UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2005
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission File No. 000-31953
CATALYTICA ENERGY SYSTEMS, INC.
(Exact name of Registrant as specified in its charter)
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Delaware |
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77-0410420 |
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(State or other
jurisdiction of |
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(IRS Employer |
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1388
North Tech Boulevard |
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(Address of principal executive offices) |
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(480) 556-5555 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
As of May 10, 2005 there were outstanding 17,946,719 shares of the Registrant’s common stock, par value $0.001, which is the only class of common stock outstanding.
CATALYTICA ENERGY SYSTEMS, INC.
FORM 10-Q
March 31, 2005
TABLE OF CONTENTS
2
PART I - FINANCIAL INFORMATION
CATALYTICA ENERGY SYSTEMS, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
for the three-months ended March 31, 2005 and 2004
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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2005 |
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2004 |
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Revenues |
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SCR catalyst & management services |
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$ |
743 |
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$ |
469 |
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Research and development |
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556 |
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517 |
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Total revenues |
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1,299 |
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986 |
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Costs and expenses: |
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Cost of revenues |
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1,170 |
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758 |
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Research and development |
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1,892 |
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1,910 |
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Selling, general and administrative |
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1,859 |
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1,655 |
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Total costs and expenses |
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4,921 |
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4,323 |
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Operating loss |
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(3,622 |
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(3,337 |
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Interest and other income |
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243 |
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186 |
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Interest expense |
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(159 |
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(90 |
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Net loss |
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$ |
(3,538 |
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$ |
(3,241 |
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Basic and diluted net loss per share |
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$ |
(0.20 |
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$ |
(0.18 |
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Weighted average shares used in computing basic and diluted net loss per share |
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17,931 |
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17,806 |
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See accompanying notes.
3
CATALYTICA ENERGY SYSTEMS, INC.
CONSOLIDATED BALANCE
SHEETS
at March 31, 2005 and December 31, 2004
(In thousands)
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March 31, |
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December 31, |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
8,737 |
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$ |
26,901 |
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Short-term investments |
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23,399 |
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8,691 |
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Accounts receivable, net |
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1,277 |
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1,222 |
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Inventory |
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493 |
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474 |
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Prepaid expenses and other assets |
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607 |
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601 |
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Total current assets |
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34,513 |
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37,889 |
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Property and equipment: |
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Land |
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611 |
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611 |
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Building and leasehold improvements |
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8,140 |
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9,608 |
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Equipment |
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8,898 |
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8,842 |
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Less accumulated depreciation and amortization |
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(10,331 |
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(11,584 |
) |
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Total property and equipment |
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7,318 |
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7,477 |
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Goodwill |
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4,257 |
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4,257 |
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Other intangible assets |
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1,540 |
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1,583 |
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Other assets |
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293 |
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311 |
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Total assets |
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$ |
47,921 |
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$ |
51,517 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
580 |
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$ |
248 |
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Accrued payroll and benefits |
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1,102 |
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1,315 |
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Accrued liabilities and other |
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1,001 |
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1,213 |
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Current portion of long-term debt and other long-term liabilities |
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1,694 |
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748 |
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Total current liabilities |
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4,377 |
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3,524 |
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Long-term debt and other long-term liabilities |
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4,687 |
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5,654 |
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Total liabilities |
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9,064 |
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9,178 |
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