Rentech Nitrogen Partners LP reported a net loss of $8.9 million ($0.23 per basic and diluted unit) on sales of $113.6 million for the second quarter ending June 30, 2014, compared to a year-ago income of $28.7 million ($0.74 per unit) and $104 million, respectively.
Rentech released the information Aug. 18 in filing its Form 10-Q. The release had been delayed while the company calculated the amount of an expected impairment to goodwill for its Pasadena, Texas, facility. Rentech took the anticipated $27.2 million charge. Previously, Rentech had released only select results (GM Aug. 18, p. 1).
The Pasadena segment reported a second-quarter operating loss of $33.5 million on revenues of $39.7 million versus the year-ago $138,000 and $42.2 million, respectively.
Rentech Nitrogen reported a six month net loss of $5.8 million ($0.15 per unit) on sales of $169.9 million compared to the year-ago positive $43.7 million ($1.12 per unit) and $163.5 million, respectively.
The Pasadena segment reported a six-month operating loss of $34.3 million on sales of $67.4 million versus the year-ago positive $2 million and $67.2 million, respectively.
Rentech confirmed that it identified certain material weaknesses in internal financial controls (ICFR) and disclosure controls and procedures (DCP). While it does not believe the problem will result in material misstatements, it expects to be amending its Annual Report on Form 10-K for the year ended Dec. 31, 2013, as well as its Form 10-Q for the quarter ending March 31, 2014. It expects these weaknesses to be remedied going forward.