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Rentech (NASDAQ:RTK)

Q2 2014 Earnings Call

August 07, 2014 6:00 pm ET

Executives

Julie Dawoodjee Cafarella - Vice President of Investor Relations & Communications

D. Hunt Ramsbottom - Chief Executive Officer, President and Executive Director

Dan J. Cohrs - Chief Financial Officer and Executive Vice President

Sean Ebnet - Former Director of New Business

Analysts

Brent R. Rystrom - Feltl and Company, Inc., Research Division

Matthew T. Farwell - Imperial Capital, LLC, Research Division

Lucas Pipes - Brean Capital LLC, Research Division

Matt Niblack

Operator

Welcome to the Rentech Second Quarter 2014 Conference. My name is Eric. I'll be your operator for today's call. [Operator Instructions] I would like to inform all participants, this call is being recorded at the request of Rentech. This broadcast is copyrighted, property of Rentech. Any rebroadcast of this information, in whole or in part, without the prior written permission of Rentech is prohibited.

I will now turn the call over to Julie Cafarella, Vice President of Investor Relations. Julie Cafarella, you may begin.

Julie Dawoodjee Cafarella

As you've read in our press release today, we reported selected financial results along with our operating data for the 3 and 6 months ended June 30, 2014. It is very unusual for us not to report our complete financial results, but we wanted to give you as much information as possible while we work to finalize goodwill impairment related to the Pasadena Facility. We currently expect to file our Form 10-Q on schedule on Monday, with complete financial statements for the period.

During today's call, Hunt Ramsbottom, President and CEO of Rentech, will summarize our activities. Dan Cohrs, our Chief Financial Officer, will give a financial review of the period. Also in the room with us today is Sean Ebnet, Senior Vice President of our Wood Fiber Business. The team will be available for questions at the end of our prepared remarks.

Please be advised that certain information discussed on this conference call will contain forward-looking statements. They can be identified by the use of terms such as may, will, expect, believe and other comparable terms. You are cautioned that, while forward-looking statements reflect our good faith, belief and best judgment based upon current information, they are not guarantees of future performance. They're subject to known and unknown risks and uncertainties and risk factors. We detail these factors from time to time in the company's periodic reports and registration statements filed with the Securities and Exchange Commission.

The forward-looking statements on this call are made as of August 7, 2014. Rentech does not revise or update these forward-looking statements, except to the extent that it is required to do so under applicable laws.

Today's presentation also includes various non-GAAP financial measures. The disclosures related to these non-GAAP measures, including reconciliations to the most directly comparable GAAP financial measures, are included in our 2014 second quarter earnings press release. You can find the release on our website.

Now I'll turn the call over to Hunt.

D. Hunt Ramsbottom

Thanks, Julie. Recent strikes in the fertilizer markets have been positive for our East Dubuque facility, but it has created significant challenges for our Pasadena plant by raising the cost of the inputs. Because of this, we're developing a restructuring plan to improve profitability in Pasadena. We have a longer term plan to create value in Pasadena through terminalling. I'll discuss that in more detail later, but first I want to focus on our fiber business.

Over the past year, our fiber business has grown significantly, most recently with the addition of New England Wood Pellet. The integration of that business is going very well and very happy with the team and the acquisition. We are pursuing a number of new projects and acquisition opportunities in the pellet and the chipping businesses to complement our existing fiber assets. I don't have anything specific to announce today, but we are getting close on several fronts. I want to remind you that the global fiber market we're targeting is about $15 billion in revenues annually and potentially growing to $25 billion by 2020. We feel we're well positioned to capture market share to become a global leader in that business. Each business line has identified projects to grow organically and through targeted acquisitions. I'm pleased to say that the pellet plants we're constructing in Canada are progressing on schedule and on budget as the team continues to execute both projects simultaneously, self managed. The Atikokan facility is nearly complete and we'll begin start up and commissioning very soon. We expect to begin producing pellets this summer right on schedule. We are using sustainable fiber at the plant, and we recently received the FSC Chain of Custody Certification. This certification demonstrates responsible forest management practices within our fiber supply chain. This certification is important to us as a company and to our customers and stakeholders.

And we're in the final stages of construction in our Wawa facility. We have assembled the first of the 2 large Fulghum log trains in the wood yard. We began harvesting the first block of Crown timber, and we're receiving daily deliveries of logs ahead of that plant start-up. We expect to begin commissioning of the plant this fall and start producing pellets in the fourth quarter of this year.

I'm also pleased with our safety record in Canada. We've had 0 recordable incidents at both plants since the start of construction last year.

The ability to transport the wood pellets once they're produced is, of course, crucial. I'm pleased to report that our progress at the port of Québec is also on schedule. The port will be equipped to meet our first expected ship loaded pellets to Drax in the fourth quarter of 2014. Our terminal in Québec will be the largest bulk terminal in Eastern Canada. The pellet storage and infrastructure was built exclusively for Rentech and can handle over 1 million metric tons of pellets annually. We're advancing opportunities to leverage the economies of scale at this port as we expand our presence in Eastern Canada through relationships with local governments, forestry companies and European Customers.

We're also evaluating acquisition opportunities to expand our market share in the U.S. heating market. We see the domestic heating industry poised for consolidation, and we're prepared to capitalize on these opportunities with our team at New England Wood Pellet.

At Fulghum Fibres, construction is underway at our pack Mill in Concepcion, Chile. We're expanding processing capacity at that mill to fulfill additional demand from Astex, which is a subsidiary of Mitsubishi. The project's return is expected to be in the high teens based on the guaranteed minimum volumes on the new long-term agreement with Astex.

Now let's focus on the nitrogen business. Both of our plants operated very well during the quarter, although we did see some margin compression from last year's second quarter. And margin demand in the quarter was strong. Second quarter ammonia shipments where the highest they've been in the past 10 years, reflecting both strong demand and increased production following our recent expansion. Weather and soil conditions in the upper Corn Belt are optimal for ammonia applications, so the farmers in the region made it the preferred nitrogen product. With the strength of the ammonia demand, our second quarter deliveries were weighted toward that product. We had good demand for UAN as well. UAN volume for the first half of the year were the highest it's been in 3 years. Strong ammonia demand and tight inventories helped ammonia prices stay very firm during the quarter. UAN prices were also solid, thanks to seasonal demand.

Domestic demand for AS was also strong during the quarter. However, the shortage of rail cars restricted our shipments to inland train warehouses in Nebraska, Montana and also the Dakotas. Because our Pasadena plant has access to multiple transportation modes, we're able to use barge to truck transport through our river warehouses to partially compensate for sending fewer shipments by rail. Tight inventories caused by transportation disruptions led to better-than-expected domestic prices. However, international prices were softer than we had expected. We believe that the soft global urea market, which existed earlier in the year, has continued to weigh on AS values even though urea itself rallied during the quarter. Additional Chinese and AS production also depressed international prices. So what we did was curtail AS production in the second quarter to manage inventory levels of the rail shortage -- because of the rail shortage and because of the reduced low-margin sales into South America, specifically Brazil. So because of that, we are forecasting the '14 EBITDA of approximately $100 million from East Dubuque facility. And this is a considerable improvement over last year's EBITDA of $85 million of that facility. Our guidance does reflect at East Dubuque a third quarter outage for repair of the leaking tubes in the waste heat boiler within that plant.

Turning to Pasadena Facility. It did have great operating performance from the past quarter. Market conditions are causing persistent margin pressure affecting the plant's profitability. Since we provided '14 guidance in May, expected margins for Pasadena have, in fact, declined. Prices for ammonium sulfur, key inputs for AS have remained high. Global ammonia supplies are tight due to production issues in Egypt, Algeria, Trinidad, Qatar, as well as political issues in Libya and the Ukraine. These factors have led us to increase our forecast for both ammonia prices at 15% and sulfur prices by approximately 30% for the second half of 2014. We do expect to produce 8% less AS in the second half of the year than previously forecasted because current margins simply don't support international sales to these locations at lower prices. These factors have led us to revise our forecast for '14 for the Pasadena Facility to an EBITDA loss of approximately $10 million.

So in response to these recent developments, we are developing a restructuring plan that will generate positive EBITDA even in this current pricing environment for Pasadena's key commodities were not to improve from today's levels. We expect to implement the plan in the fourth quarter of this year. We've also engaged an advisory firm to help us evaluate terminalling proposals that we have been receiving over the last few months, as well as other opportunities to maximize the value of the site that we have on the Houston Ship Channel. We believe this longer-term plan will create significant value on that site for our unitholders.

I'll now turn it over to Dan.

Dan J. Cohrs

Strong ammonia prices have helped our results and our forecast for the East Dubuque facility, but that same strength is causing Pasadena to struggle. Ammonia and sulfur are the key inputs for making AS and the prices of both of those commodities have increased from earlier this year, remaining higher than we expected. 2014 has departed from historical patterns as AS -- market prices of AS have not kept pace with input prices to maintain our product margins. The reason -- further compression of these margins is leading us to revise our outlook, further impair the goodwill related to the plant and develop the restructured operating plan that Hunt just outlined. We've determined that it will be necessary to further impair the goodwill related to the Pasadena plant in this quarter. We're nearing completion of the work on this impairment, which includes a review of the impairment from last year's third quarter. We expect the impairment to be up to the full remaining amount of goodwill, about $27 million. The new impairment is due to 3 factors: we reduced our forecasted cash flows, as we discussed; the discount rate used to value those cash flows has increased; and we've invested more tangible capital as we complete our cogen plant and sulphuric acid converter. As a result of the continuing work on the impairment, today we've reported only selected financial results. We'll report our complete financial results upon conclusion of that work.

Turning to the second quarter, we saw good demand for our nitrogen products this spring, with much better weather than we had last year. Our plant expansions gave us more product to deliver due to the strong demand. Nevertheless, product prices did not keep pace with input prices, causing margins to decline.

Our wood fiber business saw contributions from New England Wood Pellet, which we didn't own in the second quarter of last year. All of the results that I'll be discussing are before giving effect to the impairment of goodwill on Pasadena that we expect.

Consolidated revenues for the quarter were up 16% to about $140 million. We saw a revenues at Rentech Nitrogen up 9% from last year's second quarter as we detailed on the call and that press release.

Fulghum revenues increased from $16 million to $20 million, although the bulk of that increase is due to the fact that we owned Fulghum for the full 3 months of this quarter compared to 2 months of ownership last year.

In the Wood Pellet segment, we recorded our first revenue by shipping pellets to OPG that we had acquired from a third party so that we could deliver them to OPG for their commissioning activities. New England Wood Pellet reported $5.8 million of revenue in the 2 months that we owned them this year.

Looking at gross margins. We saw Rentech Nitrogen's gross margins drop quarter-over-quarter. Consolidated Rentech Nitrogen margins were 38% last year down to 25% this year as prices were down for our products across the board and increases in gas prices also hurt our margins in East Dubuque.

Fulghum's gross profit margin showed a decline from the second quarter of last year as well, primarily because we had lower processing volumes due to customer outages, and the fire in the Woodland Maine plant. In recovering from that fire, we incurred some additional processing costs as our team did a great job of keeping product flowing for the customer, but at some higher cost of delivering the chips that we were able to deliver.

New England Wood Pellet's gross profit margin was 19% for the quarter, right on track with what we expected at the time we did the acquisition. Consolidated SG&A was up about $4.8 million from the second quarter of last year. Rentech Nitrogen was essentially flat and that implies some increases in the fiber and corporate SG&A. There are several factors that are included in the Q2 results that will be expected to lower our consolidated EBITDA for the full year. Specifically, we incurred about $1.5 million in incremental unallocated SG&A at corporate. Most of that was due to transaction expenses related to the acquisition of New England Wood Pellet, cost of reaching settlements with shareholders and costs for consulting studies that were commissioned by the board and the finance committee, including reviews of our cost structure. Fulghum has incurred about $2 million of increased operating and maintenance cost, partly due to the fire at our mill in Maine. We also took advantage of some downtime at our customers' mills to complete maintenance projects which added to maintenance costs. We expect additional insurance proceeds to offset some of the increased cost in Maine. SG&A expenses at our pellet mills under construction in Canada have increased as those projects near completion. A number of the biggest items affecting SG&A would be booked as cost of sales if the plants were operating. These include expenses for rail cars, which have been delivered already, hiring of employees for the plants in advance of production and certain costs directly related to construction that we must expense rather than capitalize. These items will cause SG&A related to these mills to be about $2.5 million higher than we previously expected. Total project cost remain on budget.

The sale of our energy technologies is progressing, and we expect to close this year. We received the approval of CFIUS, the only required U.S. approval. The Chinese regulatory review process is taking longer than expected. That's likely to increase our carrying cost for energy technologies by about $1.5 million.

We recorded consolidated adjusted EBITDA of $34.5 million for the quarter that's before the goodwill impairment that we expect to record. And we ended the quarter with $54 million of cash at Rentech, that is excluding the $20 million of cash at Rentech Nitrogen.

As of June 30, approximately $21 million remain to be spent this year on our 2 Canadian pellet projects. For the first 6 months of the year, we spent $45.2 million on both projects. This would lead us to hit our expected total cost for acquisition and construction of about $90 million for both projects.

After the quarter ended, Rentech Nitrogen secured $50 million revolving credit facility to fund growth projects and if needed to use for general partnership purposes. Fulghum Fibres Chile is funding its expansion projects through local short-term construction financing that will be converted to local long-term debt as each project is completed. We're very confident of our growth plan in the fiber business, with a lot of activity that can lead to more scale in that business.

At Rentech Nitrogen, trends in the international markets for our commodities drive story for this quarter and the year. High gas prices and restricted ammonia supplies in Europe and Africa have helped ammonia prices and East Dubuque, although higher U.S. gas prices have eroded some of that benefit. Chinese exports of both urea and AS have prevented AS prices from keeping pace with input prices. So we have not been able to pass through the increases in input cost, which is a very unusual pattern. Unusual or not, we can't wait for commodity prices to improve. That's why we are developing a plan to implement in the fourth quarter that we would expect to make Pasadena's EBITDA positive even in an unfavorable market environment like today's. This plan would also maintain the option to profit from positive developments in our commodity markets in the future. We also believe we can create value on the site in Pasadena, as we begin producing power with our new cogeneration project and develop the proposal for terminals into real assets. Let's open the lines so we can answer your questions.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question comes from Brent Rystrom with Feltl.

Brent R. Rystrom - Feltl and Company, Inc., Research Division

Just a couple of quick questions. The -- just making sure I understand this. The Atikokan plant will go online in the third quarter if it's going to be online this summer practically. Will you have revenue from Ontario Power Group in the third quarter?

D. Hunt Ramsbottom

From -- yes, we will.

Brent R. Rystrom - Feltl and Company, Inc., Research Division

All right. And then, from a simplistic perspective, you had mentioned a shipload will be sent to Drax in the fourth quarter. You anticipate that. How big is the shipload? How many tons?

D. Hunt Ramsbottom

We have a backtrack on the Ontario Power. We actually have revenue at Ontario Power currently.

Brent R. Rystrom - Feltl and Company, Inc., Research Division

I'm sorry, just to clarify then, Hunt. From your production, will you have revenue from Ontario Power Group in the third quarter?

D. Hunt Ramsbottom

Yes.

Brent R. Rystrom - Feltl and Company, Inc., Research Division

And then how big is the shipload? You had mentioned that you have a shipload that will go to Drax in that fourth quarter.

D. Hunt Ramsbottom

Right. It's up to Drax to determine the vessel that they're going to be sending. It could be anything from a handy size to super handy max. So I think we anticipate something in the handy max size class which will probably be around 40,000 to 50,000 tons.

Brent R. Rystrom - Feltl and Company, Inc., Research Division

Okay. And to supply that, will that be in production pretty much just out of Atikokan or will that include production from Wawa as well?

D. Hunt Ramsbottom

We -- our schedule says that, that will include the production from Wawa with some additional volumes that may come also from Atikokan.

Operator

The next question comes from Matt Farwell with Imperial Capital.

Matthew T. Farwell - Imperial Capital, LLC, Research Division

Some news out in the U.K. on Drax and the subsidy appeal. Are you seeing any delay in Drax's ability or willingness to sign new contracts? Can you just kind of give us an idea of how that may affect the business? Or obviously, there are other potential customers in the U.K. that you're looking at and then obviously other countries. So I just wanted to raise this issue.

D. Hunt Ramsbottom

Yes. Matt, it's Hunt. Right now, we're continuing a strong relationship with Drax and obviously that's a disappointment to them. And I think you have to defer some -- I'll have to defer some questions to them where they are. But as far as we're concerned, it doesn't affect our current supply nor does it seem to affect some other conversations we're having to continued growth with them. My personal view, and I don't think that's changed, is Drax is committed to this program, and will continue to pursue it. And I don't know, Sean, if you want to add any further color to that?

Sean Ebnet

No, I think that's right.

D. Hunt Ramsbottom

Okay, great.

Matthew T. Farwell - Imperial Capital, LLC, Research Division

Is there any rationale for the U.K. government to reject the contract for deference at that particular unit?

Dan J. Cohrs

I think that's really a question better answered by Drax.

D. Hunt Ramsbottom

It's hard to say what's going on there for us. But I think it's -- I think from our purposes, which we have to look after right now, I think the business is going forward, and we're still planning ahead.

Matthew T. Farwell - Imperial Capital, LLC, Research Division

Okay. Now you mentioned something about energy technologies earlier, the Chinese regulatory review. Could you just give us an idea where those expenses stand?

D. Hunt Ramsbottom

Yes. So right now, as Dan mentioned, we did receive CFIUS review. We also did receive Chinese ruling from the Natural Reform and Development Commission and the Department of Commerce, which is the lower level in China, but it is going through the process. We are encouraged because we are getting signals again from those departments National Reform and Development Commission and the Department of Commerce. So it's just taking time but I will say it's progressing through the right channels for closure.

Matthew T. Farwell - Imperial Capital, LLC, Research Division

Okay. And then on the CapEx, remaining CapEx at wood pellet, can you just update us on what has been spent thus far and what the budget is?

Dan J. Cohrs

Yes. Matt, that was actually in the script that I just read. The budget for the Atikokan and Wawa project for acquisition and construction is $90 million, and we have $21 million left to spend this year as of June 30.

Matthew T. Farwell - Imperial Capital, LLC, Research Division

Okay. And then anything remaining until '15?

Dan J. Cohrs

No. Well, there may be a little bit that slips over, I suppose, on Wawa. But those plants will be completed this year, so there should be very little, if anything, that slides into '15.

Matthew T. Farwell - Imperial Capital, LLC, Research Division

Okay. And then I guess there's a little bit of weakness at Fulghum Fibre this quarter. I think we had originally thought about that as sort of I guess a $17 million to $20 million EBITDA business. It sounds like we're going to be coming in at the low end this year. Is that fair to say?

D. Hunt Ramsbottom

As Dan mentioned, we had the outage up in Maine and we had customer outage that we took advantage of some maintenance this year, deferred maintenance that we took advantage of. So it's hard to say where we're going to end up at the end of the year. We could make some that up. Volumes are now tracking. So we prefer not to predict where we're going to end up at the end of the year. Again, these are onetime.

Operator

The next question comes from Lucas Pipes with Brean Capital.

Lucas Pipes - Brean Capital LLC, Research Division

My first question is on your previous stated goals of that roughly $55 million EBITDA run rate in the fourth quarter next year, again, on an annualized basis. But could you maybe breakdown in terms of what you're targeting from your various segments to contribute to that run rate in the wood fiber business?

Dan J. Cohrs

Yes. Lucas, what we have there was -- this is the guidance that we put out in terms of what we see the run rate for the fiber business later this year as the Atikokan and Wawa projects are fully operating. Actually, I should say next year it's they're fully operating really once they're fully ramped up. We had approximately $20 million for Fulghum Fibres. And of course, we just talked about the fact that we're trying to recover from a little bit of increased expenses there. But at the time we issued that guidance of $55 million, we had $20 million for Fulghum Fibres. We had approximately $18 million for the Canadian projects in U.S. dollars, and then we would have our guidance of about $7.5 million for New England Wood Pellet. And then the balance would be made up by an additional project that we've not yet announced.

Lucas Pipes - Brean Capital LLC, Research Division

That's helpful. And in terms of the sustaining capital that it would have to be a fight against that level of EBITDA, could you maybe also provide a similar breakdown?

Dan J. Cohrs

I'm sorry, you were really breaking up. You're asking about how much capital?

Lucas Pipes - Brean Capital LLC, Research Division

Yes. What would be the sustaining capital for these various units that you just walked me through?

Dan J. Cohrs

You mean ongoing maintenance capital?

Lucas Pipes - Brean Capital LLC, Research Division

That's correct.

Dan J. Cohrs

Yes, it's very low. These businesses tend to operate with very low maintenance CapEx. Most of the maintenance runs through the P&L. And so for typically these things -- I mean, we're not going to put out a precise forecast, but you can think of a number like $1 million or $2 million for most of those major categories that I just gave you.

Lucas Pipes - Brean Capital LLC, Research Division

So essentially, $1 million to $2 million per segment?

Dan J. Cohrs

Yes.

Operator

And our final question comes from Matt Niblack with Hite Hedge.

Matt Niblack

So a couple of questions on the wood fibers business. So in terms of these international outages that your customers had, do you have a sense of the operating history of your customers and how frequently this has occurred historically? And is this really an anomaly?

D. Hunt Ramsbottom

Sure. Sean, why don't you...

Sean Ebnet

Yes. So the outages we referred to are actually domestic, some of our pulp paper customers in the U.S. market. These are routine outages, but sometimes it would take a little bit longer to get back online. And so if we're looking at a extended outage of additional week or so, then we would look at our maintenance schedule, what deferred maintenance can we address now while they're down. So it gives us a better performance run going forward. That's what we've done for the U.S. mills that we're referring to.

Matt Niblack

Okay. And then you also highlighted earlier some additional G&A expense, some of which would be ultimately in cost of goods sold. And is that -- do we think of that as additional run rate expense or this is just additional expense that's occurred earlier during the start-up phase? How do we think about that?

D. Hunt Ramsbottom

Oh, so you're talking about the actual pellet mills? You ship it from Fulghum to the pellet mills?

Matt Niblack

Yes.

D. Hunt Ramsbottom

Yes. No that -- those are -- we call it onetime items that are happening because we have not yet commissioned the plants. So there are a number of expenses that normally if the plant weren't already operating you could capitalize that we have to expense. There are, like we mentioned, rail car expenses that currently are running through SG&A and the cost of hiring some of the employees for the plants who are actually operating employees, but until the plants are operating they still run through SG&A, things like that.

Matt Niblack

Well, to clarify, you said that it was higher than you expected. Does that translate to a higher either cost of goods sold or higher SG&A on a run rate basis or is it just that the expenses -- these are expenses that were realized further ahead of startup than you had expected? That's what I'm trying to get at.

D. Hunt Ramsbottom

The -- that would be onetime type items, not continuing items. So for example, on the employees we're at our expected staffing levels, but we are hiring people a little sooner than we expected or planned for in some of our previous budgeting guidance. Same with delivery of rail cars when we negotiated the final contracts, we had some delivery dates are a little earlier than we had earlier forecasted and budgeted for. So a lot of it is just timing of when these expenses are hitting. We do not expect these to affect our ongoing expense rates.

Operator

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

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