Los Angeles-Rentech Inc. announced its results for the fourth quarter and year ending Sept. 30, 2007 on Dec. 14, showing improved revenues due to the company’s nitrogen plant. Fourth-quarter revenues were $29.6 million, up from the year-ago $26.8 million. However, the company posted a net loss of $58.9 million ($.36 per share), versus a year-ago loss of $8.4 million ($.06 per share). Included in the fourth-quarter loss was a $38.3 million one-time non-cash impairment loss of $.13 per share related to the costs for the Rentech Energy Midwest Corp.’s conversion project through 2007. Rentech announced in early December (GM Dec. 10, p. 1), that it was halting the coal gasification conversion at this facility. Full-year losses were $91.7 million ($.606 per share) on sales of $132.3 million, versus the year-ago $38.6 million ($.30 per share) and $44.5 million, respectively. “We are extremely pleased with the strong performance of REMC, which has far exceeded our expectations,” said Hunt Ramsbottom, Rentech president and CEO. “We continue to expect robust demand and pricing for REMC’s fertilizer products and will continue to invest in the plant to ensure that we are able to extract the maximum value from the market opportunity for REMC’s products.”
Transparency Across the Fertilizer Value-Chain