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November 14, 2012
13:47 EDTLXULSB Industries says subsidiary plant suffers pipe rupture
LSB Industries announced that the facility of its subsidiary, Cherokee Nitrogen Company, suffered a pipe rupture causing damage to the heat exchanger portion of its ammonia plant. The company is determining whether damages extend beyond the area where the rupture occurred. No serious injuries, or environmental impact, resulted from the pipe rupture. Management preliminarily estimates a three to five month outage at the ammonia plant, depending on lead times for repair parts. The company said, "Until the ammonia plant is repaired, we believe that the Cherokee Nitrogen Facility can produce, on a limited basis, nitric acid and ammonium nitrate solution to be produced from purchased ammonia. The company has notified its insurer of this event. The company’s insurance policy, which provides replacement cost coverage, has a $2.5M deductible for property damage. The company’s business interruption insurance covering certain lost profits and extra expense has a 30 day waiting period."
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March 16, 2015
12:47 EDTLXULSB Industries targets 750,000-800,000 gross tons of ammonia production by 2017
Company targets revenue growth of 12% or higher CAGR from 2014 to 2017 for its chemical business. Targets FY17 chemicals EBITDA margin over 30%. Targets FY17 chemicals operating margin over 20%. Targets 750,000-800,000 gross tons of ammonia production by 2017. Targets 95% on-stream rate at ammonia plants. For its climate control business, targets revenue growth of 10% or higher CAGR from 2014 to 2017. Targets FY17 climate control EBITDA margin over 15%. Targets FY17 climate control operating margin over 14%. Company believes near-term spin of climate control business would substantially increase leverage at a time when the company most needs to preserve liquidity and maximize free cash flow. Believes sale of climate control unit now would fail to generate proceeds that reflect the potential of the business. Says MLP not appropriate at this time. Information given in slides that will be presented at the Sidoti & Company Small-cap Equity Conference.
06:32 EDTLXULSB Industries retains Spencer Stuart for President of Chemical Business search
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