SIOUX CITY, Iowa, Sept. 14 /PRNewswire/ --
Terra Industries Inc. (NYSE: TRA) announced today that it expects to
report on October 26, 2000 results for the quarter ending September 30, 2000,
which will approximate or improve on the $.01 per share loss realized in the
2000 second quarter. For the 1999 third quarter, Terra reported a net loss of
$16.9 million, or $.23 per share.
Burton M. Joyce, Terra's President and Chief Executive Officer, said,
"Nitrogen and methanol selling prices have been quite strong this quarter
because of low industry inventories. In addition, the quarter will include a
$22.5 million benefit from gains on Terra's North American natural gas forward
pricing contracts. Excluding these gains, North American nitrogen and
methanol margins this quarter should exceed those realized in the 1999 third
quarter. Natural gas costs are a continuing concern; we are managing our
production to minimize inventory quantities carried into 2001.
"Terra's U.K. operations will be a significant contributor to Terra's
quarterly earnings for the first time since they were acquired on December 31,
1997. Higher sales volumes and prices and lower costs are driving Terra
U.K.'s much improved results."
Information contained in this 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 prices 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 agricultural regulations and other risks
described in the "Factors That Affect Operating Results" section of Terra's
current annual report.
Terra Industries Inc., with 1999 revenues of $775 million, is a leading
international producer of nitrogen products and methanol.
SOURCE Terra Industries Inc.
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http://www.terraindustries.com
Company News On-Call:
http://www.prnewswire.com/comp/437906.html or fax,
800-758-5804, ext. 437906
CONTACT:
Mark Rosenbury of Terra Industries Inc.,
712-279-8756
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