To all:
Rentech Reports Fiscal Year 1997 Results
DENVER, Dec. 31 /PRNewswire/ -- Rentech, Inc. (Nasdaq: RNTK), the Denver-
based holding company and developer and marketer of a patented and proprietary
process for the conversion of petroleum gases and solids into valuable liquid
hydrocarbons announced today its financial results for the year ended
September 30, 1997.
Revenues from operations for fiscal year 1997 were $1,189,536 compared to
$295,176 for fiscal year 1996. Fiscal year 1996 was a nine month year. The
Company reported a net loss of $1,375,686 before accounting treatment under
FASB 123 for Preferred Shareholders. The non-cash treatment of these
adjustments caused the loss to be $2,034,100 or $.10 per share compared to a
loss for nine months of fiscal year 1996 of $592,912 or $.06 per share prior
to an extraordinary gain of $200,434 for a reported loss of $392,478 or $.04
per share.
Rentech's strong increase in revenue reflected the acquisition of Okon,
Inc. in March 1997 and its impact for only six months. Okon, Inc.
manufactures and markets water-based VOC (Volatile Organic Compound) compliant
stains and sealers for concrete, masonry and wood.
Amortization and increased depreciation of the goodwill associated with
the acquisition of Okon and interest expenses on Preferred Shares accounted
for the majority in increases in G&A expenses and other non-operational
expenses as well as a twelve month fiscal year 1997 versus a nine month period
in fiscal year 1996.
Rentech, Inc. and Subsidiary
Consolidated Statement of Operations (Audited)
FY 1997 FY 1996
12 MOS 9 MOS VARIANCE
Total Revenue $1,189,536 $295,176 $894,360
Cost Of Sales/Contracts 481,797 29,463 452,334
Gross Profit $ 707,739 $ 265,713 $442,026
Expenses 1,785,522 819,512 966,010
Loss From Operations $(1,077,783) $(553,799) $(523,984)
Other Income/Expense (297,903) (39,113) (258,790)
Extraordinary Gain 0 200,434 (200,434)
Dividend Requirements On
Preferred Stock (Non Cash) 658,414 0 (658,414)
Net Loss $(2,034,100) $(392,478) $(1,641,622)
Weighted Average Number
Of Shares Outstanding 19,603,265 10,401,922 N/A
Per Share Income(Loss) $(0.10) $(0.04) $(0.06)
SOURCE Rentech, Inc.
CO: Rentech, Inc.; Okon, Inc.
ST: Colorado
IN: CHM
SU: ERN
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