Los Angeles-Rentech Inc. reported revenues of $50.1 million for the first quarter ending Dec. 31, 2008, compared to the year-ago $47.5 million. Gross profits were off slightly, to $9.7 million from $10.3 million. Rentech, which utilizes its cash flow from its Rentech Midwest Corp. (REMC) nitrogen plant to fund new technology initiatives, reported a net loss of $4.3 million ($.026 per diluted and basic share), versus the year-ago net loss of $23.4 million ($.143 per share). Rentech remains upbeat that REMC’s EBITDA will be well in excess of $50 million in fiscal 2009 due to anticipated strong spring pricing and demand, as well as the fact that a significant portion of its production has already been presold. It expects 2009 REMC operating income in excess of $33.1 million.
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