Syntroleum Announces 2013 Results
13 Marzo 2014 - 2:04PM
Syntroleum Corporation (Nasdaq:SYNM) a renewable and synthetic
fuels technology company, today announced financial results for the
twelve months ended December 31, 2013.
Financial Highlights
For the quarter ended December 31, 2013, the Company reported an
operating loss of $3.1 million resulting from total revenues of
$300,000 and operating expenses of $3.4 million. For the year ended
December 31, 2013, the company reported an operating loss of $9.3
million resulting from total revenues of $2.0 and operating
expenses of $11.3 million. Our revenues relate to technical
services provided to Dynamic Fuels, LLC, Sasol Technology (Pty)
Ltd., and Sasol (USA) Corporation.
For Dynamic Fuels quarter ended and year ended September 30,
2013, we reported a loss from Dynamic Fuels of $3.5 million and
$1.6 million respectively. This compares to a loss of $3.3 million
for the quarter ended June 30, 2013. During the quarter and year
ended September 30, 2013 the plant has been in stand-by mode.
We report Dynamic Fuels on a three month lag and the loss
reflected in our income statement from Dynamic Fuels represents the
loss incurred for the period ending September 30, 2013. Our 10K
filing includes Dynamic financials for their year ended September
30, 2013.
For the year ended December 31, 2013, we reported income from
discontinued operations of $6.4 million related to the sale of our
two b/d pilot plant in Tulsa, Oklahoma.
Syntroleum's net loss was $6.0 million or $0.60 per share and
$2.3 million or $0.23 per share, respectively, for the three month
and year ended December 31, 2013, compared with a net loss of $5.1
million or $0.50 per share and $1.1 million or $0.11 per share,
respectively for the corresponding periods in 2012.
As of December 31, 2013 Syntroleum's available cash position was
$11.4 million.
For additional information see the Company's Form 10-K for the
year ended December 31, 2013, filed with the SEC on Friday, March
14, 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 |
UNAUDITED CONSOLIDATED
BALANCE SHEETS |
(in thousands, except par
value) |
|
|
|
|
December 31,
2013 |
December 31,
2012 |
ASSETS |
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 11,400 |
$ 15,909 |
Restricted cash |
-- |
725 |
Accounts receivable |
109 |
134 |
Taxes receivable |
988 |
-- |
Accounts receivable from
Dynamic Fuels, LLC |
-- |
252 |
Other current assets |
280 |
237 |
Total current assets |
12,777 |
17,257 |
PROPERTY AND EQUIPMENT-at cost, net |
77 |
58 |
INVESTMENT IN AND LOANS TO DYNAMIC FUELS,
LLC |
37,848 |
38,407 |
OTHER ASSETS, net |
1,113 |
1,023 |
Total
Assets |
$ 51,815 |
$ 56,745 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
$ 783 |
$ 312 |
Accrued employee costs |
23 |
71 |
Current deposits |
-- |
725 |
Total current liabilities |
806 |
1,108 |
|
|
|
NONCURRENT LIABILITIES OF DISCONTINUED
OPERATIONS |
-- |
603 |
DEFERRED REVENUE |
13,365 |
15,612 |
COMMITMENTS AND CONTINGENCIES |
-- |
-- |
Total liabilities |
14,171 |
17,323 |
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
Common stock, $0.01 par value,
150,000 shares authorized, 9,943 and 9,829 shares issued and
outstanding at 12/31/13 and 12/31/12, respectively |
99 |
98 |
Additional paid-in capital |
400,262 |
399,788 |
Retained Earnings, beginning of
year |
(360,464) |
(359,363) |
Current Year Earnings |
(2,253) |
(1,101) |
Accumulated deficit |
(362,717) |
(360,464) |
Total stockholders' equity |
37,644 |
39,422 |
Total Liabilities and
Stockholders' Equity |
$ 51,815 |
$ 56,745 |
|
SYNTROLEUM CORPORATION
AND SUBSIDIARIES |
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(in thousands, except per share
data) |
|
|
|
|
|
For the
Year Ended December 31, |
|
2013 |
2012 |
2011 |
REVENUES: |
|
|
|
Technology |
$ 100 |
$ 9,600 |
$ 600 |
Technical services |
1,388 |
1,909 |
1,719 |
Technical services from Dynamic
Fuels, LLC |
469 |
5,228 |
974 |
Royalties from Dynamic Fuels,
LLC plant production |
-- |
789 |
921 |
Total revenues |
1,957 |
17,526 |
4,214 |
|
|
|
|
COSTS AND EXPENSES: |
|
|
|
Engineering |
2,280 |
2,571 |
2,236 |
Depreciation and
amortization |
180 |
186 |
200 |
General, administrative and
other (including non-cash equity compensation of $475, $508
and $562 for the years ended December 31, 2013, 2012
and 2011, respectively.) |
8,835 |
5,552 |
4,827 |
|
|
|
|
OPERATING INCOME (LOSS) |
(9,338) |
9,217 |
(3,049) |
|
|
|
|
INTEREST INCOME |
8 |
22 |
16 |
OTHER INCOME |
8 |
6 |
8 |
EQUITY IN LOSS OF DYNAMIC FUELS, LLC |
(1,569) |
(10,012) |
(13,880) |
FOREIGN CURRENCY EXCHANGE |
2,247 |
(296) |
(17) |
|
|
|
|
LOSS FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES |
(8,644) |
(1,063) |
(16,922) |
|
|
|
|
INCOME TAXES |
-- |
-- |
-- |
|
|
|
|
LOSS FROM CONTINUING OPERATIONS |
(8,644) |
(1,063) |
(16,922) |
|
|
|
|
INCOME (LOSS) FROM DISCONTINUED
OPERATIONS |
6,391 |
(38) |
(27) |
|
|
|
|
NET LOSS |
$ (2,253) |
$ (1,101) |
$ (16,949) |
|
|
|
|
BASIC AND DILUTED NET INCOME (LOSS) PER
SHARE: |
|
|
|
Loss from continuing
operations |
$ (0.87) |
$ (0.11) |
$ (1.89) |
Income from discontinued
operations |
0.64 |
0.00 |
0.00 |
Net loss |
$ (0.23) |
$ (0.11) |
$ (1.89) |
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
|
Basic |
9,932 |
9,835 |
8,977 |
Diluted |
9,932 |
9,835 |
8,977 |
|
SYNTROLEUM CORPORATION
AND SUBSIDIARIES |
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(in thousands) |
|
|
|
|
|
For the Year
Ended December 31, |
|
2013 |
2012 |
2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net loss |
$ (2,253) |
$ (1,101) |
$ (16,949) |
Income (loss) from discontinued
operations |
6,391 |
(38) |
(27) |
Loss from continuing
operations |
(8,644) |
(1,063) |
(16,922) |
Adjustments to reconcile net
loss to net cash provided by (used in) operating
activities: |
|
|
|
Depreciation and
amortization |
180 |
186 |
200 |
Foreign currency exchange |
(2,247) |
296 |
17 |
Non-cash compensation
expense |
475 |
508 |
562 |
Non-cash loss in equity method
investee |
1,569 |
10,012 |
13,880 |
Non-cash technical services
revenue from Dynamic Fuels, LLC |
-- |
(3,714) |
-- |
Changes in assets and
liabilities: |
|
|
|
Accounts receivable |
25 |
(9) |
431 |
Accounts receivable from
Dynamic Fuels, LLC |
252 |
(524) |
(1,895) |
Other assets |
(278) |
(18) |
(27) |
Accounts payable |
471 |
92 |
(870) |
Accrued liabilities and
other |
(48) |
(217) |
169 |
Deferred revenue |
-- |
(9,050) |
49 |
Net cash used in continuing
operations |
(8,245) |
(3,501) |
(4,406) |
Net cash used in discontinued
operations |
(10) |
(38) |
(27) |
Net cash used in operating
activities |
(8,255) |
(3,539) |
(4,433) |
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
Purchase of property and
equipment |
(54) |
(17) |
(51) |
Investment in and loans to
Dynamic Fuels, LLC |
(10,985) |
(3,000) |
(9,000) |
Taxes receivable reduction in
Dynamic Fuels, LLC working capital loans |
8,987 |
-- |
-- |
Net cash used in continuing
operations |
(2,052) |
(3,017) |
(9,051) |
Net cash provided by
discontinued operations |
5,798 |
-- |
-- |
Net cash provided by (used in)
investing activities |
3,746 |
(3,017) |
(9,051) |
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Proceeds from sale of common
stock, warrants and option exercises |
-- |
63 |
23,572 |
Purchase and retirement of
restricted stock |
-- |
(199) |
-- |
Net cash provided by (used in)
financing activities |
-- |
(136) |
23,572 |
|
|
|
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
(4,509) |
(6,692) |
10,088 |
|
|
|
|
CASH AND CASH EQUIVALENTS, beginning of
year |
15,909 |
22,601 |
12,513 |
CASH AND CASH EQUIVALENTS, end of year |
$ 11,400 |
$ 15,909 |
$ 22,601 |
|
|
|
|
NON-CASH INVESTING ACTIVITIES: |
|
|
|
Common stock warrants |
$ -- |
$ 166 |
$ -- |
Taxes receivable reduction in
Dynamic Fuels, LLC working capital loan |
$ 988 |
$ 2,896 |
$ -- |
CONTACT: Ron Stinebaugh
Syntroleum Corporation
(281) 224-9862
www.syntroleum.com
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