SIOUX CITY, Iowa, June 20 /PRNewswire-FirstCall/ -- Terra Industries Inc.
(NYSE: TRA) management announced that it expects second quarter 2003 results
to be adversely affected by lower sales volumes than those realized during the
2002 second quarter and higher than expected natural gas costs. Ammonia and
nitrogen solution sales volumes are expected to decline approximately 15 to 20
percent from last year's second quarter because, among other factors, many of
Terra's markets experienced late corn planting and/or unfavorable weather
conditions.
The same conditions that affected sales volumes also slowed the
anticipated rate of increase to second quarter nitrogen selling prices. These
factors will reduce second quarter earnings and cash flows below expectations.
Terra's second quarter net loss will most likely be between $1 million and
$5 million, compared to a 2002 second quarter net loss of $8.5 million.
Terra will announce its second quarter results on July 31, 2003.
Terra Industries Inc., with 2002 revenues of $1 billion, is a leading
international producer of nitrogen products and methanol.
Information contained in this news release, other than historical
information, may be considered forward looking. Forward-looking information
reflects management's current views of future events and financial performance
that involve a number of risks and uncertainties. The factors that could
cause actual results to differ materially include, but are not limited to, the
following: changes in financial markets, general economic conditions within
the agricultural industry, competitive factors and price changes (principally
selling prices of nitrogen and methanol products and natural gas costs),
changes in product mix, changes in the seasonality of demand patterns, changes
in weather conditions, changes in governmental regulations and other risks
described in the "Factors That Affect Operating Results" section of Terra's
current annual report.
Note: Terra Industries' news announcements are also available on its web
site, http://www.terraindustries.com .
SOURCE Terra Industries Inc.
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Related links:
http://www.terraindustries.com
Company News On-Call:
http://www.prnewswire.com/comp/437906.html
CONTACT:
Mark Rosenbury of Terra Industries,
+1-712-279-8756
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