rentech inc (RTK) Key Developments
Rentech, Inc. Approves an Amendment to Articles of Incorporation
Jun 22 15
Rentech, Inc. announced that at the annual general meeting held on June 17, 2015, shareholders of the company approved an amendment to the company’s amended and restated articles of incorporation to decrease the number of authorized shares of common stock of the company in the event the board elects to effect the reverse stock split using the same stock split ratio.
Rentech, Inc. Announces Unaudited Consolidated Financial and Operating Results for the First Quarter Ended March 31, 2015; Announces EBITDA Guidance for the Full Year 2015
May 11 15
Rentech, Inc. announced unaudited consolidated financial and operating results for the first quarter ended March 31, 2015. The consolidated results of Rentech, Inc. include its wood fibre processing business and Rentech Nitrogen Partners, L.P. The wood fibre processing business consists of Fulghum Fibres (Fulghum); New England Wood Pellet (NEWP), which includes the recently purchased mill from Allegheny Pellet Corporation (Allegheny); and Industrial Wood Pellets, which includes the Canadian pellet plants, business development for industrial pellets, and senior management of the fibre business and corporate allocations. Rentech owns the general partner and approximately 60% of the limited partner interests of Rentech Nitrogen. Rentech Nitrogen’s operating segments are the East Dubuque, Illinois facility and the Pasadena, Texas facility. Rentech Nitrogen’s results for the first quarter of 2015 benefitted from improved prices for ammonium sulfate and lower natural gas prices. Sales volumes for ammonia were significantly higher than in the first quarter last year. At Fulghum, lower South American product sales and reduced volumes at the U.S. and South American chipping facilities negatively affected results in the first quarter compared to the same quarter last year. The two Canadian wood pellet facilities are in commissioning. Since the beginning of February, the company had been satisfying all of the required deliveries to Ontario Power Generation (OPG) with pellets produced by the Atikokan facility. NEWP had a seasonally strong quarter due to good demand for wood pellets in the U.S. Northeast. During the first quarter, it paid $5 million in earn-out consideration to the previous owners of NEWP based on NEWP’s 2014 performance.
Consolidated revenues for the first quarter of 2015 were $105.6 million, compared to $82.3 million in the prior year period. Consolidated Adjusted EBITDA for the first quarter of 2015 was $17.6 million, an improvement of $11.6 million compared to the prior year period. Net loss attributable to the company's common shareholders for the first quarter of 2015 was $4.9 million, or $0.02 per diluted share, compared to a net loss of $7.0 million, or a loss of $0.03 per diluted share, for the same period last year. Operating income was $7,934,000 against loss of $2,995,000 for the same period of last year. Income from continuing operations before income taxes and equity in loss of investee was $1,902,000 against loss of $2,874,000 for the same period of last year. Income from continuing operations was $193,000 or $0.02 per diluted share against loss of $4,123,000 or $0.02 per diluted share for the same period of last year. The company announced that even though revenues were down, EBITDA held pretty well, $4 million of EBITDA this quarter versus $4.5 million in the quarter last year.
The company announced earnings guidance for the full year 2015. For the full year guidance of $16 million to $17 million of EBITDA.
Wood Pellets: Industrial Reports Unaudited Earnings Results for the First Quarter Ended Mar. 31, 2015
May 11 15
Wood Pellets: Industrial reported unaudited earnings results for the first quarter ended Mar. 31, 2015. Revenues were $1.7 million for the Atikokan mill in the first quarter on deliveries of 9,100 metric tons of wood pellets to OPG. Gross loss was $0.4 million and gross loss margin was (24%) due to operating at partial capacity at the Atikokan mill during commissioning. Adjusted EBITDA loss, including operating losses at the Wawa facility, business development for industrial wood pellets, senior management of the fibre business and corporate allocations, was $3.9 million for the first quarter of 2015, compared to an Adjusted EBITDA loss of $1.7 million for the same period in 2014. Net loss for the first quarter of 2015 was $4.7 million, compared to a net loss of $1.6 million for the same period in 2014.
Rentech, Inc. Proposes Amendments to the Articles of Incorporation
May 8 15
Rentech, Inc. announced at the AGM to be held on June 17, 2015, the company will propose amendments to company’s amended and restated articles of incorporation to effect a reverse stock split and proposes amendment to the articles to decrease the number of authorized shares of company's common stock.
Rentech, Inc., Annual General Meeting, Jun 17, 2015
May 8 15
Rentech, Inc., Annual General Meeting, Jun 17, 2015., at 08:30 Pacific Daylight. Location: Sheraton Gateway Los Angeles Hotel, 6101 W. Century Boulevard. Agenda: To elect two directors for terms of three years each; to approve an amendment to the Tax Benefit Preservation Plan in order to extend the expiration date of the rights granted thereunder; to approve an amendment to company’s amended and restated articles of incorporation to effect a reverse stock split; to approve reverse stock split proposal, to approve an amendment to the articles to decrease the number of authorized shares of company's common stock; to ratify the selection of PricewaterhouseCoopers LLP as Rentech's independent registered public accounting firm; and to transact such other business as may properly come before the meeting or any adjournments or postponements of the meeting.