-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Pp7u9mQs4bv2GINAC//gHJ5Sd/DzgBAHADY804xPi4COmFI2atPfHMxEFhFdNkXp xNauE18badHgaJPpXcSR1w== 0000914760-04-000054.txt : 20040331 0000914760-04-000054.hdr.sgml : 20040331 20040331150836 ACCESSION NUMBER: 0000914760-04-000054 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040331 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TERRA NITROGEN CO L P /DE CENTRAL INDEX KEY: 0000879575 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE CHEMICALS [2870] IRS NUMBER: 731389684 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-43007 FILM NUMBER: 04705652 BUSINESS ADDRESS: STREET 1: TERRA CENTRE 600 FOURTH STREET STREET 2: PO BOX 6000 CITY: SIOUX CITY STATE: IA ZIP: 51102-6000 BUSINESS PHONE: 7122771340 MAIL ADDRESS: STREET 1: TERRA CENTER 600 FOURTH STREET STREET 2: PO BOX 6000 CITY: SIOUX CITY STATE: IA ZIP: 51102-6000 8-K 1 tn36797_8kmarch31.txt MARCH 31, 2004 - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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): March 31, 2004 TERRA NITROGEN COMPANY, L.P. (Exact name of registrant as specified in its charter) Delaware 1-10877 73-1389684 (State or other jurisdiction of (Commission File Number) (IRS Employer incorporation) Identification No.) Terra Centre 600 Fourth Street, P.O. Box 6000 Sioux City, Iowa 51102-6000 (712) 277-1340 (Address of Principal Executive Offices, including Zip Code) (Registrant's Telephone Number, Including Area Code) - -------------------------------------------------------------------------------- ITEM 5. OTHER EVENTS. On March 31, 2004, Terra Nitrogen Company, L.P. issued the press release contained in Exhibit 99.1 hereto, which is incorporated by reference herein. ITEM 7. EXHIBITS 99.1 March 31, 2004 Press Release SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. TERRA NITROGEN COMPANY, L.P. By: Terra Nitrogen Corporation Its: General Partner /s/ Mark A. Kalafut ----------------------------------------- Mark A. Kalafut Vice President, General Counsel and Corporate Secretary Date: March 31, 2004 EX-99.1 3 tn36797_8kmarch31x991.txt PRESS RELEASE Terra Industries Inc. 600 Fourth Street ------------ P.O. Box 6000 [TERRA LOGO] EXHIBIT 99.1 Sioux City, IA 51102-6000 ------------ Telephone: (712) 277-1340 Telefax: (712) 277-7383 www.terraindustries.com ================================================================================ NEWS ================================================================================ For immediate release Contact: Mark Rosenbury (712) 279-8756 TERRA NITROGEN COMPANY, L.P. PLANS TO CLOSE BLYTHEVILLE FACILITY Sioux City, Iowa (Mar. 31, 2004)--Terra Nitrogen Company, L.P. (TNCLP) (NYSE symbol: TNH) announced that it plans to discontinue production at its Blytheville, Ark. nitrogen products manufacturing facility on or about May 31, 2004, and to then prepare the production plants for permanent closure. No decision has yet been made regarding the sale or demolition of the facility's production plants. TNCLP expects to operate the facility's storage and distribution assets as a terminal for ammonia produced at its Verdigris, Okla. facility or obtained from other sources. TNCLP recorded in the 2003 second quarter a $40.7 million "Impairment of long-lived assets" charge based on its conclusion that future market conditions may not justify the ongoing investment in maintenance and replacement capital necessary to extend operations for the remainder of the Blytheville facility's useful life. Estimates of total spending required for Blytheville's permanent closure range from $3.0 to $4.0 million. TNCLP has not yet determined the amount of permanent closure spending it will charge against 2004 first quarter results of operations. "We regret that this decision results in the loss of jobs for our Blytheville employees," said Michael L. Bennett, President and Chairman of the Board of Terra Nitrogen Corporation, TNCLP's General Partner. "They quickly restarted production last October and have operated the plants safely and reliably since then with a reduced staff. We appreciate their hard work and dedication and will help them seek new opportunities. "We decided to permanently close our Blytheville production plants now," Bennett continued, "because of continuing high natural gas costs, the upcoming off-season lull in nitrogen markets and the likelihood that competition from imported ammonia and urea barged up the Mississippi River will make future major maintenance and capital investments at the Blytheville facility unsound." Terra Nitrogen Company, L.P. is a leading manufacturer of nitrogen fertilizer products. 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 price changes (principally nitrogen fertilizer selling prices 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 Performance" section of TNCLP's current annual report. # # # Note: Terra Nitrogen Company, L.P. news announcements are also available on Terra Industries' web site, www.terraindustries.com. -----END PRIVACY-ENHANCED MESSAGE-----