-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q6NX20/6G70QIsJGeBbysgW18iJTRBfZWzU/vITlXHqZvdUg096chwQag4om2jiu 4ib33kqG4l6TT33o6JGXJA== 0001362310-08-002120.txt : 20080424 0001362310-08-002120.hdr.sgml : 20080424 20080424134440 ACCESSION NUMBER: 0001362310-08-002120 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080424 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080424 DATE AS OF CHANGE: 20080424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TERRA NITROGEN CO L P /DE CENTRAL INDEX KEY: 0000879575 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE CHEMICALS [2870] IRS NUMBER: 731389684 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-43007 FILM NUMBER: 08773948 BUSINESS ADDRESS: STREET 1: TERRA CENTRE 600 FOURTH STREET STREET 2: PO BOX 6000 CITY: SIOUX CITY STATE: IA ZIP: 51102-6000 BUSINESS PHONE: 7122771340 MAIL ADDRESS: STREET 1: TERRA CENTER 600 FOURTH STREET STREET 2: PO BOX 6000 CITY: SIOUX CITY STATE: IA ZIP: 51102-6000 8-K 1 c73064e8vk.htm FORM 8-K Filed by Bowne Pure Compliance
 

 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 24, 2008

TERRA NITROGEN COMPANY, L.P.
(Exact name of registrant as specified in its charter)
         
Delaware   1-10877   73-1389684
(State or other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)
     
Terra Centre
600 Fourth Street, P.O. Box 6000
Sioux City, Iowa
  51102-6000
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (712) 277-1340
 
 
(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 

 

 


 

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 24, 2008, Terra Nitrogen Company, L.P. issued a press release setting forth Terra Nitrogen Company, L.P.’s first quarter 2008 earnings and announcing a cash distribution for the quarter. A copy of the press release is furnished herewith as Exhibit 99.1.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

  (c)  
Exhibits

  99.1  
Press Release issued April 24, 2008 reporting first quarter results and announcing a cash distribution.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

     
  TERRA NITROGEN COMPANY, L.P.
 
By:
Terra Nitrogen GP Inc.
 
Its:
General Partner
 
   
 
/s/ John W. Huey
 
 
 
John W. Huey 
  Vice President, General Counsel and
 
Corporate Secretary 

Date: April 24, 2008

 

 

EX-99.1 2 c73064exv99w1.htm EXHIBIT 99.1 Filed by Bowne Pure Compliance
 

         
(TERRA LOGO)   Exhibit 99.1   Terra Nitrogen Company, L.P.
600 Fourth Street
P.O. Box 6000
Sioux City, IA 51102-6000
www.terraindustries.com
NEWS
     
For immediate release   Contact: Joe A. Ewing
(712) 277-7305
jewing@terraindustries.com
Terra Nitrogen Company, L.P. reports first quarter results;
declares cash distribution
Sioux City, Iowa (April 24, 2008)—Terra Nitrogen Company, L.P. (TNCLP) (NYSE: TNH) today reported net income of $81.6 million ($3.93 per Common Unit) on revenues of $174.5 million for the first quarter ended March 31, 2008. This compares with net income of $35.3 million ($1.87 per Common Unit) on revenues of $128.2 million for the 2007 first quarter.
TNCLP also announced a cash distribution for the quarter ended March 31, 2008, of $4.20 per common limited partnership unit payable May 28, 2008, to holders of record as of May 8, 2008. Cash distributions depend on TNCLP’s earnings, which can be affected by nitrogen selling prices, natural gas costs, seasonal demand factors, production levels and weather, cash requirements for working capital needs, and capital expenditures. Cash distributions per limited partnership unit also vary based on increasing amounts allocable to the General Partner when cumulative distributions exceed targeted levels. Those targeted levels were attained in the 2008 first quarter.
Analysis of results
TNCLP’s first quarter earnings improvement over last year was due to higher nitrogen products selling prices, partially offset by lower sales volumes and higher natural gas costs. Commodity grain prices and U.S. nitrogen demand continued to be strong in the 2008 first quarter, contributing to the improved selling prices. Ammonia sales volumes decreased primarily because cold, wet conditions early in the application season delayed product shipments. From the 2007 to the 2008 first quarter, TNCLP’s:
    Ammonia and UAN selling prices increased by 46 percent and 54 percent, respectively. (Note that Terra previously reported UAN data on a 28% nitrogen basis. Beginning this quarter, we report all UAN data on a 32% nitrogen basis, and have converted all 2007 UAN data for comparison purposes.)
 
    Ammonia sales volumes decreased by 45 percent.
 
    Natural gas unit costs increased by 12 percent.
Forward natural gas position
TNCLP’s forward purchase contracts at March 31, 2008, fixed prices for about 23 percent of its next 12 months’ natural gas requirements at $14.5 million below published forward markets at that date. TNCLP has entered into these forward gas positions to secure margins on nitrogen products sold forward at fixed prices.

 

 


 

About TNCLP
Terra Nitrogen Company, L.P. is a leading manufacturer of nitrogen fertilizer products.
Forward-looking statement
Certain statements in this news release may constitute “forward-looking” statements within the meaning of the Private Litigation Reform Act of 1995. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak only as of the date they were made and TNCLP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Words such as “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” and similar expressions are used to identify these forward-looking statements. These include, among others, statements relating to:
    changes in financial markets,
 
    general economic conditions within the agricultural industry,
 
    competitive factors and price changes (principally, sales prices of nitrogen products and natural gas costs),
 
    changes in product mix,
 
    changes in the seasonality of demand patterns,
 
    changes in weather conditions,
 
    changes in environmental and other government regulation, and
 
    changes in agricultural regulations.
Additional information as to these factors can be found in TNCLP’s 2007 Annual Report/10-K, in the sections entitled “Business,” “Legal Proceedings,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in the Notes to the consolidated financial statements.
# # #
Note:   Terra Nitrogen Company, L.P. news announcements are also available on Terra Industries’ Web site, www.terraindustries.com.
(Tables follow)

 

 


 

Terra Nitrogen Company, L.P.
Condensed Consolidated Statements of Income

(in thousands except per-unit amounts)
(unaudited)
                 
    Three Months Ended  
    March 31,  
    2008     2007  
 
               
Product revenues
  $ 174,253     $ 127,852  
Other income
    279       305  
 
           
 
               
Total revenues
    174,532       128,157  
 
           
 
               
Cost of goods sold
    91,971       90,770  
 
           
 
               
Total gross profit
    82,561       37,387  
 
               
Operating expenses
    3,524       3,178  
Interest expense—net
    (2,559 )     (1,121 )
 
           
 
               
Net income
  $ 81,596     $ 35,330  
 
           
 
               
Net income allocable to Common Units
  $ 72,704     $ 34,624  
 
           
 
               
Earnings per Common Unit
  $ 3.93     $ 1.87  
 
           
Nitrogen Volumes and Prices
Note:   All UAN data for 2008 and 2007 are expressed on a 32% nitrogen basis.
                                 
    2008     2007  
    Sales     Average     Sales     Average  
    Volumes     Unit Price     Volumes     Unit Price  
First quarter   (000 tons)     ($/ton) 1     (000 tons)     ($/ton) 1  
 
                               
Ammonia
    38       519       69       356  
UAN
    502       281       502       182  
Natural Gas Costs/MMBtu2
                 
    Three Months Ended  
    March 31,  
    2008     2007  
 
    7.16       6.39  
     
1.   After deducting outbound freight costs.
 
2.   Including effect of forward natural gas position.

 

 


 

Terra Nitrogen Company, L.P.
Condensed Consolidated Balance Sheets

(in thousands)
(unaudited)
                 
    March 31,  
    2008     2007  
ASSETS
               
Cash and cash equivalents
  $ 248,780     $ 99,820  
Demand deposit with affiliate
    1,012        
Accounts receivable
    28,267       36,009  
Inventories
    38,833       33,665  
Other current assets
    16,338       5,275  
 
           
 
               
Total current assets
    333,230       174,769  
 
               
Property, plant and equipment, net
    69,698       73,234  
Other assets
    19,157       14,408  
 
           
 
               
Total assets
  $ 422,085     $ 262,411  
 
           
 
               
LIABILITIES
               
Accounts payable and accrued liabilities
  $ 43,758     $ 38,048  
Customer prepayments
    154,058       56,586  
 
           
Total current liabilities
    197,816       94,634  
 
               
Other liabilities
    436       495  
 
           
 
               
Total liabilities
    198,252       95,129  
 
               
PARTNERS’ EQUITY
    223,833       167,282  
 
           
 
               
Total liabilities and partners’ equity
  $ 422,085     $ 262,411  
 
           

 

 

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-----END PRIVACY-ENHANCED MESSAGE-----