Rentech Announces Fiscal 2003 First-Quarter Results
Rentech Inc. (Denver, CO) announced its financial results for the first quarter ended December 31, 2002, and fiscal year ended September 30, 2003. Rentech's revenues were $1,992,212 for the three months ended December 31, 2002, as compared to $2,511,454 for the corresponding quarter in 2001, a decrease of 21 percent.
Though revenues were down for the first quarter of fiscal 2003, Rentech recorded a slight decrease in the loss applicable to its common stock of $1,391,171 or $0.02 per share, during the quarter ended December 31, 2002, as compared to $1,444,003, or $0.02 per share, during the quarter ended December 31, 2001.
Dennis Yakobson, president and CEO of Rentech, stated, "The first quarter of fiscal 2003 was somewhat disappointing for Rentech on a revenue basis, though we were able to flatten our losses from a year ago as a result of actions taken to reduce Rentech's overall operational costs. Additionally, in order to achieve our objectives as planned for fiscal 2003, we have secured commitments through debt and equity securities that we believe will meet all of our expected cash requirements for fiscal 2003.