December 29, 2014 8:55 AM ET

Paper and Forest Products

Company Overview of Fulghum Fibres, Inc.

Company Overview

Fulghum Fibres, Inc. provides fibre processing services for wood chips production in the southeastern part of the United States and Maine. The company owns and operates wood chipping facilities that process logs and timber into wood chips. It also purchases and sells roundwood for chipping operations, as well as exports wood chips to a European company. The company was incorporated in 1989 and is based in Augusta, Georgia. As of May 1, 2013, Fulghum Fibres, Inc. operates as a subsidiary of Rentech, Inc.

3604 Wheeler Road

Suite C

Augusta, GA 30909

United States

Founded in 1989

Key Executives for Fulghum Fibres, Inc.

Chief Executive Officer and President
Founder and Chairman
Age: 84
Chief Financial Officer and Executive Vice President of Finance & Administration
Chief Executive Officer of Fulghum Graanul LLC
Vice President of Human Resources
Compensation as of Fiscal Year 2014.

Fulghum Fibres, Inc. Key Developments

Fulghum Fibres, Inc. Announces Unaudited Financial Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Year of 2014

Fulghum Fibres, Inc. announced unaudited financial results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenues of $25.3 million, an increase of $2.9 million from the prior-year period. Adjusted EBITDA of $3.9 million, a decrease of $1.3 million from the prior-year period. Net loss was $0.06 million for the three months ended September 30, 2014, compared to net income of $0.8 million for the same period last year. Revenues were $73.7 million for the nine months ended September 30, 2014, compared to $38.5 million for the same period last year. The increase was due to Rentech’s ownership of Fulghum for the full nine months ended September 30, 2014 as compared to five months last year. Adjusted EBITDA for the nine months ended September 30, 2014 for Fulghum Fibres was $10.5 million. This compares to Adjusted EBITDA of $8.3 million in the corresponding period in 2013. Net income was $0.6 million for the nine months ended September 30, 2014, compared to $0.9 million for the same period last year. For the year, the company expects operating income of $7 million against EBITDA of $16 million. Depreciation and amortization of $9 million.

Fulghum Fibres Reports Unaudited Earnings and Operating Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings and Production Guidance for 2014

Fulghum Fibres reported unaudited earnings and operating results for the fourth quarter and year ended December 31, 2013. For the quarter, revenues were $24.5 million for the current period, of which approximately $15.4 million and $9.1 million were generated from the U.S. and South American operations, respectively. Gross profit for the period was $5.3 million on margins of 22%. Operating income was $7.3 million. Adjusted EBITDA was $4.694 million. Operating income was $7.257 million. For the year, revenues were $63.0 million, gross profits was $12.0 million. Operating loss was $9.914 million. Adjusted EBITDA was $13.042 million. Fulghum Fibres processed 3.8 million green metric tons of wood during the three months ended December 31, 2013. For 2014, the company expects revenue of $95 million, EBITDA of $20 million, maintenance capital expenditures of $3 million. The company also expects the production of Logs Processed of 15,000,000 tonnes.

Fulghum Fibres, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013

Fulghum Fibres, Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company’s revenues were $22,378,000. Operating income was $1,812,000. Net income was $813,000. For the nine months, the company’s revenues were $38,483,000. Operating income was $2,657,000. Net income was $941,000.

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