Rentech Inc. (Denver, CO) announced its financial results for the second quarter and six months ended March 31, 2005. Company revenues from continuing operations increased to $3,611,835 and $1,842,110 for the six and three months ended March 31, 2005, as compared to $2,403,163 and $1,256,845 for the six and three months ended March 31, 2004, an increase of 50% and 46.6% for the six and three month periods.
General and administrative expenses were $4,096,241 and $5,389,616 during the three and six months ended March 31, 2005, up $2,654,204 and $2,602,000 from the three and six months ended March 31, 2004, when these expenses were $1,442,037 and $2,787,616. The company expensed $1,657,611 of abandoned acquisition costs and $901,846 of abandoned debt issue costs during the three months ended March 31, 2005. Not including those one-time charges, general and administrative expenses increased only $94,747 and $42,543 during the three and six months ended March 31, 2005.
For the three and six months ended March 31, 2005, Rentech experienced a net loss from continuing operations of $5,036,821 and $7,169,800, or $0.054 and $0.078 per share, compared to a net loss from continuing operations of $1,575,038 and $3,232,503, or $0.018 and $0.039 per share, during the three and six months ended March 31, 2004. The increase of $3,461,783 and $3,937,297 for the three and six months ended March 31, 2005, resulted from an increase in loss from operations of $2,506,312 and $2,449,057, and an increase in total other expenses of $1,181,581 and $1,643,804.
For the three and six months ended March 31 2005, the company experienced net gain from discontinued operations of $380,084 and $261,498. This compares to losses of $100,341 and $360,519 for the same period in fiscal 2004.
