Reconciliations of cash available for distribution
to net cash provided by operating activities for both the quarterly and nine-month periods determined in accordance with GAAP are shown below.
Further explanation of EBITDA and Adjusted EBITDA, non-GAAP financial measures, a reconciliation of consolidated forecasted EBITDA and Adjusted EBITDA to net income, and an updated calculation of forecasted cash available for distribution
have been included below in this press release.
Paul Eisman, President and CEO, commented, "We are pleased with our strong results, which resulted in cash available for distribution
Immediately accretive to Cash Available for Distribution
This press release contains forward-looking statements about matters such as: our forecasted cash available for distribution
for the twelve months ending December 31, 2012 and related assumptions (please see Rentech Nitrogen's press release dated May 11, 2012 for further details on the forecast and its underlying assumptions).
In particular, expressed or implied statements concerning the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of the partnership and its subsidiaries, including guidance regarding the partnership's revenue, adjusted EBITDA, cash available for distribution
and distributions, other future actions, conditions or events, such as the projected commercial operation date of projects, future operating results or the ability to generate sales, income or cash flow or to make distributions are forward-looking statements.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 about matters such as: our forecasted cash available for distribution
for the twelve months ended September 30, 2012 and related assumptions (please see pages 69-76 of the Rentech Nitrogen prospectus dated November 3, 2011 as filed pursuant to Rule 424(b)(4) with the Securities and Exchange Commission on November 7, 2011 for further details on the cash forecast and its underlying assumptions) and the outlook for our nitrogen fertilizer businesses in 2012.
Given this visibility into our growth, during the quarter we increased our cash available for distribution
per share CAGR target to 12-15 percent through 2017.
Trust units are entitled to receive 50% of any cash available for distribution
in excess of the Incentive Threshold for the quarter, which for the period from June 1, 2011 through August 31, 2011 was approximately $0.
Paul Eisman, President and CEO, commented, "We are pleased to have generated cash available for distribution
The Company estimates that its cash available for distribution
for the three months ended June 30, 2015 will be in the range of approximately $26.
Regency expects the acquisition of FrontStreet Hugoton's Kansas-Hugoton assets to be immediately accretive to cash available for distribution
, and the deal is expected to be completed later this year.