Cvr Partners LP (UAN) Q1 2016 10-Q Quarterly Earnings

Short answer

Cvr Partners LP (UAN) filed its Q1 2016 10-Q quarterly report on Apr 29, 2016 for the quarter ended Mar 31, 2016.

AI summary of MD&A and risk factor updates

Revenue $73.1M, down $20.0M YoY from $93.1M, driven by lower UAN and ammonia prices
Operating margin 27.0% vs 33.8% YoY, operating income $19.7M vs $31.5M
Best product: ammonia sales $9.1M, up from $7.2M; worst: UAN sales $62.6M, down from $78.9M
Cash $52.0M vs $50.0M, operating cash flow $23.6M vs $25.4M, capital expenditures $1.7M
Outlook: East Dubuque turnaround expected in second quarter, 25-30 days and $5.0M-$7.0M; refinancing options under consideration

Acquisition risk: East Dubuque merger added $320.0M Second Lien Notes due 2021 and a 90-day change-of-control purchase requirement
Financial risk: New $300.0M CRLLC Facility bears 12.0% interest and matures in two years
Financial risk: New $320.0M AEPC Facility bears 12% interest and funds potential Second Lien Notes redemption
Operational risk: Pet coke concentration, over 70% sourced from affiliated CVR Refining during the last five years
Regulatory risk: EHS compliance remains subject to stringent federal, state and local rules with no material changes from 2015 Form 10-K

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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