Financial Results Pushing Basic Materials Sector in Positive Direction as Major Integrated Energy & Gas Companies Release Earnings Data for Second Quarter 2015

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 Corp. (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 Corp. (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.

FinancialNewsMedia.com is leading provider of third party publishing & news dissemination services.  If you would like more information regarding our news coverage solutions, please visit http://www.financialnewsmedia.com for more details.  Get an edge on the market with our Premium News Alerts that are FREE for a limited time at http://www.financialnewsmedia.com/.  Follow us on Facebook: http://www.facebook.com/financialnewsmedia and Twitter:  http://twitter.com/FNMgroup.

DISCLAIMER:  FN Media Group LLC (FNMG) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNMG is NOT affiliated in any manner with any company mentioned herein.  FNMG and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNMG's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNMG is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNMG has been compensated two thousand nine hundred dollars for news coverage of the current press release issued by MagneGas Corporation by a non-affiliated third party.  FNMG HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNMG undertakes no obligation to update such statements.

Contact Information:
Company:  FN Media Group, LLC
Contact email:  editor@financialnewsmedia.com
U.S. Phone:  +1(954)345-0611
URL: http://www.financialnewsmedia.com

SOURCE FN Media Group LLC