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Aemetis, Inc. Reports Record Fourth Quarter and Year-End 2013 Financial Results

AMTX

Aemetis, Inc. (OTC.QB: AMTX), the largest producer of biofuels in California and the largest US-owned biofuels producer in Asia, today announced its financial results for the three- and twelve-months ended December 31, 2013.

“Our fourth quarter 2013 results reflect a year of record financial performance and significant progress for Aemetis,” said Eric McAfee, Chairman and CEO of Aemetis, Inc. “During 2013, we diversified our feedstock. After retrofitting and restarting our plant in May 2013, we processed about 84 million pounds (42,000 tons) of grain sorghum; became the first US ethanol plant approved by the EPA to produce lower-carbon, higher-value Advanced Biofuels (and to receive D5 RINs) using sorghum/biogas/CHP; and upgraded our India plant by constructing and commissioning a biodiesel distillation unit. These efforts translated into record levels of revenue from our India operations, and company-wide records for operating income and Adjusted EBITDA,” added McAfee.

Financial Results for the Three Months Ended December 31, 2013

Revenues were $54.1 million for the fourth quarter of 2013, compared to $47.2 million for the fourth quarter of 2012. The increase in revenues was primarily attributable to an increase ethanol production by consistently operating the Keyes plant above nameplate capacity.

Gross profit was a record $11.3 million for the fourth quarter of 2013, compared to a gross loss of $2.4 million in the fourth quarter of 2012. The improvement in gross profit was driven by significantly improved production margins.

Selling, general and administrative ("SG&A") expenses were $3.2 million in the fourth quarter of 2013, compared to $4.7 million in the fourth quarter of 2012. The decrease in SG&A expenses was primarily attributable to one-time financial advisory service fees during the fourth quarter of 2012.

Operating income for the fourth quarter of 2013 was a record $8.0 million, compared to an operating loss of $7.2 million for the same period in 2012.

Net Income for the fourth quarter of 2013 was $3.3 million, compared to a loss of $12.2 million for the fourth quarter of 2012.

Adjusted EBITDA for the fourth quarter of 2013 was a record $9.9 million, compared to Adjusted EBITDA of negative $6.2 million for the same period in 2012.

“We paid more than $12.0 million of principal and interest on debt during 2013 and during the first quarter of 2014. This debt reduction lowers our interest costs each month and increases shareholder equity. In addition to the pay down of debt using positive cash flow from operations, we have ongoing debt reduction and refinance activities underway that we believe will further lower the interest costs incurred by the company and support increased profitability in the future,” said Todd Waltz, EVP and CFO of Aemetis.

Financial Results for the Year Ended December 31, 2013

For the full year 2013, revenues were $177.5 million, compared to $189.0 million for the 2012 year. The decrease in revenues was attributable to the idling of our ethanol plant for approximately three months during Q1 and Q2 2013. While idled, the plant was retrofitted to process grain sorghum (qualifying for Advanced Biofuels D5 RINs). The plant was restarted in May 2013.

Gross profit was a record $18.3 million for 2013, compared to a gross loss of $8.9 million for 2012. Operating income for 2013 was a record $2.5 million, compared to an operating loss of $21.2 million for the same period in 2012, representing an improvement of $23.7million year-over-year. Net loss for the full year 2013 was $24.4 million, compared to a loss of $4.3 million for the same period in 2012.

Adjusted EBITDA for the full year 2013 was a record $8.4 million, compared to Adjusted EBITDA of negative $17.9 million for the same period in 2012.

NON-GAAP FINANCIAL INFORMATION

We have provided non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying supplemental data. Adjusted EBITDA is defined as net income/(loss) plus (to the extent deducted in calculating such net income) interest (income)/expense, income tax (benefit)/expense, depreciation and amortization, (gain)/loss on bargain purchase and (gains)/losses resulting from debt extinguishment.

Adjusted EBITDA is not calculated in accordance with GAAP and should not be considered as an alternative to net income/(loss), operating income/(loss) or any other performance measures derived in accordance with GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a useful performance measure that is widely used within the industry in which we operate. In addition, management uses Adjusted EBITDA for reviewing financial results and for budgeting and planning purposes. EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release, include without limitation, statements regarding our ability to leverage approved feedstock pathways; our ability to refinance our debt, further reduce our interest costs and increase profitability; and our ability to continue to fund operations with cash from operations. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “targets,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, counter-party risks, risks associated with changes to federal policy or regulation, risks associated with the conversion of the Keyes plant to the use of sorghum for ethanol production; and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2013, and in our subsequent filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

About Aemetis

Headquartered in Cupertino, California, Aemetis is an advanced fuels and renewable chemicals company that was founded in 2006. Aemetis owns and operates a 55 million gallon ethanol and 420,000 ton animal feed plant in California that is the first upgraded facility approved by the EPA to produce D5 Advanced Biofuels using the milo/biogas/CHP pathway. Aemetis also built, owns and operates a 50 million gallon capacity renewable chemicals and advanced fuels production facility on the East Coast of India producing high quality, distilled biodiesel and refined glycerin for customers in Europe and Asia. Aemetis operates a research and development laboratory at the Maryland Biotech Center, and holds five granted patents on its Z-microbe and related technology for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit aemetis.com.

(Tables follow)

AEMETIS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(unaudited, in thousands except per share data)

 
Three months ended Years ended
December 31 December 31
2013   2012 2013   2012
Revenues $54,053 $47,164 $177,514 $189,048
Cost of goods sold 42,793 49,549 159,220 197,975
Gross profit/(loss) 11,260 (2,385) 18,294 (8,927)
 
Research and development expenses 71 136 539 621
Selling, general and administrative expenses 3,197 4,687 15,275 11,613
Operating income/(loss) 7,992 (7,208) 2,480 (21,161)
 
Other income/(expense)
Interest and amortization expense (5,394) (5,011) (24,275) (17,658)
Loss on debt extinguishment - - (3,709) (9,069)
Other income/(expense) 660 (24) 1,073 42,523
 
Income/(loss) before income taxes 3,258 (12,243) (24,431) (5,363)
Income benefit/(expense) - - (6) 1,081
Net income/(loss) $3,258 $(12,243) $(24,437) $(4,282)
 
Income/(Loss) per common share
Basic $0.02 $(0.07) $(0.13) $(0.03)
Diluted $0.02 $(0.07) $(0.13) $(0.03)
 
Weighted average shares outstanding
Basic 198,057 170,735 191,009 151,024
Diluted 202,718 170,735 191,009 151,024
 

AEMETIS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(unaudited, in thousands)

 
As of December 31
2013   2012

Assets

Current assets:
Cash and cash equivalents $4,926 $291
Accounts receivable 2,765 1,360
Inventories 4,097 4,556
Prepaid and other assets 919 638
Total current assets 12,707 6,845
 
Property, plant and equipment, net 78,928 83,894
Goodwill, intangible and other assets 5,507 6,133
Total assets $97,142 $96,872
 
Liabilities and stockholders' equity/(deficit)
Current liabilities:
Accounts payable 9,366 15,070
Current portion of long term debt, notes and working capital 17,966 34,524
Mandatorily redeemable Series B convertible preferred stock 2,539 2,437
Other current liabilities 6,246 5,804
Total current liabilities 36,117 57,835
 
Total long term debt 73,792 35,522
 
Stockholders' equity/(deficit):
Series B convertible preferred stock 2 3
Common stock 200 180
Additional paid-in capital 84,193 75,458
Accumulated deficit (94,246) (69,808)
Accumulated other comprehensive loss (2,916) (2,318)
Total stockholders' equity/(deficit) $(12,767) $3,515
   
Total liabilities and stockholders' equity/(deficit) $97,142 $96,872
 

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS)

(unaudited, in thousands)

 
Three Months Ended Years Ended
December 31 December 31
2013   2012 2013   2012

Net Income/(loss)

$3,258 $(12,243) $(24,437) $(4,282)
Adjustments:
Interest and amortization expense 5,484 5,011 24,529 17,658
Depreciation expense 1,165 1,066 4,636 3,042
Extinguishment of debt - - 3,709 9,069
Income tax expense/(benefit) - - 6 (1,801)
Gain on bargain purchase - - - (42,336)
Total adjustments 6,649 6,077 32,880 (13,648)
Adjusted EBITDA $9,907 $(6,166) $8,443 $(17,930)
 

PRODUCTION AND PRICE PERFORMANCE

(unaudited)

 
Three months ended   For years ended
December 31 December 31
2013   2012 2013   2012
Ethanol
Gallons Sold (in 000s) 15,927 11,429 42,390 53,038
Average Sales Price/Gallon $2.46 $2.56 $2.62 $2.50
WDG
Tons Sold (in 000s) 110 89 301 380
Average Sales Price/Ton $103 $110 $100 $103
Biodiesel
Metric tons sold 794 2,003 19,354 4,127
Average Sales Price/Metric ton $968 $927 $929 $1,158
Refined Glycerin
Metric tons sold 1,448 743 4,913 2,280
Average Sales Price/Metric ton $973 $933 $940 $981
 

aemetis.com



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