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Fourth Quarter and Full-Year Results
Revenues for the 2009 fourth quarter totaled $98.1 million, compared to revenues of $225.2 million for the 2008 fourth quarter. This decline was due to lower ammonia and urea ammonium nitrate (UAN) selling prices and lower ammonia sales volumes, partially offset by higher UAN sales volumes. The lower nitrogen selling prices resulted from continuing weaker global nitrogen markets. Ammonia sales volumes were lower primarily due to a late harvest, which impacted the timing of fall ammonia application. UAN sales volumes increased in the 2009 versus the 2008 period as TNCLP saw customer restocking activity improve through the quarter.
Ammonia and UAN selling prices decreased by 59 and 61 percent, respectively.
Ammonia sales volumes decreased by 25 percent and UAN sales volumes increased by 11 percent.
Natural gas unit costs decreased by 58 percent.
Revenues for 2009 totaled $507.7 million, compared to revenues of $903.0 million for 2008. This decline was due to lower ammonia and UAN selling prices and lower UAN sales volumes. Nitrogen selling prices were affected throughout the year by weakened demand due to the general economic slowdown. The lower UAN sales volumes were due primarily to buyer caution about pricing trends, as customers sought to avoid repeating the 2008/2009 fertilizer, when many were caught with high-cost inventory as nitrogen selling prices rapidly dropped due to the economic crisis.
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The following information was filed by Terra Nitrogen Co L P De (TNH) on Thursday, February 18, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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