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Last $7.31 USD
Change Today -0.07 / -0.95%
Volume 164.1K
RTK On Other Exchanges
Symbol
Exchange
Frankfurt
As of 4:30 PM 09/4/15 All times are local (Market data is delayed by at least 15 minutes).

rentech inc (RTK) Key Developments

Rentech, Inc. Announces Organizational Changes to Improve Performance of Fibre Business

Rentech, Inc. announced organizational changes designed to improve the operations and execution capabilities of its fibre operations. Sean Ebnet is no longer serving as the senior vice president of wood fibre and his last day with the company will be September 30, 2015. Steve Roberts, managing director of Canada, who has led the team responsible for establishing and maintaining customer and commercial relationships for the company’s industrial wood pellet business, will now also lead growth initiatives for this segment of the fibre business. Mr. Roberts has an extensive background in the forest industry, with specific experience in operations management, biomass supply chain management and business development. Dennis Corn, vice president of projects, is responsible for overseeing the completion of the Wawa and Atikokan projects to full production capacity. Mr. Corn is working with the teams on the ground in Ontario and a newly engaged independent engineering firm to identify and resolve the issues limiting full production of the Canadian projects. Mr. Corn’s career spans over 35 years, with a proven track record of successfully developing, managing and completing large complex projects, including natural gas fired, coal fired, geothermal, and biomass to power projects and coal and natural gas-to-liquids projects. Kevin Cain will now serve as vice president of the company's wood chipping business. In this role, Mr. Cain will focus on improving operating and financial performance at all 26 U.S. Fulghum Fibres mills, along with growing Fulghum’s wood chipping business in North America. His leadership at Fulghum has contributed to improved financial performance at the business this year. Mr. Cain is a long-time veteran of the paper and forest products industry, having held roles in forestry, supply chain management, operations and business development. Mark Wilson, CEO of New England Wood Pellet (NEWP), will continue to manage NEWP’s four operating facilities and grow NEWP through acquisitions of wood pellet facilities in the commercial heating market. Messrs. Roberts, Corn, Cain and Wilson will report to Keith Forman, president and CEO of Rentech, effective immediately.

Rentech, Inc. Announces Amended and Restated Articles of Incorporation

Rentech, Inc. announced that pursuant to the Colorado Business Corporation Act of this amendment to the Amended Articles, (A) the Amended Articles are hereby amended by striking the reference to 450,000,000 in Article 4-1 and replacing it with 45,000,000, and (B) pursuant to Article 4-2 of the Amended Articles, each ten (10) shares of Common Stock.

Rentech, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Announces Asset Impairment Charges for the Second Quarter Ended June 30, 2015

Rentech, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company’s revenues were $149,778,000 against $139,200,000 a year ago. The increase Revenue was primarily due to higher chip and bark sales in South America. Operating loss was $72,840,000 against $15,043,000 a year ago. Loss from continuing operations before income taxes was $77,499,000 against $21,643,000 a year ago. Loss from continuing operations was $78,479,000 against $21,466,000 a year ago. Net loss attributable to the company was $53,414,000 or $0.23 per basic and diluted share against $20,645,000 or $0.08 per basic and diluted share a year ago. Adjusted EBITDA was $41,178,000 against $21,300,000 a year ago. For the six months, the company’s revenues were $255,388,000 against $221,519,000 a year ago. Operating loss was $64,906,000 against $12,048,000 a year ago. Loss from continuing operations before income taxes was $75,597,000 against $24,517,000 a year ago. Loss from continuing operations was $78,286,000 against $25,589,000 a year ago. Net loss attributable to the company was $58,363,000 or $0.24 per basic and diluted share against $27,633,000 or $0.11 per basic and diluted share a year ago. Adjusted EBITDA was $58,788,000 against $27,265,000 a year ago. For the quarter, the company announced Pasadena asset impairment of $101,772,000.

Wood Pellets: Industrial Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Wood Pellets: Industrial reported earnings results for the second quarter ended June 30, 2015. For the quarter, the company’s revenues were $2.5 million earned by delivering to OPG 13,500 metric tons of wood pellets produced at the Atikokan facility. Revenues were $0.7 million for wood pellets sold to OPG for the prior year period. Gross loss was $3.1 million compared to gross profit of $0.1 million for the prior year period. Adjusted EBITDA loss was $9.6 million. This compares to Adjusted EBITDA loss of $3.3 million for the same period last year. Net loss was $10.7 million compared to a net loss of $3.2 for the same period last year. For the six months, the company reported revenue of $4.2 million, an increase of $3.5 million from the prior year period, adjusted LBITDA of $13.6 million, net loss of $15.4 million for the six months ended June 30, 2015, compared to a net loss of $5.0 million for the prior year period.

Rentech, Inc., Q2 2015 Earnings Call, Aug 11, 2015

Rentech, Inc., Q2 2015 Earnings Call, Aug 11, 2015

 

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