RENTECH, INC.
CIK:0000868725|SEC Filings
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||
| Revenues | ||||||
| Product sales | $ 21,893 | $ 22,998 | $ 49,167 | $ 62,650 | ||
| Service revenues | 12,967 | 15,600 | 42,652 | 47,678 | ||
| Total revenues | 34,860 | 38,598 | 91,819 | 110,328 | ||
| Cost of sales | ||||||
| Product | 21,415 | 26,645 | 53,496 | 73,803 | ||
| Service | 11,223 | 12,748 | 37,523 | 38,868 | ||
| Total cost of sales | 32,638 | 39,393 | 91,019 | 112,671 | ||
| Gross profit (loss) | 2,222 | (795) | 800 | (2,343) | ||
| Operating expenses | ||||||
| Selling, general and administrative expense | 6,092 | 9,338 | 20,922 | 26,194 | ||
| Depreciation and amortization | 369 | 732 | 1,446 | 2,515 | ||
| Asset impairment | 17,103 | 24,862 | ||||
| Goodwill impairment | 13,701 | 26,826 | ||||
| Other expense, net | 2,843 | 2,221 | 3,204 | 3,885 | ||
| Total operating expenses | 40,108 | 12,291 | 77,260 | 32,594 | ||
| Operating loss | (37,886) | (13,086) | (76,460) | (34,937) | ||
| Other expense, net | ||||||
| Interest expense | (2,415) | (2,494) | (7,332) | (8,577) | ||
| Loss on debt repayment | (168) | (168) | (3,295) | |||
| Other income (expense) | 165 | 218 | (972) | 731 | ||
| Total other expenses, net | (2,418) | (2,276) | (8,472) | (11,141) | ||
| Loss from continuing operations before income taxes and equity in loss of investee | (40,304) | (15,362) | (84,932) | (46,078) | ||
| Income tax benefit | (2,224) | (6,123) | (3,474) | (18,230) | ||
| Loss from continuing operations before equity in loss of investee | (38,080) | (9,239) | (81,458) | (27,848) | ||
| Equity in loss of investee | 2,021 | 1,115 | 30,151 | 2,475 | ||
| Loss from continuing operations | (40,101) | (10,354) | (111,609) | (30,323) | ||
| Income from discontinued operations, net of tax | [1] | 1,666 | 96 | 312,340 | ||
| Net income (loss) | (40,101) | (8,688) | (111,513) | 282,017 | ||
| Net (income) loss attributable to noncontrolling interests | (89) | 71 | (12) | (3,492) | ||
| Loss on redemption of preferred stock | (11,049) | |||||
| Preferred stock dividends | (1,320) | |||||
| Net income (loss) attributable to Rentech common shareholders | $ (40,190) | $ (8,617) | $ (111,525) | $ 266,156 | ||
| Basic: | ||||||
| Continuing operations | $ (1.73) | $ (0.45) | $ (4.81) | $ (1.86) | ||
| Discontinued operations | 0.00 | 0.08 | 0.00 | 13.05 | ||
| Net income (loss) | (1.73) | (0.37) | (4.81) | 11.23 | ||
| Diluted: | ||||||
| Continuing operations | (1.73) | (0.45) | (4.81) | (1.86) | ||
| Discontinued operations | 0.00 | 0.08 | 0.00 | 13.05 | ||
| Net income (loss) | $ (1.73) | $ (0.37) | $ (4.81) | $ 11.23 | ||
| Weighted-average shares used to compute net income (loss) per common share: | ||||||
| Basic | 23,212 | 23,189 | 23,209 | 23,098 | ||
| Diluted | 23,212 | 23,189 | 23,209 | 23,098 | ||
| ||||||
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
|---|---|---|
| Current assets | ||
| Cash | $ 20,473 | $ 28,319 |
| Accounts receivable, including unbilled revenue | 9,892 | 12,490 |
| Inventories | 15,436 | 28,131 |
| Prepaid expenses and other current assets | 5,119 | 3,744 |
| Other receivables | 2,710 | 4,495 |
| Total current assets | 53,630 | 77,179 |
| Property, plant and equipment, net | 91,746 | 117,565 |
| Construction in progress | 799 | 905 |
| Other assets | ||
| Equity investment | 23,085 | 53,335 |
| Goodwill | 1,750 | 28,576 |
| Intangible assets | 16,916 | 31,227 |
| Deposits and other assets | 2,105 | 3,930 |
| Property held for sale | 1,385 | |
| Total other assets | 45,241 | 117,068 |
| Total assets | 191,416 | 312,717 |
| Current liabilities | ||
| Accounts payable | 14,750 | 12,389 |
| Accrued payroll and benefits | 3,608 | 4,529 |
| Accrued liabilities | 15,552 | 16,836 |
| Deferred revenue | 1,360 | 1,730 |
| Current portion of long term debt | 17,437 | 11,237 |
| Accrued interest | 438 | 301 |
| Other | 913 | 1,628 |
| Liabilities of discontinued operations | 150 | |
| Total current liabilities | 54,058 | 48,800 |
| Long-term liabilities | ||
| Debt | 90,724 | 103,733 |
| Earn-out consideration | 206 | 234 |
| Asset retirement obligation | 170 | 245 |
| Deferred income taxes | 6,533 | 7,826 |
| Other | 1,335 | 1,761 |
| Total long-term liabilities | 98,968 | 113,799 |
| Total liabilities | 153,026 | 162,599 |
| Commitments and contingencies (Note 11) | ||
| Stockholders' equity | ||
| Common stock: $.01 par value; 45,000 shares authorized; 23,214 and 23,200 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 232 | 232 |
| Additional paid-in capital | 534,339 | 533,575 |
| Accumulated deficit | (474,221) | (362,696) |
| Accumulated other comprehensive loss | (24,597) | (23,533) |
| Total Rentech stockholders' equity | 35,753 | 147,578 |
| Noncontrolling interests | 2,637 | 2,540 |
| Total equity | 38,390 | 150,118 |
| Total liabilities and stockholders' equity | 191,416 | 312,717 |
| Series A Convertible Preferred Shares [Member] | ||
| Stockholders' equity | ||
| Preferred stock | ||
| Series C Participating Cumulative Preferred Stock [Member] | ||
| Stockholders' equity | ||
| Preferred stock |