UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
___________________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): January 19, 2010
___________________
LSB
INDUSTRIES, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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1-7677
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73-1015226
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
|
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16
South Pennsylvania Avenue, Oklahoma City, Oklahoma
(Address
of principal executive offices)
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73107
(Zip
Code)
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Registrant’s
telephone number, including area code (405) 235-4546
Not
applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Section
2 – Financial Information
Item
2.02. Results
of Operations and Financial Conditions
On
January 19, 2010, LSB Industries, Inc. issued a press release regarding its
Pryor Chemical Company plant (“Pryor Chemical”), including certain financial
conditions with respect to Pryor Chemical for the quarter ended December 31,
2009. A copy of the press release is attached as Exhibit
99.1.
Section
9 – Financial Statements and Exhibits
Item
9.01. Financial Statements and Exhibits
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Exhibit
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Description
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99.1
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Press
release, dated January 19, 2010.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Dated:
January 20, 2010.
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LSB
INDUSTRIES, INC.
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By:
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/s/
Tony M. Shelby
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Tony
M. Shelby,
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Executive
Vice President of Finance and Chief Financial Officer
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COMPANY
CONTACT:
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Investor
Relations Contact:
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Tony
M. Shelby, Chief Financial Officer
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Linda
Latman (212) 836-9609
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(405)
235-4546
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Lena
Cati (212) 836-9611
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The
Equity Group Inc.
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FOR IMMEDIATE
RELEASE
LSB INDUSTRIES, INC.
ANNOUNCES INITIAL AMMONIA PRODUCTION AT
PRYOR CHEMICAL COMPANY
PLANT
Oklahoma
City, Oklahoma – January 19, 2010 - LSB Industries, Inc. (“LSB” or the
“Company”), (NYSE: LXU), today announced that production of anhydrous ammonia
(“ammonia”), which is the initial feedstock for the production of urea ammonia
nitrate (“UAN”), began at its Pryor Chemical Company plant (“Pryor Chemical”) in
January 2010, but that the production of UAN from the ammonia feedstock has not
yet started. Production rates of ammonia are currently below
targeted annual rates. When in full production, Pryor Chemical expects to
produce and sell approximately 325,000 tons of UAN and approximately 35,000 tons
of ammonia annually. The Company also reported that since there was
no significant production at Pryor Chemical in the fourth quarter of 2009, it
continued to incur and expense approximately $1.6 million per month in start-up
costs, in addition to variable costs such as natural gas and
electricity. Those costs are consistent with those incurred during
the third quarter of 2009.
The
Company pointed out that during this start-up phase, management expects
production rates to increase, to the targeted annualized rates and that
interruptions in production may occur due to issues that often take place in the
course of reactivating a once idle chemical plant.
The
Company also stated that when production of UAN and ammonia reaches sustained
targeted annual rates, it will issue a notice.
Jack
Golsen, LSB’s Chairman & CEO noted, “Equipment and supplier issues have
played a role in the delays at Pryor. Despite these delays, we
continue to believe that Pryor Chemical represents a valuable asset for
LSB.”
LSB is a
manufacturing, marketing and engineering company. LSB’s principal
business activities consist of the manufacture and sale of commercial and
residential climate control products, such as geothermal and water source heat
pumps, hydronic fan coils, large custom air handlers, the manufacture and sale
of chemical products for the mining, agricultural and industrial markets, and
the provision of specialized engineering services and other activities. LSB
Industries is included in the Russell 2000 Index and the Russell 3000
Index.
This
press release contains certain forward-looking statements within the meaning of
the Private Securities Litigation Act of 1995. These forward-looking
statements generally are identifiable by use of the words “believes,” “expects,”
“intends,” “anticipates,” “plans to,” “estimates,” “projects”,
“appears” or similar expressions, and such forward-looking statements
include, but are not limited to produce and sell approximately 325,000 tons of
UAN and approximately 35,000 tons of ammonia,, increase in production rates to
the targeted annualized rates and Pryor Chemical represents a valuable asset for
LSB. Investors are cautioned that such forward-looking statements are
not guarantees of future performance and involve risk and uncertainties, and
that actual results may differ materially from the forward-looking statements as
a result of various factors, including, but not limited to, general economic
conditions, weather conditions, equipment failure, interruptions in production
and certain other factors set forth under “A Special Note Regarding
Forward-Looking Statements” contained in the Form 10-K for year ended December
31, 2008 and quarterly reports in Form 10-Q’s for quarters ended March 31, 2009,
June 30, 2009 and September 30, 2009,, for a discussion of a variety of factors
which could cause the future outcome to differ materially from the
forward-looking statements contained in this letter.
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