Rentech Announces Third Quarter Results
August 13, 1998 11:31 AM
DENVER, Aug. 13 /PRNewswire/ -- Rentech, Inc. 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 Third Quarter and Nine Months ended June 30, 1998.
Rentech realized revenues of $586,451 for the three-month period and $1,381,800 for the nine months year-to-date. Revenues in the prior year's Third Quarter were $608,432 and $718,249 respectively, in Fiscal Year 1997. Revenues were directly related to the activity of Rentech's wholly-owned subsidiary, Okon Inc., of Lakewood, Colorado. Okon Inc. was purchased in March 1997.
Rentech posted a loss of $(818,055) or 0.024 per share for the period and a loss of $(2,086,233), or 0.074 per share, for the year-to-date. Losses for the Third Quarter 1997 were $(567,194), or 0.034 per share, and $(1,289,796), or 0.084 per share, for Fiscal Year 1997 during the comparable period. The increase in the losses was due to the continued implementation of Rentech's aggressive growth plan, 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 over all business structure of Rentech.
For the Third Quarter of 1998, $425,062 of the loss is attributed to the write off of dividend requirements on preferred stock issuances as well as $653,172 under the same designation for the nine month period of 1998 as dictated by Accounting Rule FASB 123.
RENTECH INC. AND SUBSIDIARY
Statement of Operations
Nine Months to Date Ending
June 30, 1998
(Unaudited)
1998 1997
Total Revenue 1,381,800 718,249
Cost of Sales 627,290 340,526
Gross Profit 754,510 377,723
Expenses 2,095,456 1,018,044
Other Income (use) (92,115) (4,831)
Net Loss (1,433,061) (645,152)
Dividend Requirement on Preferred Stock 653,172 644,644
Loss Applicable to Common Stock (2,086,233) (1,289,796)
Weighted Average Number of Shares
Outstanding 31,795,381 15,613,269
Per Share Income (Loss) $(.07) $(.08)
RENTECH INC. AND SUBSIDIARY
Statement of Operations
Third Fiscal Quarter
June 30, 1998
(Unaudited)
1998 1997
Total Revenue 586,451 608,432
Cost of Sales 258,456 302,715
Gross Profit 327,995 305,717
Expenses 733,093 397,134
Other Income (use) 12,105 (6,202)
Net Loss (392,993) (97,619)
Dividend Requirement on Preferred Stock 425,062 469,575
Loss Applicable to Common Stock (818,055) (567,194)
Weighted Average Number of Shares
Outstanding 34,294,355 19,323,453
Per Share Income (Loss) $(.02) $(.03)
SOURCE Rentech, Inc. |
