Sioux City-Terra Industries Inc. reported net income available to common shareholders of $5.9 million ($.06 per diluted share) on sales of $502.3 million for the first quarter ending March 31, 2007, compared to a year-ago loss of $25.3 million ($.27 per share) and $398.9 million, respectively. First-quarter net income was reduced by $24.4 million of losses on the early retirement of debt. Improved results reflected higher sales volumes, with ammonia, UAN, and ammonium nitrate volumes up 5, 52, and 42 percent, respectively, over the year-ago quarter. North American gas prices were off 30 percent from last year, and Terra was able to run at 97 percent capacity during the quarter, compared to the year-ago 72 percent. “Terra’s plants ran well during the quarter,” said Terra President and CEO Mike Bennett. “Repairs were completed on the ammonia converter at PLNL during the recent scheduled turnaround. We are preparing the plant for startup and hope to have it back in production sometime next week.” He noted that the restructure of long-term debt will save the company $18 million per year. “The outlook for nitrogen producers for the remainder of the second quarter is positive as well,” said Bennett. “We expect the planting season to be vigorous and likely extended due to the cool, wet weather in many parts of the Corn Belt.”
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