TULSA, Okla., April 23, 2009 (GLOBE NEWSWIRE) -- Syntroleum Corporation (Nasdaq:SYNM) today announced financial results for the quarter ended March 31, 2009.
* Cash position of $16.7 million compared to a cash position of $10.1 million at December 31, 2008. * Net cash provided by operating activities was $7.5 million for the first quarter of 2009 compared to net cash used in operating activities of $1.5 million for the same period last year. * Total revenue of $20.2 million for the first quarter of 2009 compared to $1.6 million for the same period last year. * Total net income of $11.2 million for the first quarter of 2009 compared to a loss of $2.2 million. * Net income per share of $ 0.18 versus a loss of $0.04 for the quarters ended March 31, 2009 and 2008, respectively. * Dynamic Fuels joint venture with Tyson Foods proceeding on schedule and on budget, with completion of plant construction scheduled for the end of 2009.
We generated $7.5 million in cash flow from our operating activities for the three months ended March 31, 2009 compared to using $1.5 million in cash flow for operations for the same period last year. Our operating activities have generated cash flows from the execution of key business transactions. Our current receivable balance is $12.8 million from current executed contracts and delivery of technology. Due to the generation of cash flows from operating activities we will fund our remaining investment in Dynamic Fuels from our current and expected cash flows. We will invest $6.0 million on May 1, 2009 and expect to invest the remaining $5.0 million, if needed in the fourth quarter of 2009.
For the three months ended March 31, 2009, the Company reported net income of $11.2 million, or income of $0.18 per share, compared to a net loss of $2.2 million, or $0.04 cents per share, for the same period last year.
For additional information, see the Company's Form 10-Q for the March 31, 2009 period, which has been filed with the SEC. The 10-K is 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 Monday, April 27, 2009, at 2:00 p.m. Central time (3:00 p.m. Eastern). To participate in the teleconference, investors should dial 877-261-8990 about 10 minutes before the start time and reference the Syntroleum conference call. International callers should dial 847-619-6441.
About Syntroleum
Syntroleum Corporation owns the Syntroleum(r) 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(r) Process for upgrading FT liquid hydrocarbons into middle distillate products such as synthetic diesel and jet fuels, and the Biofining(tm) 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(r) Process, the Synfining(r) Process, our renewable fuels Biofining(tm)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 or related natural gas liquids or oil and gas projects 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.
(r) "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, Dec. 31,
2009 2008
--------- ---------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 16,692 $ 10,101
Restricted cash 1,268 --
Accounts receivable 12,773 517
Other current assets 185 272
--------- ---------
Total current assets 30,918 10,890
PROPERTY AND EQUIPMENT - at cost, net 136 187
INVESTMENT IN DYNAMIC FUELS, LLC 15,216 17,486
OTHER ASSETS, net 10,250 10,275
--------- ---------
$ 56,520 $ 38,838
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 439 $ 662
Accrued liabilities 2,089 858
Current deposits 1,268 --
Current liabilities of discontinued
operations 986 1,661
--------- ---------
Total current liabilities 4,782 3,181
NONCURRENT LIABILITIES OF DISCONTINUED
OPERATIONS 602 --
DEFERRED REVENUE 25,380 22,613
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, 64,048
and 63,529 shares issued and
outstanding at March 31, 2009 and
December 31, 2008, respectively 640 635
Additional paid-in capital 351,849 350,325
Accumulated deficit (326,733) (337,916)
--------- ---------
Total stockholders' equity 25,756 13,044
--------- ---------
$ 56,520 $ 38,838
========= =========
SYNTROLEUM CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
For the Quarter
Ended March 31,
------------------
2009 2008
-------- --------
REVENUES:
Technology revenue $ 19,053 $ --
Technical services revenue 1,012 907
Other revenues 125 655
-------- --------
Total revenues 20,190 1,562
-------- --------
COSTS AND EXPENSES:
Engineering 1,530 975
Depreciation, depletion and amortization 94 164
General, administrative and other (including
non-cash equity compensation of $2,396 and
$393 for the quarter ended March 31, 2009
and 2008, respectively.) 5,220 2,005
-------- --------
OPERATING INCOME (LOSS) 13,346 (1,582)
INVESTMENT AND INTEREST INCOME 34 187
LOSS FROM DYNAMIC INVESTMENT (2,271) --
OTHER EXPENSE, net 5 (153)
FOREIGN CURRENCY EXCHANGE 108 (617)
-------- --------
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 11,222 (2,165)
INCOME TAXES -- --
-------- --------
INCOME (LOSS) FROM CONTINUING OPERATIONS 11,222 (2,165)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS (39) (66)
-------- --------
NET INCOME (LOSS) $ 11,183 $ (2,231)
======== ========
BASIC NET INCOME (LOSS) PER SHARE:
Income (loss) from continuing operations $ 0.18 $ (0.04)
Income (loss) from discontinued operations 0.00 0.00
-------- --------
Net income (loss) $ 0.18 $ (0.04)
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WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic 63,882 62,570
======== ========
Diluted 65,243 62,570
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