Syntroleum Announces First Quarter 2014 Results
06 Maggio 2014 - 10:05PM
Syntroleum Corporation (Nasdaq:SYNM) today announced financial
results for the three months ended March 31, 2014.
Highlights
Syntroleum's net loss was $6.5 million or $0.65 per share for
the three months ended March 31, 2014, compared to a net income of
$11.0 million or $1.15 per share for the corresponding period in
2013.
For the quarter ended March 31, 2014, the Company reported an
operating loss of $2.5 million resulting from total revenues of
$261thousand and operating expenses of $2.8 million.
Equity in loss of Dynamic Fuels for the quarter ended March 31,
2014 was $3.4 million resulting from our share of Dynamic Fuels'
operating results for its quarter ended December 31, 2013. For
Dynamic Fuels' quarter ended December 31, 2012, we reported income
from Dynamic Fuels of $6.7 million representing our portion of the
retroactive reinstatement of the $1 tax credit for 2012, partially
offset by $5.9 million in losses.
Income from Discontinued Operations for the quarter ended March
31, 2013 included $5.8 million in proceeds from the sale of our
nominal two b/d pilot plant in Tulsa, Oklahoma and $603 thousand
from the previously accrued asset retirement obligations.
As of March 31, 2014 Syntroleum's available cash position was
$7.8 million. During the quarter ended March 31, 2014, Syntroleum
and Tyson each made additional working capital loans of $1.0
million to Dynamic Fuels to fund operations to maintain the Geismar
Plant in standby mode.
For additional information see the Company's Form 10-K for the
year ended December 31, 2013, filed with the SEC on March 13, 2014.
The 10-K is available through the Investor Relations section of the
Company's Web site, www.syntroleum.com.
About Syntroleum
Syntroleum Corporation owns the Syntroleum® Process for
Fischer-Tropsch (FT) conversion of synthesis gas derived from
biomass, coal, natural gas and other carbon-based feedstocks into
liquid hydrocarbons, the Synfining® Process for upgrading FT liquid
hydrocarbons into middle distillate products such as synthetic
diesel and jet fuels, and the Bio-Synfining® technology for
converting animal fat and vegetable oil feedstocks into middle
distillate products such as renewable diesel and jet fuel using
inedible fats and greases as feedstock. The 50/50 venture –
known as Dynamic Fuels – was formed to construct and operate
multiple renewable synthetic fuels facilities, with production on
the first site beginning in 2010. The Company plans to use its
portfolio of technologies to develop and participate in synthetic
and renewable fuel projects. For additional information, visit
the Company's web site at www.syntroleum.com.
Forward-Looking Statements
This document may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
well as historical facts. These forward-looking statements include
statements relating to the Fischer-Tropsch ("FT") process,
Syntroleum ® Process, Synfining ® Process, and related technologies
including, gas-to-liquids ("GTL"), coal-to-liquids ("CTL") and
biomass-to-liquids ("BTL"), our renewable fuels Bio-Synfining ®
Technology (hereinafter "Technologies"), plants based on these
Technologies, anticipated cost and schedule to design, construct
and operate plants, expected production of fuel, obtaining required
financing for these plants and other activities, the value and
markets for products, testing, certification, characteristics and
use of plant products, the continued development of our
Technologies, use of proceeds from our equity offerings,
anticipated revenues, availability of catalyst, our support of and
relationship with our licensees, and any other forward-looking
statements including future growth, cash needs, capital
availability, operations, business plans and financial results.
When used in this document, the words "anticipate," "believe,"
"estimate," "expect," "intend," "may," "plan," "project," "should"
and similar expressions are intended to be among the statements
that identify forward-looking statements. Although we believe that
the expectations reflected in these forward-looking statements are
reasonable, these kinds of statements involve risks and
uncertainties. Actual results may not be consistent with these
forward-looking statements. Syntroleum undertakes no obligation to
update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to
future operating results over time. Important factors that could
cause actual results to differ from these forward-looking
statements are described under "Item 1A. Risk Factors" and
elsewhere in our 2013 Annual Report on Form 10K.
®"Syntroleum," "Synfining," and "Bio-Synfining" are registered
as trademarks and service marks in the U.S. Patent and Trademark
Office.
|
SYNTROLEUM CORPORATION
AND SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEETS |
(in thousands, except per share
data) |
|
|
|
|
March 31, |
December 31, |
|
2014 |
2013 |
|
(Unaudited) |
|
ASSETS |
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$7,783 |
$11,400 |
Accounts receivable |
66 |
109 |
Taxes receivable |
988 |
988 |
Other current assets |
197 |
280 |
Total current assets |
9,034 |
12,777 |
PROPERTY AND EQUIPMENT – at cost, net |
61 |
77 |
INVESTMENT IN AND LOANS TO DYNAMIC FUELS,
LLC |
36,526 |
37,848 |
OTHER ASSETS, net |
1,124 |
1,113 |
Total Assets |
$46,745 |
$51,815 |
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
$559 |
$783 |
Accrued employee costs |
41 |
23 |
Total current liabilities |
600 |
806 |
GUARANTEE LIABILITY |
1,000 |
-- |
DEFERRED REVENUE |
13,926 |
13,365 |
COMMITMENTS AND CONTINGENCIES |
-- |
-- |
Total liabilities |
15,526 |
14,171 |
STOCKHOLDERS' EQUITY: |
|
|
Common stock, $0.01 par value, 150,000
shares authorized, 9,960 and 9,943 shares issued and
outstanding at March 31, 2014 and December 31, 2013
respectively |
100 |
99 |
Additional paid-in capital |
400,314 |
400,262 |
Accumulated deficit |
(369,195) |
(362,717) |
Total stockholders' equity |
31,219 |
37,644 |
Total Liabilities and
Stockholders' Equity |
$46,745 |
$51,815 |
|
|
SYNTROLEUM CORPORATION
AND SUBSIDIARIES |
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(in thousands, except per share
data) |
|
|
|
|
For the
Quarter Ended March 31, |
|
2014 |
2013 |
REVENUES: |
|
|
Technology |
$ -- |
$100 |
Technical services |
261 |
382 |
Technical services from Dynamic
Fuels, LLC |
-- |
417 |
Total revenues |
261 |
899 |
COSTS AND EXPENSES: |
|
|
Engineering |
394 |
586 |
Depreciation and amortization |
45 |
43 |
General, administrative and other
(including non-cash equity compensation of $53, and $384 for
the quarters ended March 31, 2014, and 2013, respectively.) |
2,362 |
2,279 |
OPERATING LOSS |
(2,540) |
(2,009) |
INTEREST INCOME |
1 |
2 |
OTHER INCOME (LOSS) |
(6) |
2 |
EQUITY IN EARNINGS (LOSS) OF DYNAMIC FUELS,
LLC |
(3,372) |
6,707 |
FOREIGN CURRENCY EXCHANGE |
(561) |
(68) |
INCOME (LOSS) FROM CONTINUING OPERATIONS |
(6,478) |
4,634 |
INCOME FROM DISCONTINUED OPERATIONS |
-- |
6,391 |
NET INCOME (LOSS) |
$ (6,478) |
$11,025 |
BASIC AND DILUTED NET INCOME (LOSS) PER
SHARE: |
|
|
Net income (loss) from continuing
operations |
$ (0.65) |
$0.48 |
Income from discontinued
operations |
-- |
0.67 |
Net income (loss) |
$ (0.65) |
$1.15 |
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
Basic |
9,956 |
9,585 |
Diluted |
9,956 |
9,585 |
|
SYNTROLEUM CORPORATION
AND SUBSIDIARIES |
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(in thousands) |
|
For the Quarter
Ended March 31, |
|
2014 |
2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net income (loss) |
$ (6,478) |
$11,025 |
Income from discontinued
operations |
-- |
6,391 |
Income (loss) from continuing
operations |
(6,478) |
4,634 |
Adjustments to reconcile net income
(loss) to net cash provided by (used in) operating
activities: |
|
|
Depreciation and amortization |
45 |
43 |
Foreign currency exchange |
561 |
68 |
Non-cash compensation expense |
53 |
384 |
Net loss on abandonment of
equipment |
7 |
-- |
Non-cash (income) loss in equity
method investee |
3,372 |
(6,707) |
Changes in assets and
liabilities: |
|
|
Accounts receivable |
43 |
11 |
Accounts receivable from Dynamic
Fuels, LLC |
-- |
167 |
Other assets |
36 |
(21) |
Accounts payable |
(224) |
217 |
Accrued employee costs |
18 |
114 |
Net cash used in continuing
operations |
(2,567) |
(1,090) |
Net cash used in discontinued
operations |
-- |
(10) |
Net cash used in operating
activities |
(2,567) |
(1,100) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchase of property and
equipment |
-- |
(2) |
Investment in and loans to Dynamic
Fuels, LLC |
(1,050) |
(5,670) |
Net cash used in continuing
operations |
(1,050) |
(5,672) |
Net cash provided by discontinued
operations |
-- |
5,798 |
Net cash provided by (used in)
investing activities |
(1,050) |
126 |
NET CHANGE IN CASH AND CASH EQUIVALENTS: |
(3,617) |
(974) |
CASH AND CASH EQUIVALENTS, beginning of
period |
11,400 |
15,909 |
CASH AND CASH EQUIVALENTS, end of period |
$7,783 |
$14,935 |
NON-CASH INVESTING ACTIVITIES: |
|
|
Guarantee liability |
$1,000 |
$ -- |
Accounts receivable reduction in Dynamic
Fuels, LLC working capital loan |
$ -- |
$8,986 |
CONTACT: Ron Stinebaugh
Syntroleum Corporation
(281) 224-9862
www.syntroleum.com
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