The increases in
gross profit and gross margin were primarily due to higher sales
volumes for ammonia and UAN, and lower natural gas costs, partially
offset by lower sales prices for ammonia and UAN. Gross profit
margin, without natural gas derivatives, was 42% for the third
quarter of 2015, compared to 34%, without natural gas derivatives,
for the same period in the prior year.
Adjusted EBITDA for the third quarter of 2015 was $22.6
million, compared to $18.5 million in the corresponding period
in 2014.
Net income was $17.8 million for the third quarter of
2015, compared to $14.1 million for the same period last
year.
Pasadena Facility
Revenues for the third quarter of 2015 were $37.5 million,
compared to $38.1 million for the same period last year. The
decrease was due to lower sales volumes for ammonium sulfate and
ammonium thiosulfate, and lower sales prices for sulfuric acid,
partially offset by higher sales prices for ammonium sulfate and
ammonium thiosulfate, and higher sales volumes for sulfuric
acid.
Average sales prices per ton increased by 15% for ammonium
sulfate and decreased by 10% for sulfuric acid for the third
quarter of 2015 as compared with the same period last year. These
two products comprised 92% of our Pasadena Facility’s revenues for
the third quarter of 2015 and 94% for the same period in the prior
year.
Ammonium sulfate sales prices increased due to a higher
percentage of sales in the domestic market and continued demand for
ammonium sulfate as retailers move away from ammonium nitrate. As
part of our restructuring plan, we reduced our historically
low-margin sales to Brazil. Brazil accounted for 22% of ammonium
sulfate sales during the third quarter of 2015 while 53% of
ammonium sulfate sales were to Brazil during the third quarter of
2014.
The higher sales volumes for sulfuric acid and lower sales
volumes for ammonium sulfate were the result of our restructuring
plan implemented in late 2014. In addition to reducing sales to
Brazil, the restructuring plan included reducing expected annual
production of ammonium sulfate by approximately 25%, to 500,000
tons. Sulfuric acid is a component in the production of ammonium
sulfate. With reduced production of ammonium sulfate, less sulfuric
acid is needed, which results in more sulfuric acid being available
for sale.
Gross profit was $0.5 million for the third quarter of 2015,
compared to a gross loss of $(8.8) million for the same period last
year. Gross profit margin for the third quarter 2015 was 1%,
compared to gross loss margin of (23%) for the same period last
year. During the third quarter of 2015, we wrote down ammonium
sulfate inventories by $0.5 million, compared to $1.8 million in
the third quarter of 2014. The increases in gross profit and gross
profit margins were primarily due to higher sales prices for
ammonium sulfate and ammonium thiosulfate, higher sales volumes for
sulfuric acid and a decrease in the write down of inventories.
Adjusted EBITDA for the third quarter of 2015 was $0.9
million, compared to an Adjusted EBITDA loss of $(7.7)
million in the corresponding period in 2014.
The Pasadena Facility incurred an asset impairment charge of
$32.5 million in the third quarter of 2015.
Net loss was $(33.2) million for the third quarter
2015, compared to a net loss of $(10.2) million for the
same period last year. Net loss was $(0.7) million for the
third quarter of 2015, excluding the loss due to the asset
impairment.
Outlook
Fourth Quarter 2015
Guidance
The Partnership provided the following forecast for product
deliveries, consumption of inputs and capital expenditures for the
fourth quarter of 2015.
4Q15 Forecasted Deliveries (in thousand
tons) East Dubuque Facility Ammonia 65 UAN 76 Urea
(liquid and granular) 15 Nitric acid 3
Pasadena Facility
Ammonium sulfate 170 Sulfuric acid 44 Ammonium thiosulfate 20
Forecasted Consumption in
Deliveries
East Dubuque Facility Natural gas (in million MMBtus) 3.8
Pasadena Facility
Ammonia 45 Sulfur 61 Sulfuric acid 171
Maintenance Capital Expenditures (in
millions)
East Dubuque facility $ 4.6 Pasadena facility $ 1.8
Growth Capital Expenditures (in
millions)1
East Dubuque facility $ 9 Pasadena facility $ —
1We expect to fund growth capital expenditures with borrowings
under the Partnership’s credit facility.
2015 Outlook and
Progress
Rentech Nitrogen is now projecting consolidated adjusted EBITDA
in 2015 to be approximately $116 million, before transaction
costs to be incurred after September 30, 2015, compared to its
previous guidance of approximately $118 million. The updated
guidance reflects $4 million of transaction costs incurred through
the third quarter relating to the merger with CVR Partners and the
sale process for Pasadena, improved performance at East Dubuque,
and slightly lower sales and pricing at Pasadena.
For 2015, the Partnership projects Adjusted EBITDA of
approximately $120 million for East Dubuque, as compared
to its previous guidance of approximately $117 million, and
approximately $7 million for Pasadena, as compared
to its previous guidance of approximately $10 million. The guidance
excludes transaction costs to be incurred after September 30, 2015,
and includes approximately $1 million of transaction costs incurred
at Pasadena through September 30, 2015.
Rentech Nitrogen projects cash distributions for 2015 to be
approximately $1.90 per unit, which reflects $4 million,
or $0.10 per unit, of transaction fees incurred through the end of
the third quarter, but excludes transaction fees that may be
incurred in the fourth quarter.
For the Twelve Months Ending December 31, 2015
East DubuqueFacility
PasadenaFacility
PartnershipLevel
Consolidated (stated in millions, except per unit
data) Net income $ 101 $ (133 ) $ (33 ) $ (65 ) Add: Net interest
expense — — 22 22 Depreciation and amortization 19 7 — 26 Other
— 133 — 133 Adjusted EBITDA $ 120 $ 7 $
(11 ) $ 116 Less: Maintenance capital expenditures (11 ) (4 ) — (15
) Less: Net interest expense — — (22 ) (22 ) Plus: Non-cash
compensation expense — — 1 1 Less: Replenishment of reserves for WC
purposes — — (6 ) (6 ) Cash
distribution $ 109 $ 3 $ (38 ) $ 74 Cash distribution, per unit $
2.79 $ 0.08 $ (0.97 ) 1.90 Common units outstanding 39 39 39
39
Rentech Nitrogen provided the following key operating metrics,
progress against its forecasted product deliveries and consumption
of inputs for 2015 for the East Dubuque and Pasadena
facilities:
Locked-in or Delivered East Dubuque
Facility Deliveries1 Ammonia Tons (in thousands)
164 or 80% Average price
$
547
UAN Tons (in thousands) 282 or 100% Average price
$
255
Natural Gas in Cost of Sales1 (million MMBtus) 13.2
or 100% Purchased average cost per MMBtu (including transportation
costs)
$
3.72
Unrealized derivatives (gain) per MMBtu
$
(0.30)
Average cost per MMBtu (including transportation costs)
$
3.42
Pasadena Facility Deliveries and Commitments1
Ammonium sulfate Tons (in thousands) 394 or 75% Average price
$
242
1Through September 30, 2015.
Third Quarter 2015 Cash Available for
Distribution
We declared a cash distribution to our common unitholders and
payments to holders of phantom units for the third quarter of 2015
of $0.25 per common unit or $9.8 million in the aggregate. The cash
distribution will be paid on November 27, 2015, to unitholders of
record at the close of business on November 20, 2015. The
calculation of the cash available for distribution appears below in
this press release.
Merger Update
The premerger notification period under the Hart-Scott-Rodino
Act expired in September without a request for additional
information. The Form S-4 was filed in September and is currently
in the SEC review process. We are running parallel paths with the
sale process and preparations of spin-off documents. We expect to
close the merger with CVR Partners in the first quarter of
2016.
Conference Call with
Management
Rentech Nitrogen will hold a conference call today, November 10,
2015 at 7:00 a.m. PST, during which senior management will review
the Partnership’s financial results for this period and provide an
update on the business. Callers may listen to the live
presentation, which will be followed by a question and answer
segment, by dialing 800-774-6070 or 630-691-2753 and entering the
pass code 8157912#. An audio webcast of the call will be available
at www.rentechnitrogen.com within the
Investor Relations portion of the site under the Presentations
section. A replay will be available by audio webcast and
teleconference from 9:30 a.m. PST on November 10 through 11:59 p.m.
PST on November 18. The replay teleconference will be available by
dialing 888-843-7419 or 630-652-3042 and entering the audience
passcode 8157912#.
Rentech Nitrogen Partners, L.P.
Consolidated Statements of
Operations
(Amounts in Thousands, Except per Unit
Data)
For the Three Months
EndedSeptember 30,
For the Nine Months
EndedSeptember 30,
2015 2014 2015 2014
(Unaudited) (Unaudited)
Revenues $ 84,323 $ 84,163 $ 263,350
$ 254,052
Cost of sales 64,961 77,475
180,479 205,381
Gross profit 19,362
6,688 82,871 48,671
Operating expenses
Selling, general and administrative expense 6,719 3,819 15,221
13,601 Depreciation and amortization 95 384 948 1,092 Pasadena
asset impairment 32,510 — 134,282 — Pasadena goodwill impairment —
— — 27,202
Other (income) expense
(13 ) 304 414 526 Total operating
expenses 39,311 4,507 150,865 42,421
Operating income (loss) (19,949 ) 2,181
(67,994 ) 6,250
Other expense, net Interest expense
(5,570 ) (4,624 ) (16,144 ) (14,437 ) Loss on debt extinguishment —
(635 ) — (635 )
Other income (expense), net
(14 ) — 1,394 — Total other expenses,
net (5,584 ) (5,259 ) (14,750 ) (15,072
)
Loss before income taxes (25,533 ) (3,078 ) (82,744 )
(8,822 )
Income tax (benefit) expense
(19 ) 27 28 82
Net loss $
(25,514 ) $ (3,105 ) $ (82,772 ) $ (8,904 ) Net loss per common
unit allocated to common
unitholders - Basic
$ (0.66 ) $ (0.08 ) $ (2.14 ) $ (0.23 ) Net loss per common unit
allocated to common
unitholders - Diluted
$ (0.66 ) $ (0.08 ) $ (2.14 ) $ (0.23 ) Weighted-average units used
to compute net loss
per common unit:
Basic 38,928 38,905 38,919 38,895
Diluted 38,928 38,905 38,919 38,895
For the Three Months For the Nine
Months Ended September 30, Ended September 30,
2015 2014 2015 2014
Production Tons (in thousands)
East Dubuque Facility: Ammonia 81 75 253 238 Ammonia
Available for Sale (included in line above) 44 40 139 125 UAN 69 63
209 213
Other Products (excludes CO2 )
71 66 217 217
Pasadena Facility: Ammonium Sulfate 132 121
394 411 Sulfuric Acid 124 71 387 300 Ammonium Thiosulfate 17 10 51
45
Delivered Tons (in thousands) East Dubuque
Facility: Ammonia 32 27 142 106 UAN 96 83 206 214
Other Products (excludes CO2 )
17 17 54 50
Pasadena Facility: Ammonium Sulfate 137 172 355
458 Sulfuric Acid 40 20 114 61 Ammonium Thiosulfate 11 13 49 56
Average Sales Price per Ton East Dubuque
Facility: Ammonia $ 502 $ 537 $ 550 $ 545 UAN $ 240 $ 268 $ 260
$ 283
Pasadena Facility: Ammonium Sulfate $ 226 $ 197 $ 247
$ 197 Sulfuric Acid $ 86 $ 95 $ 86 $ 91 Ammonium Thiosulfate $ 230
$ 148 $ 178 $ 147
Input Costs East Dubuque
Facility: Natural Gas Natural Gas Used in Production
(Thousand MMBtus) 2,964 2,623 9,155 8,511 Average Natural Gas Cost
per MMBtu, including transportation cost, used in production $ 3.12
$ 4.91 $ 3.69 $ 5.02 Natural Gas in Cost of Sales (Thousand
MMBtus) 3,095 2,800 9,331 8,421 Purchased Average Natural Gas Cost
per MMBtu, Including Transportation Cost $ 3.13 $ 4.87 $ 3.94 $
5.04 Unrealized Loss (Gain) on Derivatives $ 0.18 $
0.10 $ (0.39 ) $ 0.10 Average Natural Gas Cost per
MMBtu, Including Transportation Cost $ 3.31 $ 4.97 $ 3.55 $ 5.14
Input Costs Pasadena Facility: Ammonia
Ammonia Used in Production (Thousand Tons) 36 32 108 111 Ammonia in
Cost of Sales (Thousand Tons) 36 46 97 125
Sulfur Sulfur
Used in Production (Thousand Tons) 45 38 141 122 Sulfur in Cost of
Sales (Thousand Tons) 48 51 134 145
On-Stream
Rates1: East Dubuque Facility: Ammonia 94
% 89 % 98 % 96 % UAN 94 % 90 % 98 % 96 %
Pasadena Facility:
Ammonium Sulfate 88 % 86 % 88 % 83 % Sulfuric Acid 86 % 60 % 93 %
86 %
1 The on-stream factors for the ammonia, UAN, ammonium sulfate
and sulfuric acid plants equal the total days the applicable plant
operated in any given period, divided by the total days in the
period.
Rentech Nitrogen Partners, L.P. Statements of
Operations by Business Segment
(Stated in Thousands)
For the Three MonthsEnded
September 30,
For the Nine MonthsEnded
September 30,
2015 2014 2015 2014 (in
thousands) Revenues East Dubuque $ 46,804 $ 46,021 $ 155,616 $
148,455 Pasadena 37,519 38,142 107,734
105,597 Total revenues $ 84,323 $ 84,163 $ 263,350 $ 254,052 Gross
profit (loss) East Dubuque $ 18,898 $ 15,466 $ 79,019 $ 60,816
Pasadena 464 (8,778 ) 3,852 (12,145 )
Total gross profit $ 19,362 $ 6,688 $ 82,871 $ 48,671 Selling,
general and administrative expenses East Dubuque $ 1,088 $ 956 $
3,434 $ 3,177 Pasadena 1,133 1,071 2,773
4,147 Total segment selling, general and administrative
expenses $ 2,221 $ 2,027 $ 6,207 $ 7,324 Depreciation and
amortization East Dubuque $ 70 $ 47 $ 204 $ 122 Pasadena 25
337 744 970
Total segment depreciation and
amortization recorded in operating expenses
95 384 948 1,092 Net income (loss) East
Dubuque $ 17,754 $ 14,139 $ 74,973 $ 56,926 Pasadena (33,187
) (10,213 ) (132,550 ) (44,545 ) Total segment
net income (loss) $ (15,433 ) $ 3,926 $ (57,577 ) $ 12,381
Reconciliation of segment net income (loss) to consolidated net
income (loss): Segment net income (loss) $ (15,433 ) $ 3,926 $
(57,577 ) $ 12,381
Partnership and unallocated expenses
recorded as selling, general and administrative expenses
(4,498 ) (1,792 ) (9,014 ) (6,277 )
Partnership and unallocated expenses
recorded as other expense
(29 ) (635 ) (89 ) (635 ) Unallocated interest expense
(5,554 ) (4,604 ) (16,092 ) (14,373 )
Consolidated net loss $ (25,514 ) $ (3,105 ) $ (82,772 ) $ (8,904 )
Rentech Nitrogen Partners, L.P. Selected
Balance Sheet Data
(Stated in Thousands)
As ofSeptember
30,2015
As ofDecember
31,2014
(in thousands) Cash $ 38,151 $ 28,028 Working capital 13,693 14,499
Construction in progress 16,731 47,758 Total assets 291,058 414,316
Debt 346,500 335,000 Total partners' capital (deficit) (137,954 )
8,891
Disclosure Regarding Non-GAAP Financial
Measures
Adjusted EBITDA is defined as net income (loss) plus net
interest expense and other financing costs, income tax expense,
depreciation and amortization and unusual items, like impairment
charges. As used in the following tables, we calculate cash
available for distribution as Adjusted EBITDA plus non-cash
compensation expense, less the sum of maintenance capital
expenditures not funded by financing proceeds, net interest expense
and cash reserved for working capital purposes. Adjusted EBITDA and
cash available for distribution are used as supplemental financial
measures by management and by external users of our financial
statements, such as investors and commercial banks, to assess:
- the financial performance of our assets
without regard to financing methods, capital structure or
historical cost basis; and
- our operating performance and return on
invested capital compared to those of other publicly traded limited
Partnerships and other public companies, without regard to
financing methods and capital structure.
Net income (loss) excluding impairments are included to provide
management and investors with net income results for Rentech
Nitrogen and Pasadena that are more easily compared to the prior
year period.
Non-GAAP financial measures should not be considered
alternatives to any measure of financial performance or liquidity
presented in accordance with GAAP. Non-GAAP financial measures may
have material limitations as performance measures because they
exclude items that are necessary elements of our costs and
operations. In addition, Adjusted EBITDA and cash available for
distribution presented by other companies may not be comparable to
our presentation, since each company may define these terms
differently.
The table below reconciles Adjusted EBITDA to net income (loss)
for the third quarter of 2015. It also reconciles cash available
for distribution to Adjusted EBITDA, both of which are non-GAAP
financial measures, for the third quarter of 2015.
For the Three Months Ended September 30, 2015
East DubuqueFacility
PasadenaFacility
PartnershipLevel
Consolidated (in thousands, except per unit data) Net
income (loss) $ 17,754 $ (33,187 ) $ (10,081 ) $ (25,514 ) Add: Net
interest expense 16 — 5,554 5,570 Pasadena asset impairment —
32,510 — 32,510
Income tax benefit
— (19 ) — (19 ) Depreciation and amortization 4,861 1,609 — 6,470
Other (16 ) — 30 14 Adjusted EBITDA $
22,615 $ 913 $ (4,497 ) $ 19,031 Plus: Non-cash compensation
expense — — 169 169 Less: Maintenance capital expenditures1 (2,279
) (1,112 ) — (3,391 ) Less: Net interest expense (16 ) — (5,554 )
(5,570 ) Less: Cash reserved for working capital purposes — — (507
) (507 ) Plus: Distributions of cash reserves — —
— — Cash available for distribution $ 20,320 $ (199 )
$ (10,389 ) $ 9,732 Cash available for distribution, per unit $
0.52 $ (0.01 ) $ (0.27 ) 0.25 Common units outstanding2
38,930 38,930 38,930 38,930
1Excludes maintenance capital expenditures at our Pasadena
Facility funded by debt in the amount of $3.7 million for the three
months ended September 30, 2014 and $14.0 million for the nine
months ended September 30, 2014.2Excludes phantom units.
The table below reconciles Adjusted EBITDA to net income (loss)
for the nine months ended September 30, 2015.
For the Nine Months Ended September 30, 2015
East DubuqueFacility
PasadenaFacility
PartnershipLevel
Consolidated
(in thousands, except per unit data) Net income (loss) $ 74,973 $
(132,550 ) $ (25,195 ) $ (82,772 ) Add: Net interest expense 52 —
16,092 16,144 Pasadena asset impairment — 134,282 — 134,282 Income
tax expense — 28 — 28 Depreciation and amortization 13,549 6,013 —
19,562 Other1 (58 ) (1,425 ) 89 (1,394
) Adjusted EBITDA $ 88,516 $ 6,348 $ (9,014 ) $ 85,850
1 Includes a one-time easement payment of $1.4 million received
by the Pasadena facility during the nine months ended September 30,
2015.
The table below reconciles Adjusted EBITDA to net income (loss)
for the third quarter of 2014.
For the Three Months Ended September 30, 2014
East DubuqueFacility
PasadenaFacility
PartnershipLevel
Consolidated (in thousands, except per unit data) Net
income (loss) $ 14,139 $ (10,213 ) $ (7,031 ) $ (3,105 ) Add: Net
interest expense 20 — 4,604 4,624 Pasadena goodwill impairment — —
— — Income tax expense — 27 — 27 Depreciation and amortization
4,380 2,490 — 6,870 Other — — 635 635
Adjusted EBITDA $ 18,539 $ (7,696 ) $ (1,792 ) $ 9,051
The table below reconciles Adjusted EBITDA to net income (loss)
for the nine months ended September 30, 2014.
For the Nine Months Ended September 30, 2014
East DubuqueFacility
PasadenaFacility
PartnershipLevel
Consolidated (in thousands, except per unit data) Net
income (loss) $ 56,926 $ (44,545 ) $ (21,285 ) $ (8,904 ) Add: Net
interest expense 64 — 14,373 14,437 Pasadena goodwill impairment —
27,202 — 27,202 Income tax expense 1 81 — 82 Depreciation and
amortization 11,777 6,026 — 17,803 Other — —
635 635 Adjusted EBITDA $ 68,768 $ (11,236 ) $ (6,277 ) $
51,255
The table below reconciles net loss excluding impairments for
the third quarter of 2015.
For the Three Months
EndedSeptember 30,
(Stated in Thousands, Except per Unit Data)
2015 (unaudited) Net income (loss) attributable to common
unit holders $ (25,514 ) Pasadena asset impairment 32,510
Net income attributable to common unit holders excluding the
Pasadena asset impairment $ 6,996 Net loss per unit
attributable to common unit holders $ (0.66 ) Per unit Pasadena
asset impairment 0.84 Net income per unit attributable to
common unit holders excluding the Pasadena asset impairment
$ 0.18 Weighted-Average Common Units Outstanding 38,928
The table below reconciles net loss excluding impairments for
the nine months ended September 30, 2015 and 2014.
For the Nine Months Ended September 30,
(Stated in Thousands, Except per Unit Data)
2015 2014 (unaudited) Net loss attributable to
common unit holders $ (82,772 ) $ (8,904 ) Pasadena
asset impairment 134,282 — Pasadena goodwill impairment —
27,202 Net income attributable to common unit holders excluding the
Pasadena asset and goodwill impairments $ 51,510 $ 18,298 Net loss
per unit attributable to common unit holders $ (2.14 ) $ (0.23 )
Per unit Pasadena asset impairment 3.45 — Per unit Pasadena
goodwill impairment — 0.70 Net income per unit attributable
to common unit holders excluding the Pasadena asset and goodwill
impairments $ 1.31 $ 0.47 Weighted-Average Common Units Outstanding
38,919 38,895
The table below reconciles net loss attributable to the Pasadena
Facility excluding impairments for the third quarter of 2015.
For the Three Months
EndedSeptember 30,
(Stated in thousands) 2015 (unaudited)
Net loss for Pasadena $ (33,187 ) Pasadena asset impairment
32,510 Net income (loss) attributable to Pasadena excluding the
Pasadena asset impairment $ (677 )
The table below reconciles net income (loss) attributable to the
Pasadena facility excluding impairments for the nine months ended
September 30, 2015 and 2014.
For the Nine Months Ended September 30, (Stated in
thousands) 2015 2014 (unaudited)
Net loss for Pasadena $ (132,550 ) $ (44,545 )
Pasadena asset impairment 134,282 — Pasadena goodwill impairment —
27,202 Net income (loss) attributable to Pasadena excluding
the Pasadena asset and goodwill impairments $ 1,732 $ (17,343 )
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; it 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 forecasts for 2015; the outlook for our
nitrogen fertilizer businesses; trends in the pricing and demand
for our nitrogen fertilizer products; the ability to consummate the
proposed transaction with CVR Partners; and our ability to sell or
spin-out the Pasadena facility. These statements are based on
management’s current expectations. 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 on
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. 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.
Qualified Notice to Nominees and
Brokers
This release is intended to serve as a qualified notice to
nominees and brokers as provided for under Treasury Regulation
Section 1.1446-4(b). Please note that 100 percent of Rentech
Nitrogen’s distributions to foreign investors are attributable to
income that is effectively connected with a United States trade or
business. Accordingly, Rentech Nitrogen’s distributions to foreign
investors are subject to federal income tax withholding at the
highest effective tax rate.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151109006577/en/
Rentech Nitrogen Partners, L.P.Julie Dawoodjee Cafarella,
310-571-9800Vice president of Investor Relations and
Communicationsir@rnp.net
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