LSB Industries says El Dorado ammonia plant opening a ‘major milestone’
by August 18, 2016 5:12 pm 346 views
LSB Industries has announced second quarter results this week for the period ending June 30, 2016, reaching “two major milestones,” according to Daniel Greenwell, the company’s president and CEO, one of which includes the new El Dorado, Ark., facility.
“We achieved two major milestones during the second quarter that make us very optimistic about our Company’s future,” Greenwell said. “First, we completed and brought online the new 375,000 tons per year ammonia plant at our El Dorado Facility. With the addition of ammonia production, El Dorado’s financial performance should improve in the second half of 2016 as a result of significantly lower feedstock costs, along with a greater overall volume of ammonia to upgrade to other products and to sell as part of our previously announced ammonia offtake agreement.”
Secondly, Greenwell said, the company closed the sale of its Climate Control Business to NIBE Industrier AB for $364 million allowing the business to deleverage, reduce its overall cost of capital “and focus on improving the financial and operational performance of our Chemical Business.”
Other highlights of the quarterly report include the following:
• Net sales from continuing operations of $110 million;
• Earnings before interest, taxes, deductions and amortization (EBITDA) from continuing operations of $9.6 million; adjusted EBITDA from continuing operations of $11.1 million, including El Dorado ammonia start-up costs of $3.8 million;
• Operating loss from continuing operations of $8.9 million; adjusted operating loss from continuing operations of $3.5 million, including El Dorado ammonia start-up costs of $3.8 million; and
• Net loss from continuing operations applicable to common shareholders of $17.7 million, or $0.70 loss per diluted share; adjusted net loss from continuing operations applicable to common shareholders of $18.3 million, or $0.73 loss per diluted share, including El Dorado ammonia start-up costs of $2.3 million, net of tax.