TULSA, Okla., May 6, 2010 (GLOBE NEWSWIRE) -- Syntroleum Corporation (Nasdaq:SYNM) today announced financial results for the first quarter ended March 31, 2010.
-
Cash position of $26.8 million compared to a cash position of $25.0 million at December 31, 2009.
-
Net cash provided by operating activities was $1.8 million compared to net cash provided by operating activities of $7.5 million for the same period last year.
-
Total revenue of $4.2 million compared to $20.2 million for the first quarter 2009.
-
Total net income of $0.4 million compared to $11.1 million for the same period last year.
-
Net income per share of $ 0.01 and $0.18 for the quarters ended March 31, 2010 and 2009, respectively.
- The capital and working capital budget for Dynamic Fuels' Geismar Plant is estimated to equal $170 million. Plant commissioning is scheduled to begin in the second quarter of 2010 and full rate operations are expected during the third quarter of 2010.
We generated $1.8 million in cash flow from our operating activities, which are derived primarily from the execution of key business transactions, for the quarter ended March 31, 2010 compared to $7.5 million in cash flow from operations for the same period last year.
For additional information, see the Company's Form 10-Q for the March 31, 2010 period, filed with the SEC on Thursday, May 6, 2010. The 10-Q will be available through the Investor Relations section of the Company's Web site, www.syntroleum.com.
Conference Call
Syntroleum management plans to hold a conference call with the investment community on Tuesday, May 11, 2010, at 10:00 a.m. Central time (11:00 a.m. Eastern). To participate in the teleconference, investors should dial the U.S. toll free number 800-477-0521 about 5 minutes before the start time and reference the Syntroleum conference call. International callers should dial the U.S. toll number 847-413-3238.
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
The Syntroleum Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5984
This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as well as historical facts. These forward‑looking statements may include statements relating to the Syntroleum® Process, the Synfining® Process, our renewable fuels Bio-Synfining™technology, plans to use the Company's various technologies, operational activities of the Company, commercialization of the Company's technologies, certification of Fischer-Tropsch and renewable fuels, performance and use of Syntroleum's cobalt catalyst, and performance and use of fuels derived from the Syntroleum® Process and technology test 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 include the potential that debt or equity financing for anticipated plants may not be available, the schedule for development, construction and operation of proposed plants may not be met, anticipated appropriation and expenditure of federal monies does not occur, commercial-scale plants do not achieve the same results as those demonstrated on a laboratory or pilot basis or that such plants experience technological and mechanical problems, the potential that improvements to Syntroleum's various technologies currently under development may not be successful, the impact on plant economics of operating conditions (including energy prices), construction risks, risks associated with investments and operations in foreign countries, our dependence on strategic relationships with manufacturing and engineering companies, volatility of energy prices, the ability to implement corporate strategies, including the continued availability of adequate working capital, competition, intellectual property risks, our ability to obtain financing and other risks described in the Company's filings with the Securities and Exchange Commission.
® "Syntroleum" is registered as a trademark and service mark in the U.S. Patent and Trademark Office.
| SYNTROLEUM CORPORATION AND SUBSIDIARIES | ||||
| UNAUDITED CONSOLIDATED BALANCE SHEETS | ||||
| (in thousands) | ||||
| March 31, | December 31, | |||
| 2010 | 2009 | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ 26,811 | $ 25,012 | ||
| Restricted cash | 1,112 | 449 | ||
| Accounts receivable | 785 | 3,315 | ||
| Other current assets | 263 | 378 | ||
| Total current assets | 28,971 | 29,154 | ||
| PROPERTY AND EQUIPMENT – at cost, net | 139 | 156 | ||
| INVESTMENT IN DYNAMIC FUELS, LLC | 27,155 | 27,900 | ||
| OTHER ASSETS, net | 1,648 | 1,651 | ||
| $ 57,913 | $ 58,861 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Accounts payable | $ 396 | $ 361 | ||
| Accrued employee costs | 468 | 339 | ||
| Deposits | 1,112 | 449 | ||
| Income tax payable | -- | 281 | ||
| Current liabilities of discontinued operations | 237 | 417 | ||
| Total current liabilities | 2,213 | 1,847 | ||
| NONCURRENT LIABILITIES OF DISCONTINUED OPERATIONS | 603 | 603 | ||
| DEFERRED REVENUE | 23,097 | 25,668 | ||
| COMMITMENTS AND CONTINGENCIES | ||||
| STOCKHOLDERS' EQUITY: | ||||
| Preferred stock, $0.01 par value, 5,000 shares authorized, no shares issued | -- | -- | ||
|
Common stock, $0.01 par value, 150,000 shares authorized, 76,214 and 76,014 shares issued and outstanding at March 31, 2010 and December 31, 2009, respectively |
762 | 760 | ||
| Additional paid-in capital | 363,713 | 362,861 | ||
| Accumulated deficit | (332,475) | (332,878) | ||
| Total stockholders' equity | 32,000 | 30,743 | ||
| $ 57,913 | $ 58,861 | |||
| SYNTROLEUM CORPORATION AND SUBSIDIARIES | ||
| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (in thousands, except per share data) | ||
| For the Quarter Ended March 31, | ||
| 2010 | 2009 | |
| REVENUES: | ||
| Technology revenue | $ 2,900 | $ 19,053 |
| Technical services revenue | 901 | 170 |
| Technical services revenue from Dynamic Fuels, LLC | 437 | 842 |
| Other revenues | -- | 125 |
| Total revenues | 4,238 | 20,190 |
| COSTS AND EXPENSES: | ||
| Engineering | 596 | 1,530 |
| Depreciation and amortization | 62 | 94 |
|
General, administrative and other (including non-cash equity compensation of $821 and $2,396 for the quarter ended March 31, 2010 and 2009, respectively.) |
2,053 | 5,220 |
| OPERATING INCOME (LOSS) | 1,527 | 13,346 |
| INTEREST INCOME | 6 | 34 |
| OTHER INCOME | 34 | 5 |
| EQUITY IN LOSS OF DYNAMIC FUELS, LLC | (746) | (2,271) |
| FOREIGN CURRENCY EXCHANGE | (396) | 108 |
| INCOME FROM CONTINUING OPERATIONS | 425 | 11,222 |
| LOSS FROM DISCONTINUED OPERATIONS | (22) | (39) |
| NET INCOME | $ 403 | $ 11,183 |
| BASIC NET INCOME PER SHARE: | ||
| Income from continuing operations | $ 0.01 | $ 0.18 |
| Income from discontinued operations | 0.00 | 0.00 |
| Net income | $ 0.01 | $ 0.18 |
|
DILUTED NET INCOME FROM CONTINUING OPERATIONS PER SHARE: |
$ 0.01 | $ 0.17 |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||
| Basic | 76,183 | 63,882 |
| Diluted | 78,783 | 65,243 |
| SYNTROLEUM CORPORATION AND SUBSIDIARIES | ||
| UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (in thousands) | ||
| For the Quarter Ended March 31, | ||
| 2010 | 2009 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $ 403 | $ 11,183 |
| Loss from discontinued operations | (22) | (39) |
| Income from continuing operations | 425 | 11,222 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
||
| Depreciation and amortization | 62 | 94 |
| Foreign currency exchange | 396 | 108 |
| Non-cash compensation expense | 821 | 2,396 |
| Non-cash loss in equity method investee | 746 | 2,271 |
| Changes in assets and liabilities: | ||
| Accounts receivable | 2,530 | (12,256) |
| Other assets | 73 | 69 |
| Accounts payable | 35 | (223) |
| Accrued liabilities and other | (152) | 1,229 |
| Deferred revenue | (2,967) | 2,657 |
| Net cash provided by continuing operations | 1,969 | 7,567 |
| Net cash used in discontinued operations | (202) | (110) |
| Net cash provided by operating activities | 1,767 | 7,457 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchase of property and equipment | (1) | -- |
| Net cash used in investing activities | (1) | -- |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from sale of common stock, warrants and option exercises | 33 | 79 |
| Repurchase of stock option awards | -- | (945) |
| Net cash (used in) provided by financing activities | 33 | (866) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 1,799 | 6,591 |
| CASH AND CASH EQUIVALENTS, beginning of period | 25,012 | 10,101 |
| CASH AND CASH EQUIVALENTS, end of period | $ 26,811 | $ 16,692 |