Terra Nitrogen reports 1Q net income of $81.6 M

Sioux City-Terra Nitrogen Co. LP (TNCLP) reported net income of $81.6 million ($3.93 per common unit) on revenues of $174.5 million for the first quarter ending March 31, 2008, versus the year-ago $35.3 million ($1.87 per unit) and $128.2 million, respectively. TNCLP said ammonia sales volumes were off 45 percent due to wet, cold conditions. Ammonia and UAN selling prices increased by 46 percent and 54 percent, respectively, while natural gas costs increased 12 percent. TNCLP also announced a cash distribution for the recent quarter of $4.20 per common LP unit payable May 28, 2008, to holders of record as of May 8, 2008.

Terra Nitrogen Production

* Volumes in thousands.