Rentech Announces Second Quarter Results
PR Newswire - May 15, 1998 19:04
DENVER, May 15 /PRNewswire/ -- Rentech, Inc. (Nasdaq: RNTK), the
Denver- based holding company and developer and marketer of a patented
and proprietary process for the conversion of gases into valuable liquid
hydrocarbons today announced the results for its Second Quarter and Six
Months ended March 31, 1998.
Rentech realized revenues of $393,182 for the three-month period and
$795,349 for the six months year-to-date. Revenues in the prior year's
Second Quarter were $109,817 and $109,817, respectively, in Fiscal Year
1997. Revenues were directly related to the increased activity of
Rentech's wholly- owned subsidiary, Okon Inc., of Lakewood, Colorado.
Okon Inc. was purchased in March 1997.
Rentech posted a loss of $(529,019) or $0.02 per share for the period and
a loss of $(1,040,067), or $0.04 per share, for the year-to-date. Losses
for the Second Quarter 1997 were $(289,993), or $0.03 per share, and
$(547,533), or $0.05 per share, for Fiscal Year 1997 during the
comparable period. The increase in the losses was due to the
implementation of Rentech's aggressive growth plan over the last year
with the acquisition of Okon, Inc., its continued investments into its
solids-to-liquids and gas-to-liquids technologies, plus its pursuit of
other potential acquisitions, targets and joint-ventures to strengthen
the overall business structure of Rentech.
RENTECH, INC. AND SUBSIDIARY
STATEMENT OF OPERATIONS
SECOND FISCAL QUARTER
ENDING MARCH 31, 1998
1998 1997
TOTAL REVENUE 393,182 109,817
COST OF SALES 197,634 37,811
GROSS PROFIT 195,548 72,006
EXPENSES 693,209 362,076
OTHER INCOME (31,358) 77
NET LOSS (529,019) (289,993)
DIVIDEND REQUIREMENT
ON PREFERRED STOCK 28,110 175,069
Weighted Average Number
of Shares Outstanding 31,008,405 16,152,126
Per Share Income (Loss) (0.02) (0.03)
RENTECH, INC. AND SUBSIDIARY
STATEMENT OF OPERATIONS
SIX MONTHS TO DATE ENDING
MARCH 31,1998
1998 1997
TOTAL REVENUE 795,349 109,817
COST OF SALES 368,834 37,811
GROSS PROFIT 426,515 72,006
EXPENSES 1,362,363 620,910
OTHER INCOME (Loss) (104,219) 1,371
NET LOSS (1,040,067) (547,533)
Weighted Average Number
of Shares Outstanding 30,496,444 15,552,092
Per Share Income (Loss) (0.04) (0.05)
For more information or to receive a Form 10-QSB, please contact Mark
Koenig, Investor Relations, Rentech, Inc. at 303-298-8008.
SOURCE Rentech, Inc.
/CONTACT: Mark Koenig, Investor Relations of Rentech, Inc.,
303-298-8008/
/Web site: gastoliquids.com
10QSB: freeedgar.com |
