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News Article | April 17, 2017
Site: www.altenergystocks.com

Debra Fiakas is the Managing Director of , an alternative research resource on small capitalization companies in selected industries. Last week Rentech, Inc . ( RTK :  NYSE) revealed plans to idle its wood pellet production facility in Wawa, Ontario Canada.  To operate efficiently the plant requires additional repairs and upgrades beyond the replacement of conveyors that was completed in Fall 2016.  Beside the fact that the additional repairs were not included in the regular capital budget, Rentech management has apparently determined the expenditure is not economic given profits from Wawa.  When Rentech reports financial results for the fourth quarter ending December 2016, shareholders will be treated to an asset impairment charge for the Wawa facility.The demise of Wawa is symptomatic of broader issues at Rentech, which has had to reinvent itself several times as the renewable energy industry has evolved.  Rentech got its start well over a decade ago pursuing synthetic gas technologies.  The company’s Rentech Process for producing synthetic fuel was thought capable of producing synthetic fuel by gasifying coal.  In 2004, Rentech bought a natural-gas fed nitrogen fertilizer plant in East Dubuque, Illinois and laid out plans to convert it for coal feedstock.  However, by October 2011, fuel projects in Rialto, California and Natchez had to be scrapped.  The company had planned to produce drop-in synthetic fuel from landfill waste at Rialto using Rentech’s proprietary application of Fischer-Tropsch technology.  Just a few months later in March 2012, Rentech abandoned its coal-to-liquid plant and later sold its land holdings in Natchez, Mississippi.In March 2013, Rentech shuttered its product demonstration unit located in Commerce City, Colorado and terminated research and development on advanced biofuels.  With the syngas effort behind it, Rentech quickly moved on other opportunities.  In May 2013, the company acquired Fulghum Fibres, a processor wood fiber with 32 wood chipping mills strung out across the U.S. and South America.  Rentech had its eye on the market for wood pellets to be used as a low-carbon alternative to coal feedstock in power generation plants.  Unfortunately by 2015, the company was forced to begin writing down the value of its wood pellet inventory as the realizable fell under question under evolving demand and pricing conditions.  Now those economic conditions have forced the shutdown of the Wawa wood pellet operation.Some of Rentech’s early strategic moves have eventually proved fortuitous.  By 2011, all the company’s revenue was from sales of fertilizer products made from natural gas at the East Dubuque, Illinois facility.   In November 2011, 39% of the fertilizer operation, the Rentech Nitrogen Partners, was sold through a public offering of its common units.  The company received $276 million net of costs that was promptly used to retire term loan.  Then in early April 2016, another fertilizer producer, CVR Partners (UAN:  NYSE) acquired all the common units for $2.67 per share, retiring the units Rentech Nitrogen Partners from public trading.  Rentech received $59.8 million in cash and 24.2 million CVR common units valued at approximately $142 million in the bargain.  Again Rentech promptly distributed cash and some of the securities to repurchase $100 million in preferred stock and retire $41.7 million in debt obligations.  Altogether Rentech received $477 million for its interests in Rentech Nitrogen Partners.  Considering that the company paid $63 million for the business in 2004, the returns have been impressive.After all the deal making, acquisitions and divestitures, at the end of September 2016, the last balance sheet disclosed by the company, Rentech had total equity of $278.1 million.  The company has taken in $533.2 million in equity altogether, but losses over the years have accumulated to $255.1 million.  The company has used leverage over the years, but long-term debt has been reduced to $125.9 million.  The debt-to-equity ratio is now a relatively placid 0.45.While Rentech has improved its balance sheet, its assets appear to go underutilized.  Return on assets and return on equity are both negative based on recent financial performance.  The net loss was $127.7 million or $10.42 per share on $287 million in total wood pellet sales in the twelve months ending September 2016.  Even excluding discontinued operations, net results were negative.  Indeed, positive returns from its renewable fuel operations have eluded Rentech. Only when the company was producing fertilizer did Rentech generate profits.Disappointing operating performance appears registered in the RTK price.  Rentech equity is valued at just $20 million and its enterprise value is near $106.2 million.  Some investors might argue that at a stock price less than $1.00 per share, RKT is a bargain against its total assets of $470.1 million.  Then there is that looming Wawa asset write-down and the possibility of additional charges to reflect the demise of yet another misstep in Rentech’s travels through the renewable energy market. Neither the author of the Small Cap Strategist web log, Crystal Equity Research nor its affiliates have a beneficial interest in the companies mentioned herein.


News Article | April 26, 2017
Site: globenewswire.com

*    Commercial output is output less in-house consumption. **  Excluding Hongri Acron output (due to sale of the plant in 2016) Chairman of Acron's Board of Directors Alexander Popov comments:  "In Q1 2017, commercial output of mineral fertilisers and ammonia was up an amazing 25%. The Group's total output of its core commercial products was 1,773 kt, up 17.8% year-on-year. "Output increased mainly due to the operation of the new ammonia unit, commissioned in 2016 at Acron's production site in Veliky Novgorod. Moreover, Dorogobuzh upgraded its AN and NPK units in 2016, which led to record high production of these products in Q1 2017, both for Dorogobuzh and the Group. The significant increase in bulk blends output was due to production diversification and alignment with changing market needs. Production of apatite concentrate at the Oleniy Ruchey mine was down due to extensive overburden rock removal in the reporting period. Novgorod-based Acron increased commercial output 29.8% year-on-year, and commercial output at Dorogobuzh was up 9.7%. "We are successfully utilising the production potential of our new capacity, and we are confident that our output numbers will continue on a growth trend". In early 2017, urea prices continued to rise due to high seasonal demand. In February 2017, prices reached USD 260 FOB Baltic Sea Ports. Chinese producers increased capacity utilisation to 60%, against 50% at the beginning of the year. As a result, Chinese exports increased just as spring sowing orders began to wind down, causing prices to fall back to USD 210 FOB Baltic Sea Ports in April. It should be noted that prices remain high for coal, which is the main input for urea production in China, which makes most of the country's urea producers unprofitable. As a result, we expect a decrease in Chinese capacity utilisation during the following months, which will support urea prices above USD 200 FOB China. Prices for premium nitrogen products like AN and UAN also increased in Q1 2017 due to strong seasonal demand and the upward trend for urea, which is the base product. The AN premium remained high, while the UAN premium was still under pressure from the commissioning of new capacity in the United States and increased production. In Q1 2017, NPK prices started to recover after a decline in 2016 due to higher prices for base products and strong seasonal demand. Premiums above the basket of products remained flat. Acron Group is a leading vertically integrated mineral fertiliser producer in Russia and globally, with chemical production facilities in Veliky Novgorod (Acron) and Smolensk (Dorogobuzh). The Group owns and operates a phosphate mine in Murmansk region (NWPC) and plans to implement a potash development project in Perm Krai (VPC). It has a wholly owned transport and logistics infrastructure and distribution networks in Russia and China. In 2016, the Group sold 6.4 million tonnes of various products to 63 countries, with Russia, Brazil, Europe and the United States as key markets. In 2016, the Group posted consolidated revenue under IFRS of RUB 89,359 million (USD 1,333 million) and net profit of RUB 25,525 million (USD 381 million). Acron's shares are on the Level 1 quotation list of the Moscow Exchange and its global depositary receipts are traded at the London Stock Exchange (ticker AKRN). Acron employs over 11,000 people. For more information about Acron Group, please visit www.acron.ru/en.


Munoz C. K.S.,University of Granada | Ramos Sandoval O.L.,UAN
International Review of Mechanical Engineering | Year: 2016

Ligaments, also known as “collagenous tissues of parallel fibers”, are structures witha passive behavior, i.e. they do not produce motiondirectly. Ligaments connect bones together to form joints, creating functional units, and ensuring properties such as tensile strength. Moreover, the main functions of ligaments are: increasing the mechanical stability of joints, guiding and limiting the joint movements. In this paper the ligament of a pig was subjected to unidirectional tensile stress, and its behavior was studied. The purpose of this research is to present and discuss the results of the tensile test, for doing it a three-dimensional virtual model of the ligament was used; such model was generated by scanning a normalized sample of the pig’s ligament and consequently analyzed using a finite element method (FEM). As a result it was determined that the upper limit of elongation varies between 10% and 15%, and that the maximum stress is near to 35 MPa, when the crosssection area of the sample has been reduced. © 2016 Praise Worthy Prize S.r.l. - All rights reserved.


News Article | December 6, 2016
Site: www.newsmaker.com.au

According to Stratistics MRC the Global Specialty Fertilizers Market is expected to reach $13.86 billion in 2015 and is estimated to reach $24.07 billion by 2022, at a CAGR of 8.2% during the forecast period. The plant releases nutrient and ammonia due to evaporation, which considerably multiply the risk of environmental pollution, in order to stop this Speciality fertilizers are used. The growing demand for food and decreasing land are creating challenges for farmers, in order to increase yield per capita they are opting for speciality fertilizers which in turn is fuelling the market growth. High cost of fertilizers and limited storage capacity are restraining the market growth. Cereals segment among the crop types is estimated to be the fastest growing because of global demand for cereals, which is followed by oilseeds and commercial crops.  North America is accounted for the largest share of the Global Specialty fertilizers market, but Asia pacific will be the emerging market led by the dependency of people on agriculture. Some of the key players in market include Atlantic Gold Inc., Behn Meyer Group., Agrium Inc., Haifa Chemicals Ltd., Israel Chemicals Ltd., Potash Corporation of Saskatchewan, Inc., Sinochem Group, Sociedad Quimica y Minera S.A., Tessenderlo Group, The Mosaic Company and Eurochem. Fertilizers Type Covered: • Ammonium Nitrate  • Granular N and P fertilizers (GNP) • Monopotassium Phosphate (MKP)  • Phosphoric Acid  • Granular N, P and K fertilizers (GNPK) • Potassium Chloride  • Potassium Sulfate  • UAN (30%)  • Urea  • Potasasium Nitrate  • Monoammonium Phosphate (MAP)  • Granular P and K fertilizers (GPK) • Other Fertilizer Type Regions Covered: • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK  o Spain      o Rest of Europe  • Asia Pacific o Japan        o China        o India        o Australia        o New Zealand       o Rest of Asia Pacific       • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements


News Article | December 28, 2016
Site: www.businesswire.com

DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF) today announced that the new ammonia and urea plants at the company’s Port Neal, Iowa, Nitrogen Complex have been successfully commissioned and started-up, marking the completion of the company’s capacity expansion projects. The ammonia plant, which began production in late November, has operated at approximately its nameplate capacity of 2,425 tons per day. The back end of the plant (ammonia synthesis) was recently taken offline to replace a gasket and is expected to resume production shortly. The front end of the ammonia plant continues to operate and produce carbon dioxide that is used to feed the new urea plant. The urea plant, which was commissioned earlier this month, has produced on specification granular urea. The urea plant was also recently taken offline to replace a relief valve and is expected to resume production shortly as well. “CF’s capacity expansion projects are complete,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “With projected returns significantly above our cost of capital, we have built the foundation for CF’s growth and greatly increased our cash generation capability.” Total annual gross ammonia capacity at Port Neal is now 1.2 million tons, up from 380,000 tons previously. Output from the new ammonia capacity will largely be upgraded to urea. Total annual urea capacity at Port Neal is now 1.4 million tons, up from 50,000 tons previously. Total annual UAN capacity remains largely unchanged at 800,000 tons. CF Industries Holdings, Inc., headquartered in Deerfield, Illinois, through its subsidiaries is a global leader in the manufacturing and distribution of nitrogen products, serving both agricultural and industrial customers. CF Industries operates world-class nitrogen manufacturing complexes in Canada, the United Kingdom and the United States, and distributes plant nutrients through a system of terminals, warehouses, and associated transportation equipment located primarily in the Midwestern United States. The company also owns a 50 percent interest in an ammonia facility in The Republic of Trinidad and Tobago. CF Industries routinely posts investor announcements and additional information on the company’s website at www.cfindustries.com and encourages those interested in the company to check there frequently. All statements in this communication by CF Industries Holdings, Inc. (together with its subsidiaries, the “Company”), other than those relating to historical facts, are forward-looking statements. Forward-looking statements can generally be identified by their use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will” or “would” and similar terms and phrases, including references to assumptions. Forward-looking statements are not guarantees of future performance and are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These statements may include, but are not limited to, statements about strategic plans and statements about future financial and operating results. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, the cyclical nature of the Company’s business and the agricultural sector; the global commodity nature of the Company’s fertilizer products, the impact of global supply and demand on the Company’s selling prices, and the intense global competition from other fertilizer producers; conditions in the U.S. and European agricultural industry; the volatility of natural gas prices in North America and Europe; difficulties in securing the supply and delivery of raw materials, increases in their costs or delays or interruptions in their delivery; reliance on third party providers of transportation services and equipment; the significant risks and hazards involved in producing and handling the Company’s products against which the Company may not be fully insured; the Company’s ability to manage its indebtedness; risks associated with the Company’s incurrence of additional indebtedness; the Company’s ability to maintain compliance with covenants under the agreements governing its indebtedness; downgrades of the Company’s credit ratings; risks associated with cyber security; weather conditions; the Company’s ability to complete its production capacity expansion projects on schedule as planned, on budget or at all; risks associated with the Company’s ability to utilize its tax net operating losses and other tax assets, including the risk that the use of such tax benefits is limited by an “ownership change” (as defined under the Internal Revenue Code and related Internal Revenue Service pronouncements); risks associated with expansions of the Company’s business, including unanticipated adverse consequences and the significant resources that could be required; potential liabilities and expenditures related to environmental, health and safety laws and regulations and permitting requirements; future regulatory restrictions and requirements related to greenhouse gas emissions; the seasonality of the fertilizer business; the impact of changing market conditions on the Company’s forward sales programs; risks involving derivatives and the effectiveness of the Company’s risk measurement and hedging activities; the Company’s reliance on a limited number of key facilities; risks associated with the operation or management of the strategic venture with CHS Inc. (the "CHS Strategic Venture"); risks and uncertainties relating to the market prices of the fertilizer products that are the subject of the supply agreement with CHS Inc. over the life of the supply agreement and the risk that any challenges related to the CHS Strategic Venture will harm the Company's other business relationships; risks associated with the Company’s Point Lisas Nitrogen Limited joint venture; acts of terrorism and regulations to combat terrorism; risks associated with international operations; and deterioration of global market and economic conditions. More detailed information about factors that may affect the Company’s performance and could cause actual results to differ materially from those in any forward-looking statements may be found in CF Industries Holdings, Inc.’s filings with the Securities and Exchange Commission, including CF Industries Holdings, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016, which is available in the Investor Relations section of the Company’s web site. Forward-looking statements are given only as of the date of this communication and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


News Article | February 15, 2017
Site: www.businesswire.com

DEERFIELD, Ill.--(BUSINESS WIRE)--Terra Nitrogen Company, L.P. (TNCLP) (NYSE: TNH) today reported net earnings of $44.1 million on net sales of $93.4 million for the quarter ended December 31, 2016. This compares to net earnings of $79.2 million on net sales of $151.3 million for the 2015 fourth quarter. Net earnings allocable to common units was $34.3 million ($1.85 per common unit) and $46.2 million ($2.49 per common unit) for the 2016 and 2015 fourth quarters, respectively. Results for the fourth quarter of 2016 included an unrealized net mark-to-market gain on natural gas derivatives of $13.6 million compared to a loss of $12.6 million in the fourth quarter of 2015. The derivative portfolio at December 31, 2016 includes natural gas derivatives that hedge a portion of natural gas purchases through 2018. For the full year 2016, TNCLP reported net earnings of $209.3 million on net sales of $418.3 million. This compares to net earnings of $306.9 million on net sales of $581.7 million for the full year 2015. Net earnings allocable to common units was $139.9 million ($7.56 per common unit) and $186.2 million ($10.06 per common unit) for the full year 2016 and 2015, respectively. Results for the full year 2016 included an unrealized net mark-to-market gain on natural gas derivatives of $35.3 million compared to an unrealized net mark-to-market loss of $23.1 million for the full year 2015. Net sales for the fourth quarter of 2016 totaled $93.4 million, compared to $151.3 million for the fourth quarter of 2015, as lower average realized selling prices for ammonia and UAN and decreased sales volumes of ammonia were partially offset by increased sales volumes of UAN. Ammonia and UAN average selling prices declined in the fourth quarter of 2016 compared to the fourth quarter of 2015 due to excess global nitrogen supply. Ammonia sales volume decreased 16 percent in the fourth quarter of 2016 compared to the fourth quarter of 2015 as unfavorable weather and farm level economic considerations, including declining year-over-year farmer disposable income and crop futures prices favoring soybeans over corn, led many farmers to delay fertilizer application and planting decisions until spring. UAN sales volume increased 15 percent in the fourth quarter of 2016 compared to the fourth quarter of 2015 as customers built inventories in preparation for spring after delaying purchases earlier in the year. Comparing the fourth quarter of 2016 to 2015, TNCLP’s: Cash distributions depend on TNCLP’s earnings as well as cash requirements for working capital needs and capital and other expenditures. For the full year 2016, capital expenditures were $33.1 million as compared to $87.8 million in 2015, with the decrease primarily due to the large plant turnaround activities in 2015 that did not recur in 2016. In 2017, TNCLP expects to make capital expenditures in the range of $75 million to $85 million. Approximately $40 million of the projected capital expenditures relate to a plant turnaround scheduled to start in the third quarter of 2017 and continuing into the fourth quarter of 2017, and the calculation of available cash for the fourth quarter of 2016 included a reserve of approximately one-third of that amount. The plant turnaround will result in lower ammonia and UAN production, lower sales and lower profitability during the period, which will reduce available cash for distributions to unitholders. Additionally, planned maintenance, capital expenditures, and turnarounds are subject to change due to delays in regulatory approvals, and/or permitting, unanticipated increases in cost, changes in scope and completion time, performance of third parties, adverse weather, defects in materials, workmanship, labor or material shortages, transportation constraints, and other unforeseen difficulties. Capital expenditures also reduce the available cash for unitholder distributions. TNCLP reported on February 6, 2017, the declaration of a cash distribution for the quarter ended December 31, 2016, of $1.22 per common unit payable February 28, 2017 to holders of record as of February 17, 2017. This compares to a cash distribution of $2.88 per common unit for the quarter ended December 31, 2015. Cash distributions per common unit also vary based on increasing amounts allocable to the General Partner when cumulative distributions exceed targeted levels. With this distribution, TNCLP cumulative distributions continue to exceed targeted levels. This release serves as a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of TNCLP’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, TNCLP’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate. Terra Nitrogen, Limited Partnership (TNLP), owner of the Verdigris, Oklahoma manufacturing facility and related assets, is a subsidiary of TNCLP. Terra Nitrogen GP Inc., an indirect, wholly owned subsidiary of CF Industries Holdings, Inc., is the General Partner of TNCLP and TNLP and exercises full control over all of TNCLP’s and TNLP's business affairs. All statements in this communication, other than those relating to historical facts, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of assumptions, risks and uncertainties, many of which are beyond TNCLP’s control, which could cause actual results to differ materially from such statements. Important factors that could cause actual results to differ materially from expectations include, among others: More detailed information about factors that may affect TNCLP’s performance may be found in its filings with the Securities and Exchange Commission, including its most recent periodic reports filed on Form 10-K and Form 10-Q, which are available through CF Industries’ website. Forward-looking statements are given only as of the date of this release and TNCLP disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Terra Nitrogen Company, L.P. news announcements are also available on CF Industries’ website, www.cfindustries.com.


DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF), the global leader in nitrogen fertilizer manufacturing and distribution, today announced results for its fourth quarter and full year ended December 31, 2016. CF Industries Holdings, Inc., today announced a fourth quarter 2016 net loss attributable to common stockholders of $320 million, or $1.38 per diluted share, and adjusted net loss of $90 million, or $0.39 per diluted share. Fourth quarter 2016 EBITDA loss was $135 million, and adjusted EBITDA was $133 million. These results compare to fourth quarter 2015 net earnings attributable to common stockholders of $27 million, or $0.11 per diluted share; adjusted net earnings of $168 million, or $0.72 per diluted share; EBITDA of $254 million; and adjusted EBITDA of $445 million. Fourth quarter 2016 results include a realized loss on natural gas hedges of $5 million for the fourth quarter of 2016, compared to a realized loss on natural gas hedges of $30 million for the fourth quarter of 2015. For the full year 2016, net loss attributable to common stockholders was $277 million, or $1.19 per diluted share, and adjusted net earnings was $109 million, or $0.47 per diluted share. Full year 2016 EBITDA was $395 million, and adjusted EBITDA was $858 million. These results compare to full year 2015 net earnings attributable to common stockholders of $700 million, or $2.96 per diluted share; adjusted net earnings for the full year 2015 of $896 million, or $3.79 per diluted share; EBITDA of $1.67 billion; and adjusted EBITDA of $1.98 billion. Full year 2016 results include a realized loss on natural gas hedges of $133 million, compared to a realized loss on natural gas hedges of $70 million for the full year 2015. The company expects to receive tax refunds of approximately $800 million due to the carryback of certain federal and state tax losses from the 2016 tax year to prior periods. These tax losses are primarily related to accelerated tax depreciation of the capacity expansion projects that were placed in service in 2016. The cash refunds related to this tax loss carryback are expected to be received in the third quarter of 2017. During the fourth quarter, the company completed the issuance of $1.25 billion of senior secured notes. The proceeds were used primarily to fund the prepayment of the $1.0 billion principal amount of CF Industries, Inc.'s senior notes due 2022, 2025 and 2027, plus a related make-whole amount of approximately $170 million. CF Industries has completed a review of its equity method investment in PLNL, the company's 50 percent interest in an ammonia production joint venture located in the Republic of Trinidad and Tobago. This review assessed the recoverability of the company's carrying value of the investment. During the fourth quarter of 2016, the company recognized an impairment charge of $134 million relating to its investment in PLNL due to projected longer-term challenges with gas availability and potential price increases from the government-controlled gas supplier. CF Industries' manufacturing network operated safely and efficiently during the fourth quarter of 2016. As of December 31, 2016, CF Industries' 12-month rolling average recordable incident rate was 1.16 incidents per 200,000 work hours, well below industry averages. Ammonia utilization rate during the quarter across the manufacturing network was 99 percent. During the fourth quarter, the company completed its capacity expansion projects as the new ammonia and urea plants at the Port Neal Nitrogen Complex were successfully commissioned and started-up. Both new plants are producing on-spec product for sale. “Our expansion projects are complete, and the company's production capacity is now 25 percent greater on a nutrient ton basis than it was this time last year," said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. "With our cash generation capability strengthened significantly as a result, and the structural advantages of being the low cost producer in an import-dependent region, we believe CF is the best-positioned company to benefit both from the improving market in the first half of 2017 and from the sustained recovery we see ahead for the sector over the next several years." Net sales in the fourth quarter of 2016 decreased to $867 million from $1,115 million in the same period last year due to lower average selling prices across all segments. Excess global nitrogen supply continued to pressure prices as it had throughout 2016. The average selling price for ammonia was $277 per ton in the fourth quarter of 2016 compared to $458 per ton in the fourth quarter of 2015. Similarly, the average selling price for urea was $214 per ton in the fourth quarter of 2016 compared to $275 per ton in the fourth quarter of 2015, and the average selling price for UAN was $149 per ton in the fourth quarter of 2016 compared to $230 per ton in the fourth quarter of 2015. Sales volume for the quarter increased compared to the fourth quarter of 2015, partially offsetting the decrease in average prices. Greater volumes were available for sale due to the company's completed capacity expansion projects. Additionally, exports of UAN and ammonia were significantly higher year-over-year as the company continues to develop a global portfolio of customers in order to optimize the overall business. Cost of sales decreased in the fourth quarter of 2016 compared to the fourth quarter of 2015 due primarily to an unrealized net mark-to-market gain on natural gas derivatives of $91 million in the fourth quarter of 2016 compared to an unrealized net mark-to-market loss on natural gas derivatives of $97 million in the fourth quarter of 2015. This was partially offset by the impact of higher volumes in 2016, $34 million in start-up costs related to the new Port Neal ammonia and urea plants, and an increase of $43 million in depreciation related to the capacity expansion projects compared to the fourth quarter of 2015. In the fourth quarter of 2016, the average cost of natural gas reflected in cost of sales for the company was $3.24 per MMBtu, which includes a realized loss of $0.06 per MMBtu on natural gas hedges, totaling $5 million. This compares to the average cost of natural gas in cost of sales of $3.23 per MMBtu for the fourth quarter of 2015, which included a realized loss of $0.41 per MMBtu on natural gas hedges totaling $30 million. During the fourth quarter of 2016, the average price of natural gas at Henry Hub in North America was $2.99 per MMBtu, and the average price of natural gas at the National Balancing Point in the United Kingdom was $5.69 per MMBtu. The company did not enter into any additional natural gas hedges in the fourth quarter of 2016. Global nitrogen prices rose during the fourth quarter of 2016. U.S. prices also increased, but remained below international parity. The average U.S. Gulf urea barge price was approximately $180 per ton at the start of the fourth quarter and increased to approximately $240 per ton by the end of the quarter. The average U.S. Gulf UAN barge price was approximately $130 per ton at the start of the fourth quarter and increased to $153 per ton by the end of the quarter. A decline in Chinese urea exports, from more than one million tonnes per month in the first quarter of 2016 to an average of approximately 470,000 tonnes per month in the fourth quarter, has been a key driver of increased global nitrogen prices. Rising costs for marginal producers in China, including significantly higher coal costs compared to the middle of 2016 along with reduced urea subsidies, and concerns over pollution and air quality drove urea operating rates, according to published reports, down to approximately 50 percent in that country during the fourth quarter. At these operating rates, Chinese demand for urea is expected to exceed available domestic supply during the spring. Chinese manufacturers will need to increase urea production, or purchasers will need to import urea, in order to meet seasonal domestic needs. As a result, CF expects global prices will be supported through the first half of the year due to limited Chinese export availability. For the full year 2017, Chinese urea exports are expected to decline from 8.9 million tonnes in 2016 to an anticipated range of approximately 5-6 million tonnes. Higher hydrocarbon feedstock costs compared to the lows of early and mid-2016 are also supporting higher nitrogen prices. Higher oil prices have led to increased prices for contract gas in Europe. The strengthened Russian ruble has led to higher U.S. dollar gas prices in that country. Import activity into North America during the fourth quarter of 2016 was lower than the fourth quarter of 2015 driven in part by regional prices that were below international parity. Additionally, the impact of the new North American capacity brought online during 2016 and expectations for the startup of additional new capacity in the region lowered the perceived economic incentive for North American purchasers to import product. CF Industries expects North American demand for nitrogen in 2017 to be relatively unchanged compared to 2016. In the United States, the company forecasts 89.5 million acres of corn planted and fewer than 50 million acres of wheat planted, while in Canada lower grain planting is anticipated to be largely offset by increased canola plantings. As a result, total North American nitrogen fertilizer demand is projected to be roughly 16 million nutrient tons for full year 2017. Based on this, approximately 7 million nutrient tons of imported nitrogen will be required to meet North American agricultural and industrial demand for the full year 2017. The company expects nitrogen prices in North America during the first half of 2017 to continue to improve into the second quarter, driven by the same factors currently supporting the higher global prices. As additional nitrogen capacity comes online globally during 2017, including a significant increase in North America, market price uncertainty exists for the second half of the year before a more sustained global nitrogen price recovery is expected to begin in 2018. New capital expenditures for 2017 are estimated to be in the range of approximately $400 to $450 million for sustaining and other, a level that continues the company's commitment to safe, reliable and compliant operations. Actual cash expenditures will also reflect amounts accrued but not paid in 2016. At December 31, 2016, approximately $225 million was accrued related to activities in 2016. As of December 31, 2016, the company had a balance of cash and cash equivalents of $1.16 billion, had no borrowings outstanding under its revolving credit facility and was in compliance with all applicable covenant requirements under its debt instruments. On January 31, 2017, the Board of Managers of CF Industries Nitrogen, LLC approved a semi-annual distribution payment to CHS Inc. of $48 million for the distribution period ended December 31, 2016. The distribution was paid on January 31, 2017. The total distribution approved pertaining to 2016 was approximately $128 million. During the years ended December 31, 2016 and 2015, certain significant items impacted our financial results. The following table outlines these significant items and how they impacted the comparability of our financial results during these periods. For the quarter and year ended December 31, 2016, we reported a net loss attributable to common stockholders of $320 million and $277 million, respectively. For the quarter and year ended December 31, 2015, we reported net earnings attributable to common stockholders of $27 million and $700 million, respectively. Positive amounts in the table below are costs or expenses incurred, while negative amounts are income recognized in the periods presented. CF Industries’ ammonia segment produces anhydrous ammonia (ammonia), which is the company’s most concentrated nitrogen fertilizer, containing 82 percent nitrogen. The results of the ammonia segment consist of sales of ammonia to external customers. In addition, ammonia is the “basic” nitrogen product that the company upgrades into other nitrogen fertilizers such as urea, UAN, and AN. CF Industries’ granular urea segment produces granular urea, which contains 46 percent nitrogen. Produced from ammonia and carbon dioxide, it has the highest nitrogen content of any of the company’s solid nitrogen fertilizers. CF Industries’ UAN segment produces urea ammonium nitrate solution (UAN). UAN is a liquid fertilizer product with nitrogen content that typically ranges from 28 percent to 32 percent and is produced by combining urea and ammonium nitrate in solution. CF Industries' AN segment produces ammonium nitrate (AN). AN is used as a nitrogen fertilizer with nitrogen content between 29% to 35%, and also is used by industrial customers for commercial explosives and blasting systems. AN is produced at the company's Yazoo City, Mississippi; Billingham, United Kingdom; and Ince, United Kingdom, complexes. On February 8, 2017, CF Industries’ Board of Directors declared a quarterly dividend of $0.30 per common share. The dividend will be paid on February 28, 2017 to stockholders of record as of February 17, 2017. CF Industries will hold a conference call to discuss its fourth quarter 2016 results at 9:00 a.m. ET on Thursday, February 16, 2017. This conference call will include discussion of CF Industries' business environment and outlook. Investors can access the call and find dial-in information on the Investor Relations section of the company’s website at www.cfindustries.com. CF Industries Holdings, Inc., headquartered in Deerfield, Illinois, through its subsidiaries is a global leader in the manufacturing and distribution of nitrogen products, serving both agricultural and industrial customers. CF Industries operates world-class nitrogen manufacturing complexes in the central United States, Canada and the United Kingdom, and distributes plant nutrients through a system of terminals, warehouses, and associated transportation equipment located primarily in the Midwestern United States. The company also owns a 50 percent interest in an ammonia facility in The Republic of Trinidad and Tobago. CF Industries routinely posts investor announcements and additional information on the company’s website at www.cfindustries.com and encourages those interested in the company to check there frequently. The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that EBITDA, EBITDA per ton, EBITDA as a percent of net sales, adjusted EBITDA, adjusted EBITDA per ton, adjusted EBITDA as a percent of net sales, adjusted net (loss) earnings, and adjusted net (loss) earnings per diluted share, which are non-GAAP financial measures, provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, EBITDA, EBITDA per ton, EBITDA as a percent of net sales, adjusted EBITDA, adjusted EBITDA per ton, adjusted EBITDA as a percent of net sales, adjusted net (loss) earnings, and adjusted net (loss) earnings per diluted share included in this release may not be comparable to similarly titled measures of other companies. Reconciliations of EBITDA, EBITDA per ton, EBITDA as a percent of net sales, adjusted EBITDA, adjusted EBITDA per ton, adjusted EBITDA as a percent of net sales, adjusted net (loss) earnings, and adjusted net (loss) earnings per diluted share to the most directly comparable GAAP measures are provided in the tables accompanying this release under “CF Industries Holdings, Inc.-Selected Financial Information-Non-GAAP Disclosure Items.” All statements in this communication by CF Industries Holdings, Inc. (together with its subsidiaries, the “Company”), other than those relating to historical facts, are forward-looking statements. Forward-looking statements can generally be identified by their use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will” or “would” and similar terms and phrases, including references to assumptions. Forward-looking statements are not guarantees of future performance and are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These statements may include, but are not limited to, statements about strategic plans and statements about future financial and operating results. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, the cyclical nature of the Company’s business and the agricultural sector; the global commodity nature of the Company’s fertilizer products, the impact of global supply and demand on the Company’s selling prices, and the intense global competition from other fertilizer producers; conditions in the U.S. and European agricultural industry; the volatility of natural gas prices in North America and Europe; difficulties in securing the supply and delivery of raw materials, increases in their costs or delays or interruptions in their delivery; reliance on third party providers of transportation services and equipment; the significant risks and hazards involved in producing and handling the Company’s products against which the Company may not be fully insured; the Company’s ability to manage its indebtedness; operating and financial restrictions imposed on the Company and its subsidiaries by the Company's senior secured revolving credit agreement; risks associated with the Company’s incurrence of additional indebtedness; the Company's ability to maintain compliance with covenants under the agreements governing its indebtedness; downgrades of the Company’s credit ratings; risks associated with cyber security; weather conditions; risks associated with the Company’s ability to utilize its tax net operating losses and other tax assets, including the risk that the use of such tax benefits is limited by an “ownership change” (as defined under the Internal Revenue Code and related Internal Revenue Service pronouncements); risks associated with changes in tax laws and disagreements with taxing authorities; risks associated with expansions of the Company’s business, including unanticipated adverse consequences and the significant resources that could be required; potential liabilities and expenditures related to environmental, health and safety laws and regulations and permitting requirements; future regulatory restrictions and requirements related to greenhouse gas emissions; the seasonality of the fertilizer business; the impact of changing market conditions on the Company’s forward sales programs; risks involving derivatives and the effectiveness of the Company’s risk measurement and hedging activities; the Company’s reliance on a limited number of key facilities; risks associated with the operation or management of the strategic venture with CHS Inc. (the "CHS Strategic Venture"), risks and uncertainties relating to the market prices of the fertilizer products that are the subject of the supply agreement with CHS Inc. over the life of the supply agreement, and the risk that any challenges related to the CHS Strategic Venture will harm the Company's other business relationships; risks associated with the Company’s Point Lisas Nitrogen Limited joint venture; acts of terrorism and regulations to combat terrorism; risks associated with international operations; and deterioration of global market and economic conditions. More detailed information about factors that may affect the Company’s performance and could cause actual results to differ materially from those in any forward-looking statements may be found in CF Industries Holdings, Inc.’s filings with the Securities and Exchange Commission, including CF Industries Holdings, Inc.’s most recent annual and quarterly reports on Form 10-K and Form 10-Q, which are available in the Investor Relations section of the Company’s web site. Forward-looking statements are given only as of the date of this communication and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Reconciliation of net (loss) earnings, net (loss) earnings per ton and net (loss) earnings as a percent of net sales (GAAP measures) to EBITDA, EBITDA per ton, EBITDA as a percent of net sales, adjusted EBITDA, adjusted EBITDA per ton and adjusted EBITDA as a percent of net sales (non-GAAP measures), as applicable: EBITDA is defined as net (loss) earnings attributable to common stockholders plus interest expense (income)-net, income taxes, and depreciation and amortization. Other adjustments include the elimination of loan fee amortization that is included in both interest and amortization, and the portion of depreciation that is included in noncontrolling interests. The company has presented EBITDA, EBITDA per ton and EBITDA as a percent of net sales because management uses these measures to track performance and believes that they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry. Adjusted EBITDA is defined as EBITDA adjusted with the selected items included in EBITDA as summarized in the table below. The company has presented adjusted EBITDA, adjusted EBITDA per ton and adjusted EBITDA as a percent of net sales because management uses these measures, and believes they are useful to investors, as supplemental financial measures in the comparison of year-over-year performance. Reconciliation of net (loss) earnings attributable to common stockholders and net (loss) earnings per diluted share attributable to common stockholders (GAAP measures) to adjusted net (loss) earnings and adjusted net (loss) earnings per diluted share (non-GAAP measures), as applicable: Adjusted net (loss) earnings is defined as net (loss) earnings attributable to common stockholders adjusted with the impacts of the selected items included in net (loss) earnings as summarized in the table below. The company has presented adjusted net (loss) earnings and adjusted net (loss) earnings per diluted share because management uses these measures, and believes they are useful to investors, as supplemental financial measures in the comparison of year-over-year performance.


News Article | February 27, 2017
Site: www.businesswire.com

OKLAHOMA CITY--(BUSINESS WIRE)--LSB Industries, Inc. (NYSE:LXU) (“LSB” or the “Company”) today announced results for the fourth quarter and full year ended December 31, 2016. (1) This is a Non-GAAP measure. Refer to the Non-GAAP Reconciliation section. “Our results for the fourth quarter of 2016 showed sequential improvement despite downtime that carried over from the third quarter related to previously disclosed issues,” stated Daniel Greenwell, LSB’s President and CEO. “Our financial performance during the period is reflective of efforts in 2016 to increase our production and improve on-stream rates at our three primary facilities, coupled with the incremental output from the new ammonia plant at El Dorado.” “Our Cherokee and Pryor ammonia plants operated at on-stream rates of approximately 100% and 97%, respectively, for November and December, and both plants operated at an on-stream rate of 98% or better for the past four months. We expect this to continue throughout 2017.” “El Dorado’s ammonia on-stream rate continues to improve with the fourth quarter of 2016 increasing over third quarter of 2016. We continued this trend into the first quarter of 2017 with on-stream rates for the first two months of 2017 increasing to 84%. We are very encouraged by the performance of our new plant as it is consistently producing at rates in excess of 1,300 tons per day which is a meaningful increase over the plant’s nameplate capacity of 1,150 tons per day. With respect to the previously disclosed issue with El Dorado’s primary nitric acid plant’s nitrous oxide abatement vessel, we completed the bypass system in mid-December and it has been operating at full rates since that time. The design of a new nitrous oxide abatement vessel is underway and we expect a new vessel to be installed and operational by the second quarter of 2018; the end date of our temporary permit.” Mr. Greenwell continued, “Selling prices for our agricultural products remained substantially lower than the prior year fourth quarter, however late in the quarter, we did see some improvement in selling prices ahead of the spring planting season. We’ve seen that strong trend continue into the first quarter of 2017 and we expect this seasonal uplift to persist throughout the spring planting season. Still, we are anticipating selling prices of agriculture products to remain low relative to the past several years due to the new ammonia production and capacity upgrades that recently started operations or are expected to come online over the next few quarters. However, by late 2017 or early 2018, we anticipate a more sustained strengthening of pricing as the domestic and export markets absorb the new production volume.” “Demand for our agricultural products for spring applications has been strong, with the UAN production capacity at both our Pryor and Cherokee facilities sold out through the end of April and May, respectively. Additionally, our previously outlined strategy to increase sales of high density ammonium nitrate (HDAN) is working. Sales of HDAN were up significantly in the fourth quarter versus the same period last year and we currently have a significant HDAN order book running into the second quarter of 2017. We anticipate this trend will continue and we plan to position product in our storage facilities later this year in anticipation of further growth in HDAN demand in 2018. Finally, demand for the nitric acid and ammonia for industrial markets has been increasing and we expect it will continue to rise, reflecting the ongoing moderate improvement in the U.S. economy.” Mr. Greenwell concluded, “Overall, we are optimistic about the prospects for material year-over-year performance improvement in 2017. We’ve achieved our previously articulated SG&A savings objectives by reducing corporate overhead by more than $6 million, and believe that we can extract a similar amount of cost at the plant level over the course of this year. The refinancing actions we completed in the third quarter of 2016 provided us with increased financial flexibility and will result in a meaningful reduction in full year interest expense for the current year versus last. These factors, combined with our expectation that our facilities can sustain their current rates of production give us confidence in our ability to deliver a substantial year-over-year improvement in financial results for 2017.” The following tables provide key sales metrics for our Agricultural products: With respect to sales of Industrial, Mining and Other Chemical Products, the following table indicates the volumes sold of our major products: As of December 31, 2016, our total cash position was $60.0 million. Additionally, we had approximately $35.6 million of borrowing availability under the Working Capital Revolver. Total long-term debt, including the current portion was $420.2 million at December 31, 2016 compared to $520.4 million at December 31, 2015. In July 2016, we received net cash proceeds of approximately $351 million from the sale of the Climate Control Business (an additional $7 million of proceeds was received in October 2016). In September 2016, holders of our Senior Secured Notes agreed to allow us to redeem a portion of the Series E Redeemable Preferred and to redeem a portion of the Senior Secured Notes and all of the 12% Senior Secured Notes. In September 2016, we used $80 million to redeem a portion of the Series E Redeemable Preferred (including accumulated dividends and participation rights value). The aggregate liquidation value of the Series E Redeemable Preferred at December 31, 2016, inclusive of accrued dividends of $22.0 million, was $161.8 million. In October 2016, we used approximately $107 million to redeem $50 million of the 7.75% Senior Secured Notes and all $50 million of the 12% Senior Secured Notes (including accrued interest and the redemption prices). At December 31, 2016, we had $375 million of Senior Secured Notes at 8.5% and approximately $53 million of other debt outstanding. We expect annual interest going forward, on the current level of debt to be between $33 million and $35 million. Our Working Capital Revolver Loan was undrawn at December 31, 2016. Borrowing availability, which is tied to eligible accounts receivable and inventories, was approximately $35.6 million at December 31, 2016. As a result of the sale of our Climate Control Business, in January 2017, we entered into an amended and restated loan and security agreement (“The Amendment”) with Wells Fargo Capital Finance, LLC reducing our total revolver commitments from $100 million to $50 million and extending the maturity date of the Working Capital Revolver Loan to January 17, 2022, with a springing earlier maturity date (the “Springing Maturity Date”) that is 90 days prior to August 1, 2019 (the maturity date our “Senior Secured Notes”), to the extent the Senior Secured Notes are not refinanced or repaid prior to the Springing Maturity Date. Interest expense, net of capitalized interest, for the fourth quarter of 2016 was $9.8 million compared to $0.9 million for the same period in 2015. The capitalization of interest related to capital additions made to the El Dorado Facility ceased when the Facility’s new ammonia plant went into service in May 2016. Capital additions were approximately $11.3 million in the fourth quarter of 2016. Planned capital additions for the first quarter of 2017, are estimated to be approximately $8 million. For the full year of 2017, total capital additions which are related to maintaining and enhancing safety and reliability at our facilities are expected to be between $30 million and $35 million. With the finalization of the El Dorado expansion and the sale of the Climate Control Business, we expect depreciation and amortization to be between $65 million and $70 million for 2017. Our outlook for sales volumes for the full year of 2017 is as follows: LSB’s management will host a conference call covering the fourth quarter results on February 28, 2017 at 10:00 a.m. ET/9:00 a.m. CT to discuss these results and recent corporate developments. Participating in the call will be President and CEO, Daniel Greenwell, Executive Vice President and CFO, Mark Behrman and Executive Vice President, Chemical Manufacturing, John Diesch. Interested parties may participate in the call by dialing (201) 493-6739. Please call in 10 minutes before the conference is scheduled to begin and ask for the LSB conference call. To coincide with the conference call, LSB will post a slide presentation at www.lsbindustries.com on the webcast section of the Investor tab of our website. To listen to a webcast of the call, please go to the Company’s website at www.lsbindustries.com at least 15 minutes prior to the conference call to download and install any necessary audio software. If you are unable to listen live, the conference call webcast will be archived on the Company’s website. We suggest listeners use Microsoft Explorer as their web browser. LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers throughout the United States. Additional information about the Company can be found on its website at www.lsbindustries.com. This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identifiable by use of the words “may,” “believe,” “expect,” “intend,” “plan to,” “estimate,” “project” or similar expressions, and include but are not limited to: financial performance improvement; view on sales to mining customers; estimates of consolidated depreciation and amortization and future turnaround expenses; our expectation of production consistency and enhanced reliability at our Facilities, including our Cherokee and Pryor Facilities after turnarounds; our projections of trends in the fertilizer market; improvement of our financial and operational performance; our planned capital additions for 2017; reduction of SG&A expenses; and volume outlook. Investors are cautioned that such forward-looking statements are not guarantees of future performance and involve risk and uncertainties. Though we believe that expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectation will prove to be correct. Actual results may differ materially from the forward-looking statements as a result of various factors. These and other risk factors are discussed in the Company’s filings with the Securities and Exchange Commission (SEC), including those set forth under “Risk Factors” and “Special Note Regarding Forward-Looking Statements” in our Form 10-K for the year ended December 31, 2016 and, if applicable, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify and forward-looking statement to reflect events, new information or circumstances occurring after the date of this press release except as required by applicable law. This news release includes certain “non-GAAP financial measures” under the rules of the Securities and Exchange Commission, including Regulation G. These non-GAAP measures are calculated using GAAP amounts in our consolidated financial statements. EBITDA is defined as net income (loss) plus interest expense, loss on extinguishment of debt, provision for impairment, depreciation, depletion and amortization of property plant and equipment (which includes amortization of other assets and excludes interest included in amortization), less benefit for income taxes and income from discontinued operations, net of taxes. We believe that certain investors consider EBITDA a useful means of measuring our ability to meet our debt service obligations and evaluating our financial performance. EBITDA has limitations and should not be considered in isolation or as a substitute for net income, operating income, cash flow from operations or other consolidated income or cash flow data prepared in accordance with GAAP. Because not all companies use identical calculations, this presentation of EBITDA may not be comparable to a similarly titled measure of other companies. The following table provides a reconciliation of net income (loss) to EBITDA for the periods indicated. Adjusted Operating Loss, Adjusted EBITDA, Adjusted Net Loss from continuing operations applicable to Common Stock and Adjusted Loss from continuing operations per Diluted Share Adjusted operating loss, adjusted EBITDA, adjusted net loss from continuing operations applicable to common stock and adjusted loss from continuing operations per diluted share are reported to show the impact of a one-time consulting fee, start-up/commissioning costs, impairment of long-lived assets and goodwill, certain fair market value adjustments, severance, non-cash stock based compensation, non-cash (gain) loss on disposal of property, plant, and equipment, Delaware unclaimed property liability, and life insurance recovery. We believe that the inclusion of supplementary adjustments to operating loss, EBITDA, net loss from continuing operations applicable to common stock and diluted loss per common share from continuing operations, are appropriate to provide additional information to investors about certain items. The following tables provide reconciliations of operating loss, EBITDA, net loss from continuing operations applicable to common stock and diluted loss from continuing operations per common share excluding the impact of the supplementary adjustments. The following table provides a reconciliation of total agricultural sales as reported under GAAP in our consolidated financial statement reconciled to “net back” sales which is calculated as sales less freight expenses. We believe this provides a relevant industry comparison among our peer group.


News Article | February 16, 2017
Site: www.prnewswire.com

SUGAR LAND, Texas, Feb. 16, 2017 /PRNewswire/ -- CVR Partners, LP (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate (UAN) solution fertilizer products, today announced a fourth quarter 2016 net loss of $14.5 million, or 13 cents per common unit, on net sales of $84.9...


News Article | February 21, 2017
Site: www.prnewswire.com

SUGAR LAND, Texas, Feb. 21, 2017 /PRNewswire/ -- CVR Partners, LP (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate (UAN) solution fertilizer products, today announced that it has filed its annual report on Form 10-K for the fiscal year ended Dec. 31, 2016, with the...

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