Rentech Nitrogen Partners, L.P. (NYSE: RNF) today announced
financial and operating results for the fourth quarter and year
ended December 31, 2015.
Keith Forman, CEO of Rentech Nitrogen, said, “Rentech Nitrogen
delivered solid results for the year, driven by strong operating
rates, cost controls at Pasadena and lower input costs at East
Dubuque. While the fourth quarter was affected by weather and the
inability to ship all of our prepaid UAN commitments, we expect to
largely make-up for the lost sales volumes in the first quarter of
2016.”
Mr. Forman continued, “We believe expectations for increased
corn plantings this spring, along with the early start to ammonia
application that we are seeing in parts of our trade zone, will
drive strong nitrogen demand through the second quarter.”
“With the recent sale of the Pasadena Facility, we believe we
can close the merger with CVR Partners on or about the end of this
month,” added Mr. Forman.
Summary of Results
Revenues for the fourth quarter of 2015 were $77.4 million,
compared to $80.6 million for the same period last year.
Revenues in 2015 were $340.7 million, compared to $334.6 million in
2014. Gross profit for the fourth quarter of
2015 was $17.9 million, compared to $11.8
million for the same period last year. Gross profit in 2015
was $100.8 million, compared to $60.5 million in 2014. Adjusted
EBITDA for the fourth quarter of 2015 was $18.6 million,
compared to $13.4 million for the same period last year.
Adjusted EBITDA in 2015 was $104.5 million, compared to $64.7
million in 2014. A further explanation of Adjusted EBITDA, a
non-GAAP financial measure, as used here and throughout this press
release appears below.
The Partnership recorded asset impairment charges for the
Pasadena Facility of $26.3 million and $160.6 million in the fourth
quarter and full year of 2015, respectively. The Partnership
recorded an impairment to goodwill for the Pasadena Facility of
$27.2 million in 2014. In the fourth quarter of 2014, the
Partnership reached a $5.6 million settlement with Agrifos relating
to the Pasadena Facility.
Net loss for the fourth quarter of 2015 was $(18.8)
million, or a loss of $(0.48) per basic unit. Excluding the loss
due to the Pasadena asset impairment, net income was $7.6
million, or $0.20 per basic unit, for the fourth quarter of 2015.
This compares to net income of $7.8 million, or $0.20 per
basic unit, for the fourth quarter of 2014. Excluding the Agrifos
settlement, net income was $2.2 million, or $0.06 per basic unit,
for the fourth quarter of 2014.
Net loss in 2015 was $(101.5) million, or a loss of $(2.62) per
basic unit. Excluding the loss due to the Pasadena asset
impairment, net income was $59.1 million, or $1.51 per basic
unit, for 2015. This compares to a net loss of $(1.1) million, or a
loss of $(0.03) per basic unit, for the prior year. Excluding the
loss due to the Pasadena goodwill impairment and the Agrifos
settlement, net income was $20.5 million, or $0.53 per basic
unit, for 2014.
East Dubuque Facility
Revenues for the fourth quarter of 2015 were $45.7 million,
compared to $47.9 million for the same period in the prior year.
The decrease was primarily due to lower sales prices for all
nitrogen products. Ammonia sales volumes were essentially flat in
the fourth quarter of 2015 as compared to the prior year quarter,
but were lower than expectations due to limited spot sales caused
by an abbreviated fall application window resulting from a wet fall
followed by cold temperatures and snow. Prepaid UAN deliveries in
the fourth quarter of 2015 were lower than expectations in spite of
higher sales volumes as compared to the prior year.
Average sales prices per ton for the fourth quarter of 2015 were
11% lower for ammonia and 11% lower for UAN, as compared with the
same period last year. These two products comprised 85% of our East
Dubuque Facility’s revenues for the fourth quarter of 2015 and 84%
for the same period last year.
Gross profit was $17.1 million for the fourth quarter of 2015,
compared to $14.0 million for the same period in the prior year.
Gross profit margin was 37% for the fourth quarter of 2015,
compared to 29% for the same period in the prior year. The
increases in gross profit and gross margin were primarily due to
higher sales volumes for UAN and lower natural gas costs, partially
offset by lower sales prices for nitrogen products. Gross profit
margin, without natural gas derivatives, was 40% for the fourth
quarter of 2015, compared to 36% for the same period in the prior
year.
Adjusted EBITDA for the fourth quarter of 2015 was $20.5
million, compared to $17.0 million in the corresponding period
in 2014.
Net income was $15.8 million for the fourth quarter of
2015, compared to $12.9 million for the same period last
year.
Pasadena Facility
Revenues for the fourth quarter of 2015 were $31.7 million,
compared to $32.6 million for the same period last year. The
decrease was primarily due to reduced demand for sulfuric acid and
lower priced ammonium sulfate and ammonium thiosulfate products
partially offset by additional sales volumes for each.
Average sales prices per ton decreased by 11% for ammonium
sulfate and were flat for sulfuric acid for the fourth quarter of
2015, as compared with the same period last year. These two
products comprised 89% of our Pasadena Facility’s revenues for the
fourth quarter of 2015 and 92% for the same period in the prior
year.
Gross profit was $0.8 million for the fourth quarter of 2015,
compared to a gross loss of $(2.2) million for the same period last
year. Gross profit margin for the fourth quarter of 2015 was 3%,
compared to gross loss margin of (7%) for the same period last
year. The improvement in gross profit and gross profit margin was
largely due to cost savings resulting from the restructuring
implemented in late 2014, and increased sales volumes of ammonium
sulfate and ammonium thiosulfate.
Adjusted EBITDA for the fourth quarter of 2015 was $0.3
million, compared to an Adjusted EBITDA loss of $(1.1)
million in the corresponding period in 2014.
The Pasadena Facility incurred an asset impairment charge of
$26.3 million in the fourth quarter of 2015.
Net loss was $(26.7) million for the fourth quarter of
2015 or $(0.4) million excluding the loss due to the asset
impairment. Net loss was $(3.4) million for the fourth quarter
of 2014.
Fourth Quarter 2015 Cash Available for
Distribution
Cash distribution for the fourth quarter of 2015 was $0.10 per
common unit or $3.9 million in the aggregate. The cash distribution
was paid on February 29, 2016, to unitholders of record as of the
close of business on February 25, 2016. This distribution brings
cumulative cash distributions for the twelve months
ended December 31, 2015 to $1.71 per unit. The
calculation of cash available for distribution appears below in
this press release.
Conference Call with
Management
Rentech Nitrogen will hold a conference call today, March 16,
2016 at 7:00 a.m. PDT, during which senior management will review
the Partnership’s financial results for this period and provide an
update on the business. Callers may listen to the live
presentation, which will be followed by a question and answer
segment, by dialing 800-774-6070 or 630-691-2753 and entering the
pass code 9941850#. An audio webcast of the call will be available
at www.rentechnitrogen.com within the
Investor Relations portion of the site under the Presentations
section. A replay will be available by audio webcast and
teleconference from 9:30 a.m. PDT on March 16 through 11:59 p.m.
PDT on March 23. The replay teleconference will be available by
dialing 888-843-7419 or 630-652-3042 and entering the audience
passcode 9941850#.
Rentech Nitrogen Partners, L.P. Consolidated
Statements of Operations
(Amounts in Thousands, Except per Unit
Data)
For the Three Months Ended
For the Years Ended December 31,
December 31, 2015 2014
2015 2014 (unaudited)
Revenues $ 77,381 $ 80,560 $ 340,731 $ 334,612
Cost of
sales 59,490 68,754 239,969
274,135
Gross profit 17,891
11,806 100,762 60,477
Operating expenses Selling, general and
administrative expense 4,573 4,410 19,794 18,011 Depreciation and
amortization 87 417 1,035 1,509 Pasadena asset impairment 26,340 —
160,622 — Pasadena goodwill impairment — — — 27,202 Other (income)
expense (4 ) 16 410 542
Total operating expenses 30,996 4,843
181,861 47,264
Operating
income (loss) (13,105 ) 6,963
(81,099 ) 13,213
Other income (expense), net
Interest expense (5,557 ) (4,620 ) (21,701 ) (19,057 ) Agrifos
settlement — 5,632 — 5,632 Loss on debt extinguishment — — — (635 )
Other income (expense), net (53 ) (197 ) 1,341
(197 ) Total other income (expenses), net
(5,610 ) 815 (20,360 ) (14,257 )
Income (loss) before income taxes (18,715 ) 7,778 (101,459 )
(1,044 ) Income tax (benefit) expense
39
(64 ) 67 18
Net income
(loss) $ (18,754 ) $ 7,842 $ (101,526 ) $ (1,062 )
Net income (loss) per common unit
allocated to common unitholders - Basic
$ (0.48 ) $ 0.20 $ (2.62 ) $ (0.03 )
Net income (loss) per common unit
allocated to common unitholders - Diluted
$ (0.48 ) $ 0.20 $ (2.62 ) $ (0.03 )
Weighted-average units used to compute net
income (loss) per common unit:
Basic 38,940 38,899 38,924
38,898 Diluted 38,940
38,912 38,924 38,898
For the Three Months
For the Years
Ended December 31, Ended December 31, 2015
2014 2015
2014 Production Tons (in thousands)
(unaudited)
East Dubuque Facility: Ammonia 87 86 340 324 Ammonia
Available for Sale (included in line above) 48 53 187 178 UAN 70 56
279 269 Other Products (excludes CO2 ) 73 64 290 281
Pasadena
Facility: Ammonium Sulfate 132 111 526 522 Sulfuric Acid 143
147 530 447 Ammonium Thiosulfate 20 18 71 63
Delivered Tons (in
thousands) East Dubuque Facility: Ammonia 44 47 186 153
UAN 70 53 276 267 Other Products (excludes CO2 ) 18 17 72 66
Pasadena Facility: Ammonium Sulfate 118 114 473 572 Sulfuric
Acid 36 51 150 112 Ammonium Thiosulfate 27 11 76 67
Average
Sales Price per Ton East Dubuque Facility: Ammonia $ 499
$
558
$ 538 $ 549 UAN $ 238 $ 267 $ 255 $ 280
Pasadena Facility:
Ammonium Sulfate $ 202 $ 228 $ 236 $ 203 Sulfuric Acid $ 79 $ 79 $
84 $ 86 Ammonium Thiosulfate $ 150 $ 178 $ 168 $ 153
Inputs
East Dubuque Facility: Natural Gas Natural Gas Used
in Production (Thousand MMBtus) 3,032 2,976 12,301 11,487
Average Natural Gas Cost per MMBtu,
Including Transportation Cost, Used in Production
$ 3.09 $ 4.85 $ 3.53 $ 4.98 Natural Gas in Cost of Sales (Thousand
MMBtus) 3,017 2,914 12,348 11,335
Average Natural Gas Cost per MMBtu,
Including Transportation Cost and Excluding Derivative (Gains)
Losses
$ 3.10 $ 4.88 $ 3.74 $ 5.00 Unrealized Loss (Gain) on Derivatives $
0.41 $
1.08
$ (0.20 ) $
0.35
Average Natural Gas Cost per MMBtu,
Including Transportation Cost and Including Derivative (Gains)
Losses
$ 3.51 $
5.96
$ 3.54 $
5.35
Inputs Pasadena Facility: Ammonia Ammonia Used
in Production (Thousand Tons) 36 31 145 142 Ammonia in Cost of
Sales (Thousand Tons) 34 31 132 155
Sulfur Sulfur Used in
Production (Thousand Tons) 52 53 193 163 Sulfur in Cost of Sales
(Thousand Tons) 48 48 182 194
On-Stream
Rates1: East Dubuque Facility: Ammonia
100.0 % 93.5 % 98.4 % 95.6 % UAN 94.6 % 93.5 % 97.0 % 95.3 %
Pasadena Facility: Ammonium Sulfate 84.8 % 82.1 % 87.0 %
82.7 % Sulfuric Acid 98.9 % 91.4 % 94.4 % 87.0 %
1 The on-stream factors for the ammonia,
UAN, ammonium sulfate and sulfuric acid plants equal the total days
the applicable plant operated in any given period, divided by the
total days in the period.
Statements of Operations by Business
Segment
(Stated in Thousands)
For the Three Months Ended
For the Years Ended December 31,
December 31, 2015 2014
2015 2014 (unaudited) Revenues
East Dubuque $ 45,728 $ 47,924 $ 201,344 $ 196,379 Pasadena
31,653 32,636 139,387
138,233 Total revenues $ 77,381 $ 80,560 $
340,731 $ 334,612 Gross profit (loss) East Dubuque $
17,087 $ 13,969 $ 96,106 $ 74,785 Pasadena 804
(2,163 ) 4,656 (14,308 ) Total gross profit $
17,891 $ 11,806 $ 100,762 $ 60,477
Selling, general and administrative expenses East Dubuque $ 1,196 $
988 $ 4,630 $ 4,165 Pasadena 1,164 931
3,937 5,078 Total segment selling,
general and administrative expenses $ 2,360 $ 1,919 $
8,567 $ 9,243 Depreciation and amortization East
Dubuque $ 76 $ 72 $ 280 $ 194 Pasadena 11 345
755 1,315 Total segment
depreciation and amortization recorded in
operating expenses
$ 87 $ 417 $ 1,035 $ 1,509 Net income
(loss) East Dubuque $ 15,797 $ 12,877 $ 90,770 $ 69,803 Pasadena
(26,728 ) (3,380 ) (159,278 ) (47,925 )
Total segment net income (loss) $ (10,931 ) $ 9,497 $
(68,508 ) $ 21,878 Reconciliation of segment net income
(loss) to consolidated net income (loss): Segment net income (loss)
$ (10,931 ) $ 9,497 $ (68,508 ) $ 21,878
Partnership and unallocated expenses
recorded as selling, general and administrative expenses
(2,213 ) (2,491 ) (11,227 ) (8,768 )
Partnership and unallocated expenses
recorded as other expense
(70 ) 5,435 (159 ) 4,800 Unallocated interest expense (5,540
) (4,599 ) (21,632 ) (18,972 ) Consolidated
net income (loss) $ (18,754 ) $ 7,842 $ (101,526 ) $ (1,062
)
Rentech Nitrogen Partners, L.P. Selected
Balance Sheet Data
(Stated in Thousands)
As of December 31, 2015
2014 (in thousands) Cash $ 15,823 $
28,028 Working capital 12,038 14,499 Construction in progress
23,712 47,758 Total assets 241,370 406,001 Debt 347,575 326,685
Total partners' capital (deficit) (166,266 ) 8,891
Disclosure Regarding Non-GAAP Financial
Measures
Adjusted EBITDA is defined as net income (loss) plus net
interest expense and other financing costs, income tax (benefit)
expense, depreciation and amortization, impairment charges and
unusual items. As used in the following tables, we calculate cash
available for distribution as Adjusted EBITDA plus non-cash
compensation expense and distribution of cash reserves, less the
sum of maintenance capital expenditures not funded by financing
proceeds, net interest expense and other debt service and cash
reserved for working capital purposes. Adjusted EBITDA and cash
available for distribution are used as supplemental financial
measures by management and by external users of our financial
statements, such as investors and commercial banks, to assess:
- the financial performance of our assets
without regard to financing methods, capital structure, historical
cost basis, non-cash charge and unusual items; and
- our operating performance and return on
invested capital compared to those of other publicly traded limited
Partnerships and other public companies, without regard to
financing methods and capital structure.
Net income (loss) excluding impairments and the Agrifos
settlement are included to provide management and investors with
net income results for Rentech Nitrogen and Pasadena that are more
easily comparable to prior year periods.
Non-GAAP financial measures should not be considered
alternatives to any measure of financial performance or liquidity
presented in accordance with GAAP. Non-GAAP financial measures may
have material limitations as performance measures because they
exclude items that are necessary elements of our costs and
operations. In addition, Adjusted EBITDA and cash available for
distribution presented by other companies may not be comparable to
our presentation, since each company may define these terms
differently.
The table below reconciles Adjusted EBITDA to net income (loss)
for the fourth quarter of 2015. It also reconciles cash available
for distribution to Adjusted EBITDA for the fourth quarter of
2015.
For the Three Months Ended December
31, 2015 East
Dubuque Pasadena
Partnership Facility Facility Level
Consolidated (unaudited, in thousands, except per unit data)
Net income (loss) $ 15,797 $ (26,728 ) $ (7,823 ) $ (18,754 ) Add:
Net interest expense 17 — 5,540 5,557 Pasadena asset impairment —
26,340 — 26,340 Income tax benefit 22 17 — 39 Depreciation and
amortization 4,728 644 — 5,372 Other (16 ) —
69 53 Adjusted EBITDA $ 20,548 $ 273 $
(2,214 ) $ 18,607 Plus: Non-cash compensation expense — — 193 193
Less: Maintenance capital expenditures
(4,308 ) (1,630 ) — (5,938 ) Less: Net interest expense (17 ) —
(5,540 ) (5,557 ) Less: Cash reserved for working capital purposes
— — (3,407 ) (3,407 )
Cash available for distribution $ 16,223 $ (1,357 ) $
(10,968 ) $ 3,898 Cash available for distribution, per unit
$ 0.42 $ (0.03 ) $ (0.28 ) $ 0.10 Common units
outstanding 38,985 38,985 38,985 38,985
The table below reconciles Adjusted EBITDA to net income (loss)
for 2015. It also reconciles cash available for distribution to
Adjusted EBITDA for 2015.
For the Year Ended December 31,
2015
East
Dubuque Pasadena Partnership
Facility Facility Level Consolidated
(in thousands, except per unit data) Net income (loss) $ 90,770 $
(159,278 ) $ (33,018 ) $ (101,526 ) Add: Net interest expense 69 —
21,632 21,701 Pasadena asset impairment — 160,622 — 160,622 Income
tax benefit 22 45 — 67 Depreciation and amortization 18,277 6,657 —
24,934 Other1 (74 ) (1,425 ) 158
(1,341 ) Adjusted EBITDA $ 109,064 $ 6,621 $ (11,228 ) $ 104,457
Plus: Non-cash compensation expense — — 1,075 1,075 Less:
Maintenance capital expenditures
(10,713
)
(3,878
) —
(14,591
) Less: Net interest expense (69 ) — (21,632 ) (21,701 ) Less: Cash
reserved for working capital purposes — —
(4,112
)
(4,112
) Plus: Distributions of cash reserves — —
1,434 1,434 Cash available for
distribution $
98,282
$
2,743
$
(34,463
) $
66,562
Cash available for distribution, per unit $
2.52
$ 0.07 $ (0.89 ) $ 1.71 Common units
outstanding
38,925
38,925
38,925
38,925
1Includes a one-time easement payment of
$1.4 million received by the Pasadena Facility.
The table below reconciles Adjusted EBITDA to net income (loss)
for the fourth quarter of 2014.
For the Three Months Ended December
31, 2014 East Dubuque
Pasadena Partnership
Facility Facility Level
Consolidated
(unaudited, in thousands)
Net income (loss) $ 12,877 $ (3,380 ) $ (1,655 ) $ 7,842 Add: Net
interest expense 21 — 4,599 4,620 Income tax expense — (64 ) — (64
) Depreciation and amortization 4,135 2,319 — 6,454 Other —
5 (5,435 ) (5,430 ) Adjusted EBITDA $
17,033 $ (1,120 ) $ (2,491 ) $ 13,422
The table below reconciles Adjusted EBITDA to net income (loss)
for 2014.
For the Year Ended December 31,
2014 East Dubuque Pasadena
Partnership
Facility Facility Level Consolidated
(in thousands)
Net income (loss) $ 69,803 $ (47,925 ) $ (22,940 ) $ (1,062 ) Add:
Net interest expense 85 — 18,972 19,057 Pasadena goodwill
impairment — 27,202 — 27,202 Income tax expense 1 17 — 18
Depreciation and amortization 15,912 8,345 — 24,257 Other —
5 (4,800 ) (4,795 ) Adjusted EBITDA $
85,801 $ (12,356 ) $ (8,768 ) $ 64,677
The table below reconciles net income excluding impairments and
the Agrifos settlement to net income (loss) for the fourth quarters
of 2015 and 2014.
For the Three Months Ended
December 31, (Stated in Thousands, Except per Unit
Data) 2015 2014
(unaudited)
(unaudited) Net income (loss) attributable to common unit holders $
(18,754 ) $ 7,842 Pasadena asset impairment 26,340 — Agrifos
settlement — (5,632 ) Net income attributable
to common unit holders excluding the Pasadena asset impairment and
Agrifos settlement $ 7,586 $ 2,210 Net income (loss)
per unit attributable to common unit holders $ (0.48 ) $ 0.20 Per
unit Pasadena asset impairment 0.68 — Per unit Agrifos settlement
— (0.14 ) Net income per unit attributable to
common unit holders excluding the Pasadena asset impairment $ 0.20
$ 0.06 Weighted-Average Common Units Outstanding
38,940 38,899
The table below reconciles net income excluding impairments and
the Agrifos settlement to net loss for 2015 and 2014.
For the Years Ended
December 31, (Stated in Thousands, Except per Unit
Data) 2015 2014 (unaudited)
Net loss attributable to common unit holders $ (101,526 ) $ (1,062
) Pasadena asset impairment 160,622 — Pasadena goodwill impairment
— 27,202 Agrifos settlement — (5,632 )
Net income attributable to common unit
holders excluding the Pasadena asset and goodwill impairments
$ 59,096 $ 20,508 Net loss per unit attributable to
common unit holders $ (2.62 ) $ (0.03 ) Per unit Pasadena asset
impairment 4.13 — Per unit Pasadena goodwill impairment — 0.70 Per
unit Agrifos settlement — (0.14 )
Net income per unit attributable to common
unit holders excluding the Pasadena asset and goodwill
impairments
$ 1.51 $ 0.53 Weighted-Average Common Units
Outstanding 38,924 38,898
The table below reconciles net loss attributable to the Pasadena
Facility excluding impairments to net loss attributable to the
Pasadena Facility for the fourth quarter of 2015.
For the Three Months
Ended December 31, (Stated in thousands)
2015 (unaudited) Net loss for Pasadena $ (26,728 ) Pasadena
asset impairment 26,340 Net loss attributable to
Pasadena excluding the Pasadena asset impairment $ (388 )
About Rentech Nitrogen,
L.P.
Rentech Nitrogen (www.rentechnitrogen.com) was formed by Rentech,
Inc. to own, operate and expand its nitrogen fertilizer business.
Rentech Nitrogen’s East Dubuque facility is located in the
northwestern corner of Illinois, and uses natural gas as a
feedstock to produce primarily anhydrous ammonia and UAN solution
for sale to customers in the Mid Corn Belt.
Forward-Looking
Statements
This press release contains forward-looking statements about
matters such as: our expectations for the first quarter of 2016 and
nitrogen demand for the spring application period; and our ability
to consummate the proposed transaction with CVR Partners. These
statements are based on management’s current expectations. Actual
results may differ materially as a result of various risks and
uncertainties. Other factors that could cause actual results to
differ from those reflected in the forward-looking statements are
set forth in Rentech Nitrogen’s prior press releases and periodic
public filings with the Securities and Exchange Commission, which
are available on Rentech Nitrogen’s website at www.rentechnitrogen.com. The forward-looking
statements in this press release are made as of the date of this
press release. Rentech Nitrogen does not undertake to revise or
update these forward-looking statements, except to the extent that
it is required to do so under applicable law.
Qualified Notice to Nominees and
Brokers
This release is intended to serve as a qualified notice to
nominees and brokers as provided for under Treasury Regulation
Section 1.1446-4(b). Please note that 100 percent of Rentech
Nitrogen’s distributions to foreign investors are attributable to
income that is effectively connected with a United States trade or
business. Accordingly, Rentech Nitrogen’s distributions to foreign
investors are subject to federal income tax withholding at the
highest effective tax rate.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160316005350/en/
Rentech Nitrogen Partners, L.P.Julie Dawoodjee
CafarellaVice president of Investor Relations and
Communications310-571-9800ir@rnp.net
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