Reuters logo
BRIEF-Rentech Q4 revenue $40.4 million versus $37.3 million
March 16, 2017 / 2:28 PM / in 7 months

BRIEF-Rentech Q4 revenue $40.4 million versus $37.3 million

March 16 (Reuters) - Rentech Inc

* Rentech announces preliminary selected unaudited results for fourth quarter and full year 2016

* Q4 revenue $40.4 million versus $37.3 million

* Company also provided an update on its cost savings initiatives and liquidity

* Rentech is completing its review of accounting for impairments and its tax provision

* Rentech Inc - may have costs associated with idling Wawa facility and other events could arise that could increase our liquidity needs in 2017

* Rentech - may also need additional liquidity to fund corporate activities through Q1 of 2018

* Rentech - expects to report in 10-K substantial doubt about our ability to continue as a going concern over next twelve months through March 2018

* Rentech - now expect to achieve total consolidated annual SG&A expense savings of about $20 million, up from prior guidance of $12 to $15 million

* Rentech - expect to achieve additional savings of approximately $6.5 million in 2017, excluding reorganization and transaction costs

* Rentech - expects impairments, which are non-cash items, related to its Canadian pellet plants of $110 to $120 million

* Rentech - company is still assessing impairments related to its Fulghum business

* Rentech - in addition, co expects asset impairment relating to 2 mills for which a customer has indicated its intent to exercise its purchase option

* Rentech - gross loss from continuing operations for Q4 of 2016 was $4.2 million, compared to gross profit of $2.9 million in prior year period Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below