Rentech announced results for the fourth quarter and full year ended December 31, 2015. Q4 consolidated revenues were $68.9 million, compared to $73.9 million in the prior year period.
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Consolidated revenues for 2015 were $295.8 million, compared to $269.2 million in 2014.
Gross profit for the fourth quarter of 2015 was $3.7 million, compared to $3.4 million in the prior year period. Gross profit for 2015 was $22.6 million, compared to $4.9 million in 2014.
Consolidated Adjusted EBITDA for the fourth quarter of 2015 was $10.6 million, compared to $3.9 million in the prior year period.
Consolidated Adjusted EBITDA for 2015 was $87.6 million, compared to $36.1 million in 2014. Further explanation of Adjusted EBITDA, a non-GAAP financial measure, as used here and throughout this press release, appears below.
Fulghum recorded asset impairment charges totaling $10.6 million and $11.3 million in the fourth quarter and full year of 2015, respectively.
Rentech Nitrogen recorded asset impairment charges for the Pasadena Facility of $26.3 million and $160.6 million in the fourth quarter and full year of 2015, respectively.
Rentech Nitrogen recorded an impairment to goodwill for the Pasadena Facility of $27.2 million in 2014. In the fourth quarter of 2014, Rentech Nitrogen reached a $5.6 million settlement with Agrifos relating to the Pasadena Facility.
Net loss attributable to Rentech common shareholders for the fourth quarter of 2015 was $37.2 million, or a loss of $1.62 per basic share, compared to net income of $3.5 million, or $0.14 per basic share, for the same period last year.
Net loss attributable to Rentech common shareholders for the fourth quarter of 2015 was $10.9 million, or a loss of $0.48 per basic share, excluding asset impairments. This compares to a net loss of $14.3 million, or a loss of $0.61 per basic share, excluding the gain on sale of alternative energy assets and the Agrifos settlement, for 2014.
Net loss attributable to Rentech common shareholders for 2015 was $119.9 million, or a loss of $5.22 per basic share, compared to a net loss of $35.9 million, or a loss of $1.57 per basic share, for 2014.
Net loss attributable to Rentech common shareholders for 2015 was $12.8 million, or $0.56 per basic share, excluding the asset impairments.
This compares to a net loss of $37.5 million, or a loss of $1.64 per basic share, excluding the Pasadena goodwill impairment, gain on sale of alternative energy assets, and the Agrifos settlement, for 2014. ■