Rentech, Inc. (NASDAQ: RTK) today announced financial and
operating results for the three months ended March 31, 2014.
D. Hunt Ramsbottom, president and CEO of Rentech, said, “One
year ago, we announced our wood fibre strategy when we acquired
Fulghum Fibres. Fulghum Fibres’ cash flow has proven to be stable
and the business is running as expected. Our Canadian wood pellet
projects are progressing on schedule and on budget.” Mr. Ramsbottom
continued, “We have just acquired New England Wood Pellet, which
strengthens and diversifies our fibre portfolio. With the recent
investment from Blackstone/GSO, we are well positioned to further
expand our fibre business.”
Mr. Ramsbottom added, “Our nitrogen fertilizer facilities have
improved their operating and financial performance compared to last
quarter. Both facilities are producing at or above new nameplate
production capacity. We are focused on continued operational
excellence at all of our facilities worldwide.”
Summary of Results
Rentech’s financial statements 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). Rentech owns the general partner and
approximately 60% of the common units representing limited partner
interests of Rentech Nitrogen. The results of the wood fibre
processing business are reported as two operating segments: Fulghum
Fibres (wood chipping) and wood pellets. Rentech Nitrogen’s results
include two operating segments: the East Dubuque Facility and the
Pasadena Facility. Results of the Company’s energy technologies
business were reported as discontinued operations for the first
time this quarter. Prior-year earnings from this segment were also
reclassified as discontinued operations.
The financial results of Fulghum Fibres were included in 2013
results of operations only since the date of acquisition, which was
May 1, 2013. Results for the three months ended March 31, 2014 are
summarized below:
Consolidated revenues were $84.8 million, compared to $59.6
million in the prior-year period. These revenues were comprised
primarily of:
- $28.6 million from Fulghum Fibres;
and
- $56.3 million from Rentech Nitrogen,
which represents a decrease of $3.3 million from the prior-year
period.
Gross profit was $17.9 million, compared to $22.7 million in the
prior-year period. Gross profit was comprised of:
- $4.1 million from Fulghum Fibres;
and
- $13.8 million from Rentech Nitrogen,
which represents a decrease of $9.0 million from the prior-year
period
Consolidated Adjusted EBITDA was $6.0 million, an increase of
$0.3 million compared to the prior-year period. EBITDA included the
following:
- $4.5 million from Fulghum Fibres;
and
- $11.5 million from Rentech Nitrogen,
which represents a decrease of $9.2 million from the prior-year
period.
Further explanation of Adjusted EBITDA, a non-GAAP financial
measure, has been included below in this press release.
Net loss was $7.0 million or ($0.03) per basic share, compared
to net loss of $5.2 million or ($0.02) per basic share for the same
period last year.
Fulghum Fibres
Fulghum Fibres’ revenues were $28.6 million for the three months
ended March 31, 2014, of which $14.2 million were generated from
U.S. and $14.4 million from South American operations. Gross profit
for the period was $4.1 million on margin of 14%. Selling, general,
and administrative (SG&A) expenses for the three months ended
March 31, 2014 were $1.4 million. During the three months ended
March 31, 2014, Fulghum Fibres’ mills in the U.S. and South America
processed approximately 3.0 million green metric tons (GMT)
and approximately 0.8 million GMT of logs, respectively, into wood
chips and residual fuels.
Wood Pellets
Operating expenses were $1.7 million for the three months ended
March 31, 2014 compared to $1.1 million for the same period
last year. The increase was due to $0.7 million of costs in 2014
related to the Atikokan and Wawa projects that were not capitalized
and $0.2 million in management and development costs not directly
related to the projects in Canada. These expenses were offset by a
$0.3 million gain on disposal of assets. Results for the first
quarter of 2014 were consistent with Rentech’s guidance for the
full year.
Nitrogen Products Manufacturing
Revenues for the three months ended March 31, 2014 were $56.3
million for Rentech’s nitrogen products manufacturing segment. This
compares to $59.6 million for the same period in the prior year.
Revenues for the first quarter of 2014 declined 18% from the
prior-year quarter at the East Dubuque Facility and increased 11%
over the prior-year quarter at the Pasadena Facility.
Gross margin for the three months ended March 31, 2014 was 24%,
compared to 38% for the same period last year.
Adjusted EBITDA for the three months ended March 31, 2014 was
$11.5 million, which compares to $20.6 million in the corresponding
period in 2013. A further explanation of Adjusted EBITDA, a
non-GAAP financial measure, appears below in this press
release.
Net income was $3.1 million for the three months ended March 31,
2014, compared to $15.0 million for the same period last year.
Rentech Nitrogen announced today a cash distribution for the
first quarter of 2014 of $0.08 per unit, to be paid on May 30,
2014. The calculation of the cash distribution is included below in
this press release.
East Dubuque Facility
Revenues for the three months ended March 31, 2014 were $28.5
million, compared to $34.5 million for the same period last year.
The decrease was primarily the result of lower ammonia and UAN
deliveries, and lower sales prices for all fertilizer products.
Lower revenues from fertilizer products were partially offset by an
increase in sales of natural gas that were recorded in other
revenue. The decrease in 2014 ammonia and UAN sales volume was due
to unusually high sales volumes for the first quarter of 2013. Two
unexpected outages at the ammonia plant during the fourth quarter
of 2012 affected revenues in early 2013. The outages reduced
production of ammonia and UAN. Deliveries of both products that had
been expected in late 2012 were shifted into the first quarter of
2013. These two products comprised approximately 58% of the total
revenues for the three months ended March 31, 2014 and 77% of
total revenues for the first quarter of 2013.
Average sales prices per ton for the three months ended
March 31, 2014 were approximately 27% lower for ammonia and
12% lower for UAN, as compared with the same period last year. The
decrease in average sales prices for ammonia and UAN were
consistent with the decline in global nitrogen fertilizer prices
between the two periods. Significantly higher levels of low-priced
urea on the market, particularly from China, contributed to this
decline.
Gross profit was approximately $12.4 million for the three
months ended March 31, 2014 compared to approximately $18.7
million for the same period last year. Gross profit margin for the
three months ended March 31, 2014 was 44%, compared to 54% for the
same period last year. The decline in revenues associated with
lower deliveries and product pricing, in addition to increased
natural gas costs, contributed to these decreases. During the three
months ended March 31, 2014, temporary operational problems with a
natural gas pipeline in the Midwest caused a significant spike in
the local price of natural gas. This created a unique opportunity
to purchase natural gas from other locations at lower prices and
resell it at significantly higher prices. The East Dubuque facility
also sold natural gas originally purchased for production at a
gross profit that exceeded the expected gross profit from
additional production using that natural gas. Approximately 151,000
MMBtus of natural gas that cost an average of $9.42 per MMBtu were
sold at an average price of $29.90 per MMBtu. Approximately half of
the natural gas sold had been intended for production of 2,900 tons
of ammonia. The total of $4.5 million in natural gas sales
generated a gross profit of approximately $3.1 million.
Adjusted EBITDA for the three months ended March 31, 2014 for
the East Dubuque facility was $13.5 million. This compares to $19.6
million in the corresponding period in 2013. A further explanation
of Adjusted EBITDA, a non-GAAP financial measure, has been included
below in this press release.
Net income was $11.2 million for the three months ended March
31, 2014, compared to $17.3 million for the same period last
year.
Pasadena Facility
Revenues for the three months ended March 31, 2014 were $27.8
million compared to $25.0 million for the same period last year.
The increase was primarily the result of higher ammonium sulfate
(AS) sales volumes, which were almost completely offset by a
decrease in ammonium sulfate sales prices. Both domestic and
international sales increased as a result of higher ammonium
sulfate production following the completion of the AS
debottlenecking project in December 2013. Production of ammonium
sulfate increased by approximately 14% during the first quarter as
compared to the same period last year. Ammonium sulfate comprised
approximately 77% of revenues from the Pasadena facility for the
first quarter of 2014 and 69% for the same period last year.
Average AS sales prices per ton dropped by 40% for the three
months ended March 31, 2014 as compared with the same period
last year, largely due to the global decline in nitrogen pricing.
Additional supply of AS produced by new caprolactam plants coming
online in China also affected prices for ammonium sulfate, which is
a byproduct of caprolactam. The average sales price for ammonium
sulfate also declined this quarter due to a higher proportion of
export sales as compared to the same period last year. Export sales
are typically priced lower than domestic sales.
Gross profit was approximately $1.4 million for the three months
ended March 31, 2014 compared to approximately $4.0 million
for the same period last year. Gross profit margin for the first
quarter was 5% compared to 16% for the same period last year. The
decline in ammonium sulfate sales prices led to these
decreases.
Adjusted EBITDA for the three months ended March 31, 2014 for
the Pasadena facility was $0.3 million. This compares to $3.2
million in the corresponding period in 2013. A further explanation
of Adjusted EBITDA, a non-GAAP financial measure, appears below in
this press release.
Net loss was $0.8 million for the three months ended March 31,
2014, compared to net income of $1.8 million for the same period
last year.
Corporate Unallocated Expenses
Corporate unallocated expenses included in SG&A were $6.8
million for each of the three-month periods ended March 31,
2014 and 2013. Non-cash equity-based compensation expenses were
$1.4 million for the three months ended March 31, 2014 and $1.3
million for the same period in 2013. SG&A expenses for the
three months ended March 31, 2014 included $0.8 million of costs
related to the acquisition of New England Wood Pellet, evaluation
of shareholder proposals and settlement agreements with
shareholders.
Discontinued Operations (Formerly the Energy Technologies
segment)
Loss from discontinued operations for the three months ended
March 31, 2014 was $1.5 million compared to $6.9 million for the
same period last year. The decrease of $5.4 million was due to the
elimination of expenses associated with research and development
and business development activities, and to costs incurred in 2013
as the Company began to terminate alternative energy operations.
The loss during the three months ended March 31, 2014 included $0.4
million of transaction costs related to the sale of the alternative
energy technologies and decommissioned Product Demonstration
Unit.
Business Updates
$150 Million Blackstone/GSO Capital Partners
Investment
On April 9, 2014, GSO Capital Partners (GSO), the credit
investment arm of Blackstone, invested $150 million in Rentech in
the form of $100 million of convertible preferred stock and a $50
million term loan. The proceeds from the Blackstone/GSO investment
will fund, among other things, identified growth opportunities in
Rentech’s wood fibre processing business, including the Company’s
recent acquisition of New England Wood Pellet (NEWP).
New England Wood Pellet Acquisition
On May 1, 2014, Rentech acquired NEWP, the largest producer of
wood pellets for the U.S. heating market. The acquisition adds
EBITDA and cash flow to Rentech’s wood pellet segment. NEWP
broadens the Company’s product offerings, expands its operations
and customer base, and opens up new geographic markets. It also
positions Rentech for further growth in the home-heating market.
NEWP is forecasted to have revenues of $31 million, operating
income of $3 million and EBITDA of $5 million for the
eight month period after the acquisition, ending December 31,
2014.
Atikokan and Wawa Pellet Facilities
The Company’s Canadian pellet projects are progressing on
schedule and on budget. Rentech is targeting first delivery of
pellets from the Atikokan facility to Ontario Power Generation this
summer. Installation of equipment at the Wawa facility is
proceeding on time, and the first shipment of pellets from the Wawa
facility to Drax is expected in the fourth quarter of this year.
The new pellet storage handling and loading facility that QSL is
constructing at the Port of Quebec will be ready to begin receiving
pellets this summer.
Updated 2014 Outlook
Rentech provided the following updated guidance for 2014,
excluding Rentech Nitrogen (RNF):
2014 Wood Pellets Fulghum
Total Pro Forma Energy
Unalloc RTK ex. RNF ($ in Millions) CAN
Plants 1 Bus Dev Total
Fibres NEWP 2 Wood Fibre
Tech 3 Corp Pro Forma
Revenue $ 20 $ − $ 20 $ 95 $ 31 $ 146 $ − $ − $ 146
Cost of Sales 18 − 18 78 26 122 − − 122 Cash SG&A
4,5,6 2 5 7 5 2 14 5 19 38 Non-Cash SG&A − − − − − − − 6 6
Depreciation & Amortization (OPEX portion) − − − 2 − 2 − 1 3
Gain on Sale 7 − −
− −
− − (15 )
− (15 )
Operating
Income (Loss) − (5 ) (5 )
10 3 8 10 (26 ) (8
) Plus: Total Depreciation and Amortization 8 2 − 2
10 2 14 − 1 15
EBITDA $ 2
$ (5 ) $
(3 ) $ 20
$ 5 $ 22
$ 10 $ (25
) $ 7
(1) CAN Plants (Wawa & Atikokan) forecast assumes first
shipment to Drax in December 2014.
(2) Reflects post acquisition results (8 months) only.
(3) Reported as discontinued operations in 2014.
(4) CAN Plants (Wawa & Atikokan) SG&A includes assumed
plant-related start-up costs of approximately $1 million.
(5) Energy Tech. SG&A Q1-Q3 includes Sunshine Kaidi
sale-related transaction & closing costs; Q4 SG&A,
post-closing is expected to be approximately $0.2 million.
(6) Unallocated Corp. SG&A includes $4 million of estimated
costs related to the acquisition of NEWP, evaluation of shareholder
proposals, settlement agreements with shareholders, and
professional services.
(7) Includes projected $15 million book gain on sale of PDU
equipment and intellectual property to Sunshine Kaidi (6/30/14
assumed close).
(8) Includes depreciation recorded in Cost of Sales and OPEX.
Reflects preliminary estimates of asset allocations for NEWP that
will result from purchase accounting.
Conference Call with
Management
The Company will hold a conference call today, May 13, 2014, at
3:00 p.m. PDT, during which 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 888-517-2513 or 847-619-6533 and entering the
pass code 7750504#. 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 5:30 p.m. PDT on May 13
through 11:59 p.m. PDT on May 23. The replay teleconference will be
available by dialing 888-843-7419 or 630-652-3042 and entering the
audience passcode 7750504#.
Rentech, Inc. Consolidated Statements of
Operations (Amounts in Thousands, Except per Share Data)
For the Three Months Ended March 31,
2014 2013 (unaudited)
Revenues $ 84,831 $ 59,564
Cost of Sales
66,936 36,845
Gross
Profit 17,895 22,719
Operating Expenses Selling,
general and administrative expense 15,572 12,582 Depreciation and
amortization (324 ) 1,132 Other (income)/ expense (348 )
15
Total Operating Expenses
14,900 13,729
Operating Income
2,995 8,990
Other Expense, Net Interest expense
(5,845 ) (1,803 ) Other expense, net (24 ) (140 )
Total Other Expenses, Net (5,869 )
(1,943 )
Income (Loss) from Continuing Operations Before
Income Taxes and Equity in Loss of Investee (2,874 ) 7,047
Income tax (benefit) expense 1,050 (632 )
Income (Loss) from Continuing Operations Before Equity in
Loss of Investee (3,924 ) 7,679 Equity in Loss of Investee
199 —
Income (Loss) from
Continuing Operations (4,123 ) 7,679 Loss from discontinued
operations, net of tax (1,471 ) (6,893 )
Net Income (Loss) (5,594 ) 786 Net income attributable to
noncontrolling interests (1,394 ) (6,026 )
Net Loss Attributable to Rentech Common Shareholders $
(6,988 ) $ (5,240 )
Net Income (Loss) per Common Share
Allocated to Rentech Common Shareholders: Basic and
Diluted: Continuing operations $ (0.02 ) $ 0.01 Discontinued
operations (0.01 ) (0.03 )
Net Loss $
(0.03 ) $ (0.02 )
Weighted-Average Shares Used to Compute
Net Loss per Common Share: Basic 227,529
225,222
Diluted 227,529
231,534
Rentech, Inc.
Statements of Operation by Business
Segment
(Stated in Thousands)
For the Three
Months Ended March 31, 2014
2013 (unaudited) Revenues East Dubuque $ 28,491 $ 34,549
Pasadena 27,789 25,015 Fulghum Fibres 28,551 —
Total Revenues $ 84,831 $ 59,564
Gross Profit East Dubuque $ 12,398 $ 18,746 Pasadena 1,366 3,973
Fulghum Fibres 4,131 —
Total Segment
Gross Profit $ 17,895 $ 22,719 Selling,
General and Administrative Expense East Dubuque $ 1,133 $ 1,345
Pasadena 1,829 1,242 Fulghum Fibres 1,401 — Wood Pellets
2,068 1,071
Total Segment Selling, General
and Administrative Expense $ 6,431 $ 3,658
Depreciation and Amortization East Dubuque $ 37 $ 73 Pasadena 296
875 Fulghum Fibres1 (809 ) — Wood Pellets 19 —
Total Segment Depreciation and Amortization Recorded in
Operating Expenses $ (457 ) $ 948 Net Income
(Loss) East Dubuque $ 11,209 $ 17,270 Pasadena (786 ) 1,816 Fulghum
Fibres 1,654 — Wood Pellets (1,644 ) (1,071 )
Total Segment Net Income $ 10,433 $ 18,015
Reconciliation of Segment Net Income to Consolidated Net
Income (Loss): Segment net income $ 10,433 $ 18,015
RNF – Partnership and unallocated expenses
recorded as selling, general and administrative expenses
(2,316 ) (2,154 )
RNF – Partnership and unallocated expenses
recorded as other expense
— (212 )
RNF – Unallocated interest expense and
loss on interest rate swaps
(4,982 ) (1,711 ) Corporate and unallocated expenses recorded as
selling, general and administrative expenses (6,825 ) (6,770 )
Corporate and unallocated depreciation and amortization expense
(133 ) (184 ) Corporate and unallocated income recorded as other
income (expense) 8 (17 ) Corporate and unallocated interest expense
(304 ) — Corporate income tax benefit (expense) (4 ) 712 Loss from
Discontinued Operations, net of tax (1,471 ) (6,893 )
Consolidated Net Income (Loss) $ (5,594 ) $ 786
1Amortization of unfavorable agreements exceeds amortization of
favorable agreements resulting in a credit in depreciation and
amortization for Fulghum Fibres. Most of Fulghum’s processing
agreements are favorable; however, the unfavorable agreements have
shorter remaining lives resulting in higher net negative
amortization in the early years following the Fulghum Fibres
Acquisition.
Rentech, Inc. Selected Balance Sheet Data
(Stated in Thousands)
As of
As of March 31, 2014 December 31, 2013
(unaudited) Cash $ 80,762 $ 106,369 Working Capital 39,171 69,822
Construction in Progress 80,439 60,136 Total Assets 730,676 703,590
Total Debt 421,142 421,979 Total Rentech Stockholders' Equity
151,669 158,073
Cash - RNF
$ 37,278 $ 34,060
Cash excluding RNF
43,484 72,309
Total Cash $ 80,762 $ 106,369
Debt - RNF
$ 320,000 $ 320,000
Debt excluding RNF
101,142 101,979
Total Debt $ 421,142 $ 421,979
Disclosure Regarding Non-GAAP Financial
Measures
Consolidated Adjusted EBITDA for Rentech and Adjusted EBITDA for
Rentech Nitrogen are defined as net income (loss) plus interest
expense and other financing costs, income tax expense (benefit),
depreciation and amortization and fair value adjustment to earn-out
consideration, net of gain on interest rate swaps. Adjusted EBITDA
for Fulghum Fibres is defined as net income plus net interest
expense, depreciation and amortization, income tax expense and
other adjustments. Adjusted EBITDA for NEWP is defined as operating
income plus depreciation and amortization.
Cash selling, general and administrative expenses exclude
non-cash compensation expenses.
The non-GAAP financial measures described above 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.
These non-GAAP financial measures 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. These non-GAAP
financial measures may have material limitations as performance
measures because they exclude items that are necessary elements of
our businesses’ costs and operations. In addition, EBITDA and
Adjusted EBITDA presented by other companies may not be comparable
to our presentation of those measures, since each company may
define these terms differently.
The table below reconciles Rentech’s consolidated Adjusted
EBITDA from net income (loss) for the three months ended March 31,
2014 and 2013.
Rentech, Inc. (Stated in Thousands)
For the Three Months For the Three
Months Ended March 31, Ended March 31,
2014 2013 (unaudited)
Net Income (Loss) $
(5,594 ) $ 786 Add: Net Interest Expense 5,845 1,803 Income Tax
(Benefit) Expense 1,050 (632 ) Depreciation and Amortization 4,441
3,608 Other 223 140
Adjusted
EBITDA $ 5,965 $ 5,705
The table below reconciles Rentech Nitrogen’s consolidated
Adjusted EBITDA, a non-GAAP financial measure, to net income for
the three months ended March 31, 2014.
For the Three Months Ended March 31,
2014
East Dubuque Pasadena
Partnership
(Stated in thousands, except per unit
data)
Facility Facility Level Consolidated
(unaudited) Net income (loss) $ 11,209 $ (786 ) $ (7,298 ) $ 3,125
Plus: Net interest expense 22 - 4,982 5,004 Plus: Income tax
expense 3 27 - 30 Plus: Depreciation and amortization 2,242
1,062 - 3,304
Adjusted EBITDA $ 13,476 $ 303 $ (2,316 ) $ 11,463 Plus: Non-cash
compensation expense - - 496 496 Less: Maintenance capital
expenditures (1,902 ) (3,729 ) - (5,631 ) Plus: Portion of capital
expenditures financed - 3,137 - 3,137 Less: Net interest expense
(22 ) - (4,982 ) (5,004 ) Less: Cash reserved for working capital
purposes - - (1,350 )
(1,350 ) Cash distribution $ 11,552 $ (289 ) $ (8,152 ) $
3,111 Cash distribution, per unit $ 0.30 $ (0.01 ) $
(0.21 ) $ 0.08 Common units outstanding 38,889 38,889 38,889
38,890
The table below reconciles consolidated Adjusted EBITDA to net
income for Rentech Nitrogen for the three months ended March 31,
2013.
For the Three Months Ended March 31, 2013
East Dubuque Pasadena
Partnership
Consolidated
(Stated in thousands)
Facility Facility Level Net
income $ 17,271 $ 1,816 $ (4,077 ) $ 15,009 Add: Net Interest
Expense (0 ) 3 1,800 1,803 Gain on Interest Rate Swaps - - (89 )
(89 ) Income Tax Expense 43 37 - 80 Depreciation and Amortization
2,306 1,302 - 3,608 Fair Value Adjustment to Earn-out Consideration
- - 212 212
Adjusted EBITDA $ 19,620 $ 3,157 $ (2,154 ) $ 20,623
The table below reconciles Adjusted EBITDA to net income for
Fulghum Fibres for the three months ended March 31, 2014.
Fulghum Fibres
(Stated in Thousands)
For the Three
Months Ended March 31, 2014 (unaudited)
Net Income
$ 1,654
Add:
Net interest Expense 536 Depreciation and Amortization 985 Income
tax expense 1,012 Other 336
Adjusted EBITDA
$ 4,523
The table below reconciles forecasted EBITDA to operating income
for NEWP for the twelve months ending December 31, 2014.
New England Wood Pellet (Stated in Millions)
For the
Twelve Months
Ending December 31,
2014 1
(unaudited)
Operating Income $ 4.6 Add: Depreciation and
Amortization 3.0
EBITDA $ 7.6
(1) In 2014, Rentech will recognize EBITDA from the date of the
acquisition through December 31, 2014.
About Rentech, Inc.
Rentech, Inc. (NASDAQ: RTK) owns and operates wood fibre
processing, wood pellet production and nitrogen fertilizer
manufacturing businesses. Rentech offers a full range of integrated
wood fibre services for commercial and industrial customers around
the world, including wood chipping services, operations, marketing,
trading and vessel loading, through its subsidiary, Fulghum Fibres.
The Company’s New England Wood Pellet subsidiary is a leading
producer of bagged pellets for the U.S. heating market. Rentech
manufactures and sells nitrogen fertilizer through its
publicly-traded subsidiary, Rentech Nitrogen Partners, L.P. (NYSE:
RNF). Please visit www.rentechinc.com and www.rentechnitrogen.com
for more information.
Safe Harbor Statement
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995
about matters such as: potential investment opportunities,
including projected revenues and EBITDA for the wood fibre and
nitrogen businesses; our ability to complete the wood pellet mills
on a timely basis and on budget; the outlook for our wood
processing and nitrogen fertilizer businesses; and our ability to
close on the sale of our energy technologies business. 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 the Company’s prior press releases and periodic public
filings with the Securities and Exchange Commission, which are
available via Rentech’s website at www.rentechinc.com. The forward-looking statements
in this press release are made as of the date of this press release
and Rentech 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.
Rentech, Inc.Julie Dawoodjee CafarellaVice President of
Investor Relations and Communications310-571-9800ir@rentk.com
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