Attached files
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| 8-K - CURRENT REPORT - AEMETIS, INC | amtx_8k.htm |
Exhibit 99.1
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External Investor Relations Contact:
Kirin Smith
PCG Advisory Group
(646)
863-6519
ksmith@pcgadvisory.com
|
|
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Investor Relations & Media Contact:
Satya Chillara
(408) 213-0939
schillara@aemetis.com
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Aemetis, Inc. Reports First Quarter 2017 Financial
Results
CUPERTINO, Calif. – May 11, 2017 - Aemetis, Inc.
(NASDAQ: AMTX), an advanced renewable
fuels and biochemicals company, today announced its financial
results for the three months ended March 31,
2017.
"During the first quarter, ethanol revenues increased by 12% on
higher ethanol volume and prices compared to the first quarter of
2016, but gross margins were negatively impacted by an increase in
feedstock costs due to an unusually wet winter in California and
the resulting higher rail costs," stated Eric McAfee, Chairman and
CEO of Aemetis. "During the second quarter, rail costs have
returned to more normal levels and ethanol margins have improved as
corn prices remain moderated. Our business in India has entered a
growth phase by recently winning a biodiesel supply contract with
domestic Oil Marketing Companies in India, and we are finalizing an
international biodiesel supply contract with a major oil company.
These new customers are in addition to our existing bulk and fleet
customers in India."
Today, Aemetis will host an earnings review call at 11:00 am
Pacific (PT). For details on the call, visit: http://www.aemetis.com/investors/conference-call/
Financial Results for the Three Months Ended March 31,
2017
Revenues
were $31.6 million for the first quarter of 2017, compared to $33.3
million for the first quarter of 2016. Increases in ethanol production and average selling prices
resulted in an additional $1.9 million of revenue, which was offset
by $3.6 million of lower volumes of biodiesel sales, resulting in
lower revenues during the first quarter as compared to the same
period in 2016. Gross loss for the first quarter of 2017 was
$0.6 million, compared to gross profit of $2.1 million during the
first quarter of 2016. During the
first quarter, gross margins declined due to higher feedstock
costs, principally from rail dislocation associated with wet winter
weather in California and lower distillers grains
prices.
Selling, general and administrative expenses were $3.3 million in
the first quarter of 2017, compared to $3.0 million in the first
quarter of 2016. The increase in selling, general and
administrative expenses was driven by an increase in share based
compensation compared to the same period of the prior
year.
Operating loss was $4.0 million for the first quarter of 2017,
compared to operating loss of $1.0 million for the same period in
2016.
Net loss was $8.5 million for the first quarter of 2017, compared
to net loss of $5.1 million for the first quarter of
2016.
Adjusted EBITDA loss for the first quarter of 2017 was $2.4
million, compared to Adjusted EBITDA of $250 thousand for the same
period in 2016.
Cash at the end of the first quarter was $231 thousand compared to
$1,486 thousand at the close of 2016.
About Aemetis
Headquartered in Cupertino, California, Aemetis is an advanced
renewable fuels and biochemicals company focused on the
acquisition, development and commercialization of innovative
technologies that replace traditional petroleum-based products by
the conversion of second-generation ethanol and biodiesel plants
into advanced biorefineries. Founded in 2006, Aemetis owns and
operates a 60 million gallon per year ethanol production facility
in the California Central Valley near Modesto. Aemetis also owns
and operates a 50 million gallon per year renewable chemical and
advanced fuel production facility on the East Coast of India
producing high quality distilled biodiesel and refined glycerin for
customers in India and Europe. Aemetis operates a research and
development laboratory at the Maryland Biotech Center, and holds a
portfolio of patents and related technology licenses for the
production of renewable fuels and biochemicals. For additional
information about Aemetis, please visit www.aemetis.com.
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 expense, loss on
extinguishment, income tax expense, intangible and other
amortization expense, depreciation expense and share-based
compensation expense.
Adjusted EBITDA is not calculated in accordance with GAAP and
should not be considered as an alternative to net income/(loss),
operating income 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
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,
expectations for growth in India, the impact that the recent
regulatory changes in India will have on our business expectations
for uses of EB-5 funding and expectations for receipt of additional
EB-5 funding. Words or phrases such as
“anticipates,” “may,” “will,”
“should,” “believes,”
“estimates,” “expects,”
“intends,” “plans,” “predicts,”
“projects,” “showing signs,”
“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, biodiesel and other industries in which we operate,
commodity market risks including those that may result from current
weather conditions, financial market risks, customer adoption,
counter-party risks, risks associated with changes to federal
policy or regulation, 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, 2015, our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2016
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.
(Tables follow)
AEMETIS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share data)
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Three months ended
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March 31
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2017
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2016
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Revenues
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$31,574
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$33,326
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Cost
of goods sold
|
32,161
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31,240
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Gross
profit/(loss)
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(587)
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2,086
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Research
and development expenses
|
86
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97
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Selling,
general and administrative expenses
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3,295
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2,999
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Operating
income/(loss)
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(3,968)
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(1,010)
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Other
expense/(income)
|
|
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Interest
rate expense
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2,842
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2,678
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Amortization
expense
|
1,683
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1,355
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Other
expense
|
28
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64
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Income/(loss)
before income taxes
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(8,521)
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(5,107)
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Income
tax expense
|
6
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6
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Net
income/(loss)
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$(8,527)
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$(5,113)
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Net
income/(loss) per common share
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Basic
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$(0.43)
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$(0.26)
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Diluted
|
$(0.43)
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$(0.26)
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Weighted
average shares outstanding
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|
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Basic
|
19,776
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19,648
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Diluted
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19,776
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19,648
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AEMETIS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(unaudited, in thousands)
|
|
March
31,
2016
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December
31,
2015
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Assets
|
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Current
assets:
|
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Cash
and cash equivalents
|
$231
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$1,486
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Accounts
receivable
|
1,004
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1,557
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Inventories
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2,784
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3,241
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Prepaid
and other current assets
|
911
|
761
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Total
current assets
|
4,930
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7,045
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Property, plant and equipment, net
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65,670
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66,370
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Intangible
and other assets
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4,377
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4,395
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Total assets
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$74,977
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$77,810
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Liabilities and stockholders' deficit
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Current
liabilities:
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Accounts
payable
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$7,812
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$7,842
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Current
portion of long term debt, notes and working capital
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12,855
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11,409
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Mandatorily
redeemable Series B convertible preferred stock
|
2,869
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2,844
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Other
current liabilities
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5,465
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5,121
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Total
current liabilities
|
29,001
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27,216
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Total
long term liabilities
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103,815
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100,407
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Total
stockholders' deficit
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(57,839)
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(49,813)
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Total liabilities and stockholders' deficit
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$74,977
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$77,810
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RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS)
(unaudited, in thousands)
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Three Months Ended
|
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March 31
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2017
|
2016
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Net
Income/(loss)
|
$(8,527)
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$(5,113)
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Adjustments:
|
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Interest
expense
|
4,525
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4,033
|
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Depreciation
expense
|
1,146
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1,175
|
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Share-based
compensation
|
409
|
117
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Intangibles
and other amortization expense
|
33
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32
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Income
tax expense
|
6
|
6
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Total
adjustments
|
6,119
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5,363
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Adjusted
EBITDA
|
$(2,408)
|
$250
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PRODUCTION AND PRICE PERFORMANCE
(unaudited)
|
|
Three months ended
March 31
|
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2017
|
2016
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Ethanol
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Gallons
sold (in millions)
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13.5
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12.8
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Average
sales price/gallon
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$1.75
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$1.65
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WDG
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Tons
sold (in thousands)
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88.4
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87.7
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Average
sales price/ton
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$63
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$71
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Delivered cost of corn and milo
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Bushels
ground (in millions)
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4.7
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4.5
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Average
delivered cost / bushel
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$4.93
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$4.46
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Biodiesel
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Metric
tons sold (in thousands)
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0.9
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6.8
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Average
Sales Price/Metric ton
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$981
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$663
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Refined glycerin
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Metric
tons sold (in thousands)
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1.2
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1.4
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Average
Sales Price/Metric ton
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$680
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$568
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