Rentech Announces Results for Fourth Quarter and Full Year 2013

  Rentech Announces Results for Fourth Quarter and Full Year 2013

   Solid Results in Wood Fibre Processing Offset by Challenges in Nitrogen
                                   Products

         Company Provides Outlook for Growth in Wood Fibre Processing

Business Wire

LOS ANGELES -- March 11, 2014

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.”

Mr. Ramsbottom continued, “Overall, 2013 was a significant year for Rentech,
as we wound down our energy technology business and entered the wood fibre
processing industry, strategically re-positioning the company around
opportunities with significant revenue growth and strong shareholder returns.
We see specific opportunities to invest capital at attractive and predictable
returns. We can leverage our existing fibre team and assets to create a fibre
business that could generate an annual EBITDA run-rate of approximately $55
million by the end of next year, and $150 million in four to five years. We
also see a compelling opportunity for an IPO of the wood fibre business as an
MLP as early as next year. We believe execution of this plan for the wood
fibre processing business would create substantial value for our shareholders,
due to its strong business model, the value of a successful IPO, and the
benefits of an MLP structure.”

Wood Fibre Processing Business Strategy Highlights

Rentech plans to build on the foundation established with the acquisition of
Fulghum Fibres to invest in the wood chips and pellets sectors of the wood
fibre processing industry. These sectors are projected to exceed $25 billion
of revenue by 2020. Rentech has identified specific investment opportunities
in the industry to create significant value for Rentech shareholders.
Specifically identified opportunities to invest with unlevered returns of
mid-teens or higher could lead to an annual EBITDA run-rate of about $55
million by the end of 2015, which the Company believes is adequate scale for
an IPO of the business as an MLP. Those opportunities would require
approximately $100 million of investment beyond the investment required for
the Atikokan and Wawa wood pellet projects. Additional similar opportunities
representing up to $600 million of investments could lead in four to five
years to annual revenues exceeding $600 million, and EBITDA above $150
million.

Financial Highlights

Three months ended December 31, 2013

The financial results of Fulghum Fibres are included in 2013 results of
operations only since the date of acquisition, which was May 1, 2013. The
financial results for the three months ended December 31, 2013 and 2012
include three months of operating results for the Pasadena Facility in 2013
and two months in 2012.

Consolidated revenues for the three months ended December 31, 2013 were $79.3
million compared to $92.5 million in the prior-year period, comprised
primarily of:

  *$24.5 million from Fulghum Fibres; and
  *$54.6 million from Rentech Nitrogen which represents a decrease of $37.8
    million from the prior year. Current year results reflect a 37% decline in
    revenues from the Pasadena Facility and a 44% decline in revenues from the
    East Dubuque Facility, due to industry-wide declines in nitrogen product
    prices, plant outages and lower production and sales volumes.

Gross loss for the three months ended December 31, 2013 was $2.6 million,
compared to gross profit of $28.6 million in the prior-year period, comprised
primarily of:

  *Contribution of $5.3 million in gross profits at Fulghum Fibres; which was
    more than offset by
  *Gross loss of $8.0 million at Rentech Nitrogen, which decreased from a
    gross profit of $28.6 million in the prior-year period primarily due to
    lower sales volumes and higher input costs.

Operating loss for the three months ended December 31, 2013 was $15.8 million,
compared to operating loss of $9.3 million in the prior-year period, comprised
primarily of the following:

  *Operating loss of $13.6 million from Rentech Nitrogen, which reflected a
    loss of $9.7 million at the Pasadena Facility and costs associated with
    downtime at both facilities;
  *Operating income of $7.3 million from Fulghum Fibres;
  *Operating loss of $1.3 million from the wood pellets segment, which
    reflected selling, general and administrative (SG&A) costs associated with
    developing the business, and non-capitalized costs associated with
    constructing the wood pellet mills at Atikokan and Wawa;
  *Operating loss of $2.0 million from energy technologies, which reflected
    taxes, insurance, security and other administrative costs related to the
    Company’s energy technology facilities and sites; protecting patents; and
    efforts to sell and seek partners for its energy technologies and related
    assets; and
  *Corporate and unallocated expenses recorded as operating expenses of $6.2
    million, including non-cash compensation of $1.7 million.

Consolidated Adjusted EBITDA for the three months ended December 31, 2013 was
($13.3) million, a decline of $23.6 million compared to the prior-year period,
which included the following:

  *Contribution of $4.7 million from Fulghum Fibres; and
  *($8.6) million of Adjusted EBITDA from Rentech Nitrogen.

Further explanation of Adjusted EBITDA, a non-GAAP financial measure, has been
included below in this press release.

Net loss for the three months ended December 31, 2013 was $14.5 million or
($0.06) per basic share, compared to net loss of $24.5 million or ($0.11) per
basic share for the same period last year.

Fulghum Fibres

Fulghum Fibres processed 3.8 million green metric tons of wood during the
three months ended December 31, 2013. Fulghum Fibres’ revenues were $24.5
million for the current period, of which approximately $15.4 million and $9.1
million were generated from the U.S. and South American operations,
respectively. Gross profit for the period was $5.3 million on margins of 22%.
SG&A and interest expenses for three months ended December 31, 2013 were $1.6
million and $0.5 million, respectively.

Wood Pellets

Wood pellets segment SG&A expenses were $1.2 million for the three months
ended December 31, 2013, compared to $1.1 million in the prior period. SG&A
expenses include costs associated with developing the business, and
non-capitalized costs associated with converting the wood pellet mills at
Atikokan and Wawa.

Nitrogen Products Manufacturing

The financial results for the three months ended December 31, 2013 and 2012
include three months of operating results for the Pasadena Facility in 2013
and two months in 2012.

Revenues for the three months ended December 31, 2013 were $54.6 million,
compared to $92.4 million for the comparable period in the prior year.
Revenues for the fourth quarter of 2013 declined 44% year-over-year at the
East Dubuque Facility and by 37% at the Pasadena Facility, due to
industry-wide declines in nitrogen product prices, plant outages and lower
production and sales volumes.

Production was reduced at both facilities during the quarter due to scheduled
and unscheduled downtime, which totaled 60 days at the East Dubuque Facility
and 37 days at the Pasadena Facility. The East Dubuque Facility was out of
commission for 31 days during the quarter for work related to the bi-annual
turnaround. Production at the East Dubuque Facility was also halted for 29
days in late November and much of December to accommodate repairs following a
fire at the ammonia converter. Additionally, the East Dubuque Facility
operated at reduced rates for 45 days, 27 of which were during the quarter
following the turnaround, as a result of the need to replace the foundation
underneath one of four syngas compressors, rendering the compressor out of
service. The replacement of the compressor foundation took 84 days to
complete, most of which occurred while the plant was down due to the fire. The
Pasadena Facility experienced several small, unplanned disruptions during the
quarter, and also was offline for 23 days in December to conduct the scheduled
ammonium sulfate expansion and reliability improvement project as well as
other turnaround maintenance.

Limited production volume reduced deliveries of UAN from the East Dubuque
Facility in the fourth quarter of 2013, resulting in the postponement of
19,000 tons of scheduled UAN deliveries until the first quarter of 2014.
Ammonia demand for the quarter was limited due to an abbreviated fall
application period as a result of wet weather. Sales volume at the Pasadena
Facility was reduced by the delay into the first quarter of 2014 of a 27,000
metric ton vessel shipment of ammonium sulfate (AS), caused by the late
arrival of the vessel.

Gross loss margin was 15% for the three months ended December 31, 2013,
compared to gross profit margin of 31% for the same period last year. Lower
product prices and higher fixed costs per ton in cost of sales reduced margins
for both facilities, as fixed production costs, including those incurred
during the downtime that would normally be included in product inventory costs
but were expensed as cost of sales, were spread across lower sales volumes.
Gross loss margin at the East Dubuque Facility was 2% for the current period,
compared to gross profit margin of 55% for the prior-year period, partially
due to lower sales prices, higher natural gas prices and repair costs. Gross
loss margin at the Pasadena Facility was 32% for the current period, compared
to 5% for the prior-year period, due primarily to lower product pricing
relative to the cost of inputs, and a write-down of inventories. Downtime in
the fourth quarter lowered nitrogen production by an aggregate of
approximately 191,000 tons at both facilities and increased per-ton costs, as
fixed production costs, including those incurred during the downtime that
would normally be included in product inventory costs but were expensed as
cost of sales, were spread across lower sales volumes. Scheduled and
unscheduled downtime at both facilities resulted in turnaround and related
costs of $15.5 million reflected in cost of sales. Natural gas costs were 37%
of the East Dubuque Facility’s cost of sales, while ammonia and sulfur costs
were 57% of the Pasadena Facility’s cost of sales.

SG&A expenses were $3.6 million for the three months ended December 31, 2013,
compared to $6.4 million for the prior-year period. The reduction in SG&A
expenses was primarily the result of a $2.2 million reduction in business
development expenses and unit based compensation at the Partnership level, and
lower payroll expenses at the East Dubuque Facility.

During the three months ended December 31, 2013, operating loss was $13.6
million, compared to operating income of $21.3 million during the comparable
period in the prior year. The operating loss in the quarter was primarily due
to costs associated with scheduled and unscheduled downtime at both
facilities, lower sales volume resulting from reduced production and limited
demand during the shortened fall application season, as well as lower sales
prices.

Adjusted EBITDA for the three months ended December 31, 2013 was ($8.6)
million, or $6.9 million excluding costs related to planned and unplanned
outages, which compares to $24.3 million in the corresponding period in 2012.
The East Dubuque Facility reported $0.3 million in Adjusted EBITDA, or $14.1
million excluding costs related to planned and unplanned outages. The Pasadena
Facility reported ($7.5) million in Adjusted EBITDA, or ($5.8) million
excluding costs related to planned and unplanned outages. Further explanation
of Adjusted EBITDA, a non-GAAP financial measure, has been included below in
this press release.

Interest expense was $4.4 million for the three months ended December 31,
2013, compared to $1.3 million for the prior-year period. The increase was due
to additional borrowings to finance expansions, major maintenance projects,
and the acquisition of the Pasadena Facility.

Energy Technologies

The energy technologies segment includes SG&A expenses (including costs
formerly recorded as research and development (R&D) expenses) related to the
Company’s technologies that are designed to convert carbon-bearing solids or
gases into hydrocarbons and electric power.

The Company has been actively winding down its alternative energies business
since announcing in the first quarter of 2013 plans to cease operations,
reduce staffing at, and mothball its Product Demonstration Unit (PDU), in
Commerce City, CO, and to eliminate all related R&D activities. Recently, the
Company entered into a definitive agreement with Sunshine Kaidi New Energy
Group Co., Ltd (Kaidi) to sell its alternative energy technologies and
decommissioned PDU, in Commerce City, Colorado for an initial cash payment of
$15.3 million, with another $16.2 million if Kaidi successfully constructs and
operates its demonstration-scale plant in China. The sale is expected to close
in mid-2014 subject to customary conditions, including regulatory approvals in
the United States and the People’s Republic of China.

The segment incurred SG&A expenses of $2.2 million, compared to $1.3 million
for the prior-year period. SG&A expenses increased primarily due to the
inclusion of $1.1 million of costs for activities that were previously
reported as R&D expenses. These former R&D expenses include personnel and
other costs associated with efforts to sell the Company’s energy technologies,
its decommissioned PDU and site in Commerce City, Colorado, patent protection
expenses, taxes, insurance costs, security and other administrative costs. R&D
expenses for the energy technologies segment were zero for the three months
ended December 31, 2013, since all R&D activity ceased in the first quarter of
2013. R&D expenses for the prior-year period were $6.3 million.

Year ended December 31, 2013

The financial results of Fulghum Fibres are included in 2013 results of
operations only since the date of acquisition, which was May 1, 2013. The
financial results for the twelve months ended December 31, 2013 and 2012
include twelve months of operating results for the Pasadena Facility in 2013
and two months in 2012.

Consolidated revenues for the year ended December 31, 2013 were $374.9
million, compared to $261.9 million in the prior-year period, comprised
primarily of:

  *$63.0 million from Fulghum Fibres; and
  *The inclusion of the Pasadena Facility’s results for the full twelve
    months of 2013 in comparison to two months of results for 2012, partially
    offset by a 21% decline in revenues from the East Dubuque Facility.

Gross profit for the year ended December 31, 2013 was $83.7 million compared
to $131.9 million in the prior-year period, comprised primarily of:

  *Contribution of $12.0 million in gross profits at Fulghum Fibres; and
  *$71.4 million in gross profits at Rentech Nitrogen which was negatively
    affected by lower nitrogen product prices, higher input costs and lower
    sales volume.

Operating loss for the year ended December 31, 2013 was $8.9 million, compared
to operating income of $43.3 million in the prior-year period, comprised
primarily of the following:

  *Contribution of $9.9 million from Fulghum Fibres;
  *Operating loss of $5.5 million from the wood pellets segment, which
    reflected SG&A costs associated with developing the business and
    acquisition-related and non-capitalized costs associated with constructing
    the wood pellet mills at Atikokan and Wawa;
  *Contribution of $19.2 million from Rentech Nitrogen, which included a
    goodwill impairment of $30.0 million for the Pasadena Facility and costs
    associated with downtime at the both facilities;
  *Operating loss of $7.0 million from energy technologies, which reflected
    costs associated with R&D and decommissioning of the PDU; administrative
    costs related to the Company’s energy technologies, facilities and sites;
    efforts to sell and seek partners for the energy technologies and related
    assets; partially offset by a $6.3 million gain on the sale of property
    the Company owned in Natchez, Mississippi; and
  *Corporate and unallocated expenses recorded as operating expenses of $25.4
    million, which included $1.5 million in transaction costs related to the
    acquisition of Fulghum Fibres and non-cash compensation of $5.9 million.

Consolidated Adjusted EBITDA for the year ended December 31, 2013 was $36.1
million, compared to $74.1 million for the prior-year period, which included
the following:

  *$13.0 million contribution from Fulghum Fibres; and
  *$66.5 million of Adjusted EBITDA from Rentech Nitrogen.

Further explanation of Adjusted EBITDA, a non-GAAP financial measure, has been
included below in this press release.

For the year ended December 31, 2013, the Company recorded a net income tax
benefit of approximately $26.6 million which was comprised of a net income tax
benefit for Rentech of approximately $26.5 million and an income tax benefit
for Rentech Nitrogen of approximately $0.1 million. The income tax benefit for
Rentech was due to the release of a valuation allowance of $27.6 million that
had been recorded against Rentech’s net operating loss carryforwards. The
release of the valuation allowance resulted from the recording of deferred tax
liabilities related to the Fulghum Fibres acquisition.

Net loss for the year ended December 31, 2013 was $1.5 million or ($0.01) per
basic share. Excluding the Agrifos goodwill impairment, loss on debt
extinguishment, fair value adjustment to earn-out consideration, gain on sale
of the site in Natchez, and income tax benefit, net loss allocated to common
shareholders for the current period was $16.0 million or ($0.07) per basic
share. This compares to net loss of $14.0 million or ($0.06) per basic share
for the same period last year. Further explanation of net income excluding
these items, a non-GAAP financial measure, has been included below in this
press release.

Fulghum Fibres

Fulghum Fibres processed approximately 9.9 million green metric tons of wood
from May 1, 2013 through December 31, 2013. The segment generated revenues of
$63.0 million from May 1, 2013 through December 31, 2013, of which
approximately $40.7 million and $22.3 million were generated from the U.S. and
South American operations, respectively. Gross profit for the period was $12.0
million on margins of 19%. SG&A and interest expenses for the period were $3.8
million and $1.8 million, respectively.

Wood Pellets

Rentech achieved several key milestones with respect to the Company’s two
industrial wood pellet projects in Eastern Canada. The majority of outside
civil and concrete construction work and all remaining detailed engineering
packages were completed, and nearly 80% of all required equipment and
materials have been procured. The Company has also received rail cars at the
Wawa facility and the first delivery of logs at the Atikokan facility.

Wood pellets segment SG&A expenses were $5.5 million for the twelve months
ended December 31, 2013, compared to $1.9 million for the comparable period in
the prior year. The increased SG&A was due to acquisition-related and
development costs associated with the wood pellet projects as well as other
costs for the development of the Company’s wood fibre processing business, and
non-capitalized project costs of $0.7 million.

Nitrogen Products Manufacturing

The financial results for the year ended December 31, 2013 and 2012 include
twelve months of operating results for the Pasadena Facility in 2013 and two
months in 2012.

Revenues for the year ended December 31, 2013 were $311.4 million, compared to
$261.6 million for the prior year. Revenues increased due to the inclusion of
the Pasadena Facility’s results for the full twelve months of 2013 in
comparison to two months of results for 2012, partially offset by a 21%
decline in revenues from the East Dubuque Facility as the result of declines
in nitrogen prices and lower production and sales volumes.

Gross profit margin for the year ended December 31, 2013 was 23%, compared to
50% for the same period last year. Gross profit margin at the East Dubuque
Facility was 46% for the current period, compared to 60% for the prior-year
period. Gross loss margin at the Pasadena Facility was 7% for the current
period, compared to 5% for the prior-year period. Gross margin at both
facilities was reduced by downtime, which reduced production and sales volumes
and increased costs in the fourth quarter of 2013. In addition, gross margin
for both facilities was reduced by lower nitrogen product prices, higher input
costs and allocation of fixed production costs, including those incurred
during downtime that would normally be included in product inventory costs,
which were expensed as cost of sales and were spread across lower sales
volume. Gross loss margin at the Pasadena Facility was further reduced by
approximately $5.0 million in inventory write-downs of product that had not
been delivered and remained in inventory at the end of the year.

SG&A expenses were $17.3 million for the year ended December 31, 2013, down
from $18.4 million in the prior-year period. The decrease was primarily due to
a decline of $3.5 million in Partnership level business development expenses
and a $1.7 million decline in unused credit facility fees and professional
service expenses. These declines were partially offset by the inclusion of the
Pasadena Facility’s SG&A for the full twelve months of 2013 compared to two
months of 2012.

During the year ended December 31, 2013, operating income was $19.2 million
compared to $111.6 million during the comparable period in the prior year. The
year-over-year decline in operating income was a result of lower gross profits
at the East Dubuque Facility due to lower sales volumes and product prices of
ammonia and UAN and a result of negative gross profits at the Pasadena
Facility. In addition, operating income in 2013 was reduced by a $30.0 million
non-cash charge for impairment of goodwill related to the Pasadena Facility.
The impairment was the result of a reduced outlook for profitability at the
Pasadena Facility compared to projections at the time of the acquisition.

Adjusted EBITDA for the twelve months ended December 31, 2013 was $66.5
million, or $82.0 million excluding costs related to planned and unplanned
outages, which compares to $124.0 million in the corresponding period in 2012.
The East Dubuque Facility reported $84.5 million in Adjusted EBITDA, or $98.4
million excluding costs related to planned and unplanned outages. The Pasadena
Facility reported ($10.1) million in Adjusted EBITDA, or ($8.4) million
excluding costs related to planned and unplanned outages. Further explanation
of Adjusted EBITDA, a non-GAAP financial measure, has been included below in
this press release.

Interest expense was $14.1 million for the year ended December 31, 2013,
compared to $1.5 million for the prior-year. The increase was due to
additional borrowings to finance expansions, major maintenance projects, and
the acquisition of the Pasadena Facility.

Rentech Nitrogen realized a non-cash gain of $4.9 million for the year ended
December 31, 2013 as a result of a decrease in the potential earn-out
consideration related to the acquisition of the Pasadena Facility. The
reduction was caused by a decline since the time of the acquisition in the
outlook for profitability in 2013 and 2014, primarily due to lower levels of
nitrogen fertilizer prices.

Energy Technologies

The segment incurred SG&A expenses of $7.7 million during the current period,
compared to $4.5 million for the prior-year period. SG&A expenses increased
primarily due to the inclusion of $4.4 million in costs for activities that
were previously recorded as R&D expenses, partially offset by a decrease in
project development costs of approximately $0.9 million. These former R&D
expenses included costs in support of de-commissioning the PDU, costs
associated with efforts to sell and obtain partners for the PDU and the
Company’s energy technologies, patent protection expenses, taxes, insurance
costs, security and other administrative costs of energy technology facilities
and sites. R&D expenses for the energy technologies segment were $5.7 million
for 2013, all of which were incurred in the first three months of the year.
R&D expenses for the prior-year period were $20.9 million. In 2013, the
segment sold the Natchez site for proceeds of $8.6 million and a gain of $6.3
million.

2014 Outlook

Rentech

Rentech provided the following guidance for 2014, excluding Rentech Nitrogen:

RTK Guidance (excludes RNF)
(Financial metrics in $U.S.                            2014
million)                                                  Guidance
Revenues
Fulghum Fibres                                            $       95
Wood Pellets ^(1)                                                20
Total Revenues                                            $       115
                                                          
Cash SG&A
Fulghum Fibres                                            $       5
Wood Pellets ^(2)                                                 7
Energy Technologies ^(3) (4)                                      5
Unallocated                                                      15
Total Cash SG&A                                           $       32
                                                          
EBITDA
Fulghum Fibres                                            $       20
Wood Pellets - Atikokan & Wawa                            $       2
^(1) (5)
                                                          
Maintenance Capital Expenditures
Fulghum Fibres                                            $       3
Wood Pellets                                              $       -
                                                          
Production (in 000 tonnes)
                                                          
Fulghum Fibres – Logs Processed                                   15,000
(GMT)
                                                                  
Wood Pellets (MT)                                                 80,000
                                                          
(1) Assumes first shipment to Drax in December 2014.
(2) Includes assumed plant related start-up costs of approximately $1 million.
(3) Assumes sale of technology and PDU closes 6/30/14.
(4) Q1-Q3 includes Kaidi sale related transaction & closing costs; Q4 SG&A,
post closing, is approximately $ 0.2 million.
(5) Atikokan & Wawa Plant EBITDA only.


Rentech Nitrogen

The Company expects that a number of factors may contribute to improved
operating and financial results in 2014 compared to 2013 at Rentech Nitrogen.
Completed capacity expansion projects have increased production rates, and
should increase production for the year at both facilities. Projects to
improve reliability have been completed at the Pasadena Facility. Both
facilities are forecasted to operate at increased capacity in 2014, with no
scheduled down-time for the East Dubuque Facility and no scheduled
interruptions to the production of AS, other than normal scheduled maintenance
for the Pasadena Facility. The sulfuric acid plant is scheduled to be down for
approximately 20 days beginning in mid-July to install a new converter and to
complete final tie-ins for the co-generation power project. AS production
should not be impacted during this period as we plan to purchase sulfuric acid
in the open market. The Partnership currently expects positive EBITDA at the
Pasadena Facility for the year due to increased production, improved margins
and higher operating rates.

Recent increases in prices for nitrogen products from the lower levels
experienced late in 2013 are encouraging. However, the current market
environment is different this year relative to early 2013, with lower corn
prices and somewhat lower, albeit strong, anticipated corn plantings. These
factors and the dynamics that affect input prices could rapidly change based
on weather patterns and other conditions, and could positively or negatively
affect product prices, margins, deliveries and cash distributions. Cash
distributions in 2014 may be less than cash available for distribution if the
Board of Directors elects to reduce distributions in order to replenish
working capital reserves that were diminished by $20 million of negative cash
available for distribution in the fourth quarter of 2013.

Conference Call with Management

The Company will hold a conference call today, March 11, 2014, at 3:00 p.m.
PST, 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 the pass code 9069023#. 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. PST on March 11 through 11:59 p.m.
PST on March 21. The replay teleconference will be available by dialing
888-843-7419 or 630-652-3042 and the audience passcode 9069023#.

Rentech, Inc.
Consolidated Statements of Operations
(Amounts in Thousands, Except per Share Data)

                      For the Three Months       For the Year
                         Ended December 31,          Ended December 31,
                         2013         2012          2013         2012
                                                                   
                         (unaudited)   (unaudited)
Revenues                 $ 79,273      $ 92,459      $ 374,855     $ 261,925
                                                                   
Cost of Sales             81,867      63,872      291,164     130,006 
                                                                   
Gross Profit               (2,594  )     28,587        83,691        131,919
(Loss)
                                                                   
Operating Expenses
Selling, general
and administrative         14,713        14,409        59,076        48,240
expense
Research and               -             6,270         5,747         20,944
development
Depreciation and           2,342         1,268         3,113         3,754
amortization ^1
Agrifos goodwill           -             -             30,029        -
impairment
Loss on                    -             15,965        -             15,965
impairments
(Gain) loss on             840           272           (5,379  )     272
sale of assets
Other                     1           (309    )    (15     )    (600    )
                                                                   
Total Operating           13,212      37,875      92,571      88,575  
Expenses
                                                                   
Operating Income           (15,806 )     (9,288  )     (8,880  )     43,344
(Loss)
                                                                   
Other Income
(Expense), Net
Interest expense           (5,362  )     (3,661  )     (16,382 )     (8,949  )
Loss on debt               -             (4,801  )     (6,001  )     (4,801  )
extinguishment
Fair value
adjustment to              (75     )     -             5,122         -
earn-out
consideration
Other income              9           (39     )    (170    )    (693    )
(expense), net
                                                                   
Total Other               (5,428  )    (8,501  )    (17,431 )    (14,443 )
Expenses, Net
                                                                   
Income (Loss) from
Continuing
Operations Before          (21,234 )     (17,789 )     (26,311 )     28,901
Income Taxes and
Equity in Loss of
Investee
Income tax                138         122         (26,591 )    1,364   
(benefit) expense
                                                                   
Income (Loss) from
Continuing
Operations Before          (21,372 )     (17,911 )     (280    )     27,537
Equity in Loss of
Investee
Equity in Loss of         104         -           242         -       
Investee
                                                                   
Income (Loss) from
Continuing                 (21,476 )     (17,911 )     38           27,537
Operations
Income from
discontinued              -           16          -           150     
operations, net of
tax
                                                                   
Net Income (Loss)          (21,476 )     (17,895 )     38           27,687
Net loss (income)
attributable to           6,945       (6,630  )    (1,570  )    (41,687 )
noncontrolling
interests
                                                                   
Net Loss
Attributable to          $ (14,531 )   $ (24,525 )   $ (1,532  )   $ (14,000 )
Rentech Common
Shareholders
                                                                   
Net Loss per
Common Share
Allocated to
Rentech Common
Shareholders:
                                                                   
Basic and Diluted:
Continuing                 (0.06   )     (0.11   )     (0.01   )     (0.06   )
operations
Discontinued              0.00        0.00        0.00        0.00    
operations
                                                                   
Net Loss                  (0.06   )    (0.11   )    (0.01   )    (0.06   )
                                                                   
Weighted-Average
Shares Used to
Compute Net Loss
per Common Share:
Basic and Diluted         227,026     221,757     226,139     223,189 


^1 Amortization of unfavorable agreements exceeds amortization of favorable
agreements resulting in a credit in depreciation and amortization for Fulghum
Fibres.


Rentech, Inc.
Statements of Operation by Business Segment
(Stated in Thousands)

                      For the Three Months       For the Year
                         Ended December 31,          Ended December 31,
                         2013         2012          2013         2012
                         (unaudited)   (unaudited)
Revenues
East Dubuque             $ 30,862      $ 54,977      $ 177,700     $ 224,205
Pasadena                   23,714        37,430        133,675       37,430
Fulghum Fibres             24,491        -             62,974        -
Energy                    206         52          506         290     
Technologies
Total Revenues           $ 79,273     $ 92,459     $ 374,855    $ 261,925 
                                                                   
Gross Profit
(Loss)
East Dubuque             $ (470    )   $ 30,290      $ 80,883      $ 133,543
Pasadena                   (7,563  )     (1,704  )     (9,529  )     (1,704  )
Fulghum Fibres             5,283         -             12,032        -
Energy                    156         1           305         80      
Technologies
Total Gross Profit       $ (2,594  )   $ 28,587     $ 83,691     $ 131,919 
(Loss)
                                                                   
Selling, General
and Administrative
Expense
East Dubuque             $ 1,153       $ 1,762       $ 4,576       $ 6,242
Pasadena                   953           361           4,764         361
Fulghum Fibres             1,645         -             3,754         -
Wood Pellets               1,246         1,080         5,479         1,919
Energy                    2,165       1,262       7,709       4,514   
Technologies
Total Selling,
General and              $ 7,162      $ 4,465      $ 26,282     $ 13,036  
Administrative
Expense
                                                                   
Research and
Development
Energy                   $ -          $ 6,270      $ 5,747      $ 20,944  
Technologies
Total Research and       $ -          $ 6,270      $ 5,747      $ 20,944  
Development
                                                                   
Depreciation and
Amortization
East Dubuque             $ 39          $ 81          $ 191         $ 807
Pasadena                   1,164         583           3,886         583
Fulghum Fibres ^1          (3,692  )     -             (1,708  )     -
Wood Pellets               26                          26            -
Energy                    -           405         122         1,573   
Technologies
Total Depreciation
and Amortization         $ (2,463  )   $ 1,069      $ 2,517      $ 2,963   
Recorded in
Operating Expenses
                                                                   
Other Operating
(Income) Expenses
East Dubuque             $ 770         $ 226         $ 806         $ 510
Pasadena                   -             -             30,029        -
Fulghum Fibres             73            -             72            -
Energy                    (2      )    15,703      (6,272  )    15,126  
Technologies
Total Other              $ 841        $ 15,929     $ 24,635     $ 15,636  
Operating Expenses
                                                                   
Operating Income
(Loss)
East Dubuque             $ (2,432  )   $ 28,221      $ 75,310      $ 125,984
Pasadena                   (9,680  )     (2,648  )     (48,208 )     (2,648  )
Fulghum Fibres             7,257         -             9,914         -
Wood Pellets               (1,272  )     (1,080  )     (5,505  )     (1,919  )
Energy                    (2,007  )    (23,637 )    (7,001  )    (42,077 )
Technologies
Total Operating          $ (8,134  )   $ 856        $ 24,510     $ 79,340  
Income (Loss)
                                                                   
Interest (Income)
Expense
East Dubuque             $ -           $ 13          $ -           $ 194
Pasadena                   2             -             8             -
Fulghum Fibres             505           -             1,755         -
Energy                    -           6           (3      )    (1,576  )
Technologies
Total Interest           $ 507        $ 19         $ 1,760      $ (1,382  )
(Income) Expense
                                                                   
Net Income (Loss)
East Dubuque             $ (2,139  )   $ 26,095      $ 75,244      $ 123,721
Pasadena                   (9,442  )     (2,648  )     (48,357 )     (2,648  )
Fulghum Fibres             6,026         -             6,967         -
Wood Pellets               (1,239  )     (1,080  )     (5,180  )     (1,919  )
Energy                    (1,988  )    (23,644 )    (6,891  )    (40,498 )
Technologies
Total Net Income         $ (8,782  )   $ (1,277  )   $ 21,783     $ 78,656  
(Loss)
                                                                   
Reconciliation of
Segment Net Income
(Loss) to
Consolidated Net
Income (Loss):
Segment net income       $ (8,782  )   $ (1,277  )   $ 21,783      $ 78,656
(loss)
RNF – Partnership
and unallocated
expenses recorded
as selling,                (1,457  )     (4,271  )     (7,945  )     (11,773 )
general and
administrative
expenses
RNF – Partnership
and unallocated
income (expenses)          -             -             (1,081  )     232
recorded as other
income (expense)
RNF – Unallocated
interest expense
and loss on                (4,370  )     (1,319  )     (14,096 )     (2,226  )
interest rate
swaps
RNP – Income tax           1             (303    )     303           (303    )
benefit (expense)
Corporate and
unallocated
expenses recorded
as selling,                (6,094  )     (5,673  )     (24,849 )     (23,432 )
general and
administrative
expenses
Corporate and
unallocated
depreciation and           (121    )     (199    )     (596    )     (791    )
amortization
expense
Corporate and
unallocated income
(expenses)                 38            (2,683  )     19            (2,708  )
recorded as other
income (expense)
Corporate and
unallocated                (485    )     (2,367  )     (532    )     (9,055  )
interest expense
Corporate income
tax benefit                (206    )     181           27,032        (1,063  )
(expense)
Income from
Discontinued              -           16          -           150     
Operations
Consolidated Net         $ (21,476 )   $ (17,895 )   $ 38         $ 27,687  
Income (Loss)
                                                                   

^1 Amortization of unfavorable agreements exceeds amortization of favorable
agreements resulting in a credit in depreciation and amortization for Fulghum
Fibres.

Rentech, Inc.
Selected Balance Sheet Data

                                       As of              As of
Consolidated Balance Sheet Data          December 31, 2013   December 31, 2012
Cash                                     $     106,369       $     141,736
Working Capital                                69,822              107,059
Construction in Progress                       60,136              61,417
Total Assets                                   703,590             479,202
Total Debt                                     421,979             193,290
Total Rentech Stockholders' Equity             158,073             157,987
                                                             
                                         As of               As of
                                         December 31, 2013   December 31, 2012
Cash - Rentech Nitrogen Partners         $     34,060        $     55,799
Cash excluding Rentech Nitrogen               72,309             85,937
Partners
Total Cash                               $     106,369       $     141,736
                                                             
                                         As of               As of
                                         December 31, 2013   December 31, 2012
Debt - Rentech Nitrogen Partners         $     320,000       $     193,290
Debt excluding Rentech Nitrogen               101,979            -
Partners
Total Debt                               $     421,979       $     193,290
                                                                   

Disclosure Regarding Non-GAAP Financial Measures

Net income (loss) excluding Agrifos goodwill impairment, loss on debt
extinguishment, gain on sale of Natchez, fair value adjustment to earn-out
consideration and income tax (benefit) expense is included to provide
management and investors with net income results for Rentech that are more
easily compared to the prior year period.

Consolidated Adjusted EBITDA for Rentech and Adjusted EBITDA for Rentech
Nitrogen are defined as net income (loss) plus, as applicable, interest
expense and other financing costs, Agrifos goodwill impairment, loss on debt
extinguishment, loss on interest rate swaps, income tax expense (benefit),
depreciation and amortization, gain on fair value adjustment to earn-out
consideration and gain on sale of Natchez. Adjusted EBITDA for Fulghum Fibres
is defined as net income plus net interest expense, depreciation and
amortization and other adjustments. Pro-Forma Adjusted EBITDA is Adjusted
EBITDA plus turnaround expenses, the cost to repair the foundation underneath
one of our syngas compressors, the insurance deductible on equipment damaged
by the fire that occurred in November 2013 and fixed costs incurred during
downtime for repairs related to the fire.

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
Rentech’s costs and operations. In addition, EBITDA and Adjusted EBITDA
presented by other companies may not be comparable to Rentech’s presentation
of those measures, since each company may define these terms differently.

The table below reconciles net loss attributable to Rentech excluding Agrifos
goodwill impairment, loss on debt extinguishment, gain on sale of Natchez,
gain on fair value adjustment to earn-out consideration and income tax benefit
to net loss attributable to Rentech for the year ended December 31, 2013
(stated in thousands, except per share data).

                                                    For the Year
                                                       Ended December 31, 2013
                                                       
Net Loss Attributable to Common Shareholders           $      (1,532      )
Agrifos Goodwill Impairment                                   17,957
Loss on Debt Extinguishment                                   3,589
Gain on Sale of Natchez                                       (6,275      )
Fair Value Adjustment to Earn-out consideration               (3,144      )
Income Tax Benefit                                           (26,591     )
Net Loss Attributable to Common Shareholders
Excluding
Agrifos Goodwill Impairment, Loss on Debt              $      15,996      
Extinguishment and Fair Value Adjustment to
Earn-out
Consideration
                                                       
Net Loss per Share Attributable to Rentech             $      (0.01       )
Common Shareholders
Loss per Share on Agrifos Goodwill Impairment                 0.08
Loss per Share on Debt Extinguishment                         0.02
Gain per share on Sale of Natchez                             (0.03       )
Per Share Fair Value Adjustment to Earn-out                   (0.01       )
Consideration
Income Tax Benefit per Share                                 (0.12       )
Net Loss per Share Attributable to Rentech
Common
Shareholders Excluding Agrifos Goodwill
Impairment,                                            $      (0.07       )
Loss on Debt Extinguishment and Fair Value
Adjustment
to Earn-out Consideration
                                                       
Weighted-Average Common Shares Outstanding                    226,139
                                                                          

The table below reconciles Rentech’s consolidated Adjusted EBITDA from net
income (loss) for the three months ended and year ended December 31, 2013
(stated in thousands).

                                  For the Three Months  For the Year
                                     Ended December 31,     Ended December 31,
                                    2013                   2013
                                                            
Net Income (Loss)                    $    (21,476    )      $    38        
Add:
Interest Expense                          5,362                  16,382
Income Tax Expense                        138                    (26,591   )
Depreciation and Amortization             2,515                  21,184
Agrifos Goodwill Impairment               -                      30,029
Loss on Debt Extinguishment               -                      6,001
Gain on Sale of Natchez                   -                      (6,275    )
Fair Value Adjustment to                  75                     (5,122    )
Earn-out Consideration
Other                                    95                   412       
Adjusted EBITDA                      $    (13,291    )      $    36,058    
                                                                           

The table below reconciles Fulghum Fibres’ Adjusted EBITDA from net income for
Fulghum for the three months and year ended December 31, 2013 (stated in
thousands)

                                  For the Three Months   For the Year
                                     Ended December 31,     Ended December 31,
                                     2013                   2013
                                                            
Fulghum Net Income                   $        6,026         $       6,967
Add Fulghum Items:
Interest Expense                              505                   1,755
Depreciation and Amortization                 (2,563      )         3,128
^1
Other                                        726                  1,192
Fulghum's Adjusted EBITDA            $        4,694         $       13,042
                                                            

^1Amortization of unfavorable agreements exceeds amortization of favorable
agreements resulting in a credit in depreciation and amortization for Fulghum
Fibres.

The table below reconciles consolidated Adjusted EBITDA from net loss for
Rentech Nitrogen for the three months ended December 31, 2013. The table also
presents Pro-Forma Adjusted EBITDA that reverses the impact of turnaround
expenses at both plants and the impacts of the compressor foundation
replacement and fire at the East Dubuque Facility for the period (stated in
thousands, except per unit data).

                     For the Three Months Ended December 31, 2013
(Stated in              East Dubuque   Pasadena     Partnership
thousands, except                                              Consolidated
per unit data)          Facility       Facility     Level
Net Loss                $  (2,139  )   $ (9,442 )   $  (5,826 )   $  (17,407 )
Plus: Interest             -             2             4,371         4,373
expense
Less: Income tax           (294    )     (240   )      -             (534    )
benefit
Plus:
Depreciation and           2,739         2,192         -             4,931
amortization
Less: Other               -           -           (1     )     (1      )
Adjusted EBITDA         $  306         $ (7,488 )   $  (1,456 )   $  (8,638  )
Plus: Turnaround           7,754         1,709         -             9,463
expense
Plus: Syngas
compressor                 776           -             -             776
foundation crack
expense
Plus: Insurance
deductible on              1,000         -             -             1,000
equipment damaged
by fire
Plus: Fixed costs
during downtime           4,279       -           -           4,279   
for fire^(1)
Pro-Forma               $  14,115      $ (5,779 )   $  (1,456 )   $  6,880
Adjusted EBITDA

^(1) Represents fixed plant costs incurred during the fire-related downtime
that are recorded to cost of sales rather than capitalized into inventory and
recorded as cost of sales when the volume produced during the period of the
fire is subsequently delivered. GAAP requires that fixed costs incurred during
a plant interruption such as the fire at the East Dubuque Facility are
expensed as incurred as opposed to inventoried.

The table below reconciles consolidated Adjusted EBITDA from net income (loss)
for Rentech Nitrogen for the twelve months ended December 31, 2013. The table
also presents Pro-Forma Adjusted EBITDA that reverses the impact of turnaround
expenses at both plants and the impacts of the compressor foundation
replacement and fire at the East Dubuque Facility for the period (stated in
thousands, except per unit data).

                      For the Year Ended December 31, 2013
(Stated in               East         Pasadena      Partnership
thousands, except        Dubuque                               Consolidated
per unit data)                        Facility      Level
                         Facility
Net income (loss)        $  75,244    $ (48,357 )   $ (22,819 )   $  4,068
Plus: Interest              -           8             14,090         14,098
expense
Plus: Agrifos
goodwill                    -           30,029        -              30,029
impairment
Plus: Loss on debt          -           -             6,001          6,001
extinguishment
Less: Fair value
adjustment to               -           -             (4,920  )      (4,920  )
earn-out
consideration
Plus: Loss on
interest rate               -           -             7              7
swaps
Plus: Income tax            66          141           (303    )      (96     )
(benefit) expense
Plus: Depreciation          9,239       8,073         -              17,312
and amortization
Less: Other                -          -           (1      )     (1      )
Adjusted EBITDA          $  84,549    $ (10,106 )   $ (7,945  )   $  66,498
Plus: Turnaround            7,754       1,709         -              9,463
expense
Plus: Syngas
compressor                  776         -             -              776
foundation crack
expense
Plus: Insurance
deductible on               1,000       -             -              1,000
equipment damaged
by fire
Plus: Fixed costs
during downtime            4,279      -           -            4,279   
for fire^(1)
Pro-Forma Adjusted       $  98,358    $ (8,397  )   $ (7,945  )   $  82,016
EBITDA

^(1) Represents fixed plant costs incurred during the fire-related downtime
that are recorded to cost of sales rather than capitalized into inventory and
recorded as cost of sales when the volume produced during the period of the
fire is subsequently delivered. GAAP requires that fixed costs incurred during
a plant interruption such as the fire at the East Dubuque Facility are
expensed as incurred as opposed to inventoried.

The table below reconciles consolidated Adjusted EBITDA to net income for
Rentech Nitrogen for the three months and year ended December 31, 2012 (stated
in thousands).

                                 For the Three Months  For the Year
                                    Ended December 31,     Ended December 31,
                                    2012                   2012
                                                           
Net income                          $       17,554         $    107,003
Add:
Interest Expense                            1,287               1,424
Income Tax Expense                          303                 303
Depreciation and Amortization               3,004               12,460
Loss on Debt Extinguishment                 2,114               2,114
Loss on Interest Rate Swaps                 44                  951
Other                                      -                  (232      )
Adjusted EBITDA                     $       24,306         $    124,023   
                                                                          

The tables below reconcile forecasted EBITDA to net income for Fulghum Fibres
and the Atikokan and Wawa pellet facilities for the year ending December 31,
2014 (stated in millions).

Fulghum Fibres EBITDA             2014
                                     Guidance
                                     
Fulghum Fibres Net Income            $   6
Add:
Interest Expense                         2
Depreciation and Amortization            11
Other                                   1
Fulghum Fibres Adjusted EBITDA       $   20
                                         

Wawa & Atikokan Pellet Facilities    2014
                                        Guidance
                                        
Wawa & Atikokan Operating Income        $    -
Add:
Depreciation and Amortization               2
Facility Level Adjusted EBITDA          $    2


The table below reconciles cash selling, general and administration expenses
for Rentech, excluding Rentech Nitrogen, for 2012, 2013 and 2014 (stated in
thousands).

                                  2012 Actual  2013 Actual  2014 Guidance
Total Cash SG&A                      $   21,842    $   35,851    $    32,000
Add:
Non-Cash Compensation Expenses          8,023        5,940         7,000
GAAP SG&A                            $   29,865    $   41,791    $    39,000
                                                                      

About Rentech, Inc.

Rentech, Inc. (www.rentechinc.com) owns and operates wood fibre processing and
nitrogen fertilizer manufacturing businesses. The wood fibre processing
business consists of the provision of wood chipping services and the
manufacture and sale of wood chips, through a wholly-owned subsidiary, Fulghum
Fibres, Inc., and the development of wood pellet production facilities.
Rentech’s nitrogen fertilizer business consists of the manufacture and sale of
nitrogen fertilizer through its publicly-traded subsidiary, Rentech Nitrogen
Partners, L.P. (NYSE: RNF). Rentech also owns the intellectual property
including patents, pilot and demonstration data, and engineering designs for a
number of clean energy technologies designed to produce certified synthetic
fuels and renewable power when integrated with third-party technologies.

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 business; the possibility of a MLPIPOfor the wood fibre
business; 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.

References to an initial public offering of our wood fibre business in this
press release are being made solely to advise Rentech’s investors regarding
the Company’s current business plan. This press release does not constitute an
offer to sell or a solicitation of an offer to buy any securities. Any such
offer or solicitation will be made only by means of a prospectus.

Contact:

Rentech, Inc.
Julie Dawoodjee Cafarella
Vice President of Investor Relations and Communications
310-571-9800
ir@rentk.com
 
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