Rentech announces selected results for Q2 2014

Rentech, the owner and operator of wood fibre processing, wood pellet production and nitrogen
fertiliser manufacturing businesses, has released selected financial results for the three and six months ended June 30 2014.

In a statement, Rentech CEO and president Hunt Ramsbottom commented: 'Our wood fibre businesses continue to grow. Construction of our Canadian wood pellet projects is nearing completion, and we will begin commissioning the plants in the second quarter of this year. Integration of our recently acquired New England Wood Pellet (NEWP) business is going smoothly and it is performing as well as we expected.'

NEWP's revenues were $5.8 million (€4.5 million) from 1 May through 30 June 2014 on deliveries of 28,000 tonnes of wood pellets. Cold weather extended into the spring, causing deliveries of, and prices for, NEWP's wood pellets to be higher in some markets. These factors yielded higher revenues than are typical for that time of the year.

Rentech also revealed that the first revenues of $700,000 for the 'industrial wood pellets' segment were recognised during the second quarter of 2014. During this period, the company acquired and delivered to Ontario Power Generation (OPG) 3,300 tonnes of wood pellets sourced from a third party regional wood pellet producers. These wood pellets supported the commissioning phase of OPG's converted power plant.