CORAL SPRINGS, Florida, August 11, 2015 /PRNewswire/ --
The Basic Materials economic sector consisting of companies engaged in the extraction and primary refinement of chemicals, metals, nonmetallic and construction materials & tool applications were active yesterday as financials were released with second quarter results. Leading basic materials companies to note with recent filings and /or developments are MagneGas Corporation (NASDAQ: MNGA), TETRA Technologies, Inc. (NYSE: TTI), Magnum Hunter Resources Corporation (NYSE: MHR), Denbury Resources Inc. (NYSE: DNR), Rentech Nitrogen Partners, L.P. (NYSE: RNF) and Airgas, Inc. (NYSE: ARG)
MagneGas Corporation (NASDAQ: MNGA), a technology company that counts among its inventions a patented process that converts liquid waste into MagneGas® fuel, today announced financial results for the second quarter ending June 30, 2015.
Financial Highlights - June 30, 2015
• Revenues for the three month period ended June 30, 2015 increased 228% over the same period 2014 and were $584,445 and $178,330, respectively;
• Revenue for three month period ended June 30, 2015 increased 7% over March 31, 2015 to $584,445 and $545,648 respectively;
• Gross margins increased 623 basis points to 36% from 30% for the three month period ending June 30, 2015 versus June 30, 2014;
• Operating expenses (excluding non-cash items) decreased 6% for the three month period ended June 30, 2015 versus March 31, 2015 to $1,720,441 from $1,822,961;
• The Company had an ending cash balance of $4,038,190 on June 30, 2015.
See the Full MNGA Financial Report at http://www.financialnewsmedia.com/profiles/mnga.html
Ermanno Santilli, Chief Executive Officer of MagneGas stated, "We continue to make progress and remain on target to increase revenues and improve profitability for the second half of the year. Revenue for the three months ending in June 30, 2015 more than tripled to $584,445 in the second quarter versus the same period last year. We have launched an aggressive sales campaign for our new MagneGas2 fuel and have added marquee customers to our existing and growing customer base. In May, we were pleased to announce that after months of testing, the US Navy placed their first order of MagneGas2 fuel. In various customer and independent tests, MagneGas2® has repeatedly been commended for its ability to cut faster than acetylene as well as for its overall safety advantages due to its lighter than air characteristics, reduced slag and reduced oxygen consumption. At the end of July, we announced a major waste to energy company has placed multiple fuel orders of MagneGas® for metal cutting. MagneGas® will be used as a replacement to acetylene for repairs and demolition. This is another great example of the execution on our strategy to attract marquee customers that can have a significant impact on revenue as our product rolls out to multiple locations. We continue to add to our growing customer base and in the past month we have announced that several other prominent companies made the switch from Acetylene to MagneGas2 such as AB&I Foundry, LB Construction and others. The addition of these high profile customers validates our technology and supports our industry recognition as a safer and more efficient alternative to acetylene."
In other Basic Materials financial reporting and news developments: TETRA Technologies, Inc. (NYSE: TTI) announced last Friday second quarter 2015 earnings per share of $0.16, excluding Maritech and other charges, which compares to earnings of $0.10 per share in the second quarter of 2014, also excluding Maritech and other charges. Second quarter 2015 revenue excluding Maritech of $315.9 million increased 31% from the second quarter of 2014 primarily as a result of the acquisition of Compressor Systems, Inc. ("CSI") on August 4, 2014 by CSI Compressco LP. Consolidated GAAP second quarter 2015 earnings per share attributable to TETRA stockholders including Maritech and other charges were earnings of $0.19, which compares to a loss of $(0.03) in the second quarter of 2014. Read the full report at http://finance.yahoo.com/news/tetra-technologies-inc-announces-second-113000384.html
Magnum Hunter Resources Corporation (NYSE: MHR) also announced Friday financial and operating results for the three and six months ended June 30, 2015. The Company plans to file its Form 10-Q for the quarter ended June 30, 2015 with the Securities and Exchange Commission later today, Friday, August 7, 2015. Find the full financial reporting at http://finance.yahoo.com/news/magnum-hunter-resources-reports-second-110000334.html
Denbury Resources Inc. (NYSE: DNR) announced its financials last week including adjusted net income(1) (a non-GAAP measure) of $47 million for the second quarter of 2015, or $0.13(1)(2) per diluted share. On a GAAP basis, the Company recorded a net loss of $1.1 billion, or $3.28 per diluted share, on quarterly revenues of $374 million. Adjusted net income(1) for the second quarter of 2015 differs from GAAP net income due to the exclusion of (1) a $1.7 billion ($1.1 billion after tax) write-down of oil and natural gas properties, (2) a $173 million ($107 million after tax) loss on noncash fair value adjustments on commodity derivatives(1) (a non-GAAP measure), and (3) a $31 million income tax valuation allowance.
Rentech Nitrogen Partners, L.P. (NYSE: RNF) and CVR Partners, LP (UAN) announced Monday the execution of a definitive merger agreement under which CVR Partners will acquire all outstanding units of Rentech Nitrogen. The combination excludes Rentech Nitrogen's Pasadena facility, which will be retained by current holders of Rentech Nitrogen, or sold separately for their benefit. Total consideration for Rentech Nitrogen excluding the Pasadena facility is $533 million, implying a total enterprise value of approximately $839 million, based on closing prices on August 7, 2015. The transaction is the culmination of a strategic review process publicly announced by Rentech Nitrogen on February 17, 2015.
Airgas, Inc. (NYSE: ARG), one of the nation's leading suppliers of industrial, medical, and specialty gases, and related products, announced that it has been recognized by Eastman Chemical Company (NYSE: EMN), a Tennessee-based global specialty chemical company, with three awards for achievement in 2014: the Supplier Excellence Award, the Innovation Award, and the Sustainability Award. Airgas is the only Eastman supplier to have earned all three awards this year. Airgas was selected from Eastman's more than 6,500 global suppliers to receive the recognition for consistently delivering high quality products and services and demonstrating proven dedication to strengthening Eastman's efficiencies, competitive advantage, and sustainability improvements.
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