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8-K - CURRENT REPORT - AEMETIS, INC | amtx_8k.htm |
Exhibit 99.1
External Investor Relations Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com
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Company Investor Relations/
Media Contact:
Todd Waltz
(408) 213-0940
investors@aemetis.com
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Aemetis, Inc. Reports First Quarter 2020 Financial
Results
CUPERTINO, Calif. – May 14, 2020 - Aemetis, Inc.
(NASDAQ: AMTX), an advanced renewable
fuels and biochemicals company, today announced its financial
results for the three months ended March 31,
2020.
“During
the first quarter of 2020, Aemetis continued to make steady
progress despite significant challenges related to Covid 19
restrictions,” said Eric McAfee, Chairman and CEO of Aemetis.
“Progress continued on the carbon reduction and revenue
expansion projects to drive significant revenue increases and
positive earnings. In our dairy renewable natural gas project, we
completed and tested the first two dairy digesters and began
constructing the four mile pipeline to connect the two dairies to
the Keyes ethanol plant; we completed the construction and began
commercial operation of the carbon dioxide capture system at our
Keyes plant to supply the newly-built Messer CO2 plant under a long
term contract; and we made progress toward commencing construction
of our below zero carbon content California waste wood ethanol
biorefinery. Importantly, all of the EB-5 investors in our current
offering were granted National Interest Expedite approval to
process their applications at the USCIS in approximately 90 days
instead of up to three years which has significantly increased the
number of interested investors.”
Today, Aemetis will host an earnings review call at 11:00 a.m.
Pacific time (PT).
Live Participant Dial In (Toll Free): +1-844-407-9500
Live Participant Dial In (International): +1-862-298-0850
Webcast URL: https://www.webcaster4.com/Webcast/Page/2211/34586
For details on the call, please visit http://www.aemetis.com/investors/conference-calls/
Financial Results for the Three Months Ended March 31,
2020
Revenues
during the first quarter of 2020 were $39.5 million, compared to
$41.9 million for the first quarter of 2019. North America volume
of ethanol sold during the first quarter was 15.7 million gallons
compared to 16.2 million gallons in the first quarter of 2019, at
an average price of $1.56 per gallon compared to $1.68 per gallon.
India’s biodiesel price was $786 per metric ton compared to
$839 per metric ton, with tons sold decreasing to 3,554 metric
tonnes compared to 5,182 tonnes.
Gross
loss for the first quarter of 2020 was a $433 thousand loss,
compared to a $351 thousand loss during the first quarter of
2019.
Selling, general and administrative expenses decreased from $4.2
million during the first quarter of 2019 to $3.9 million during the
first quarter of 2020.
Operating loss decreased to $4.5 million for the first quarter of
2020, compared to operating loss of $4.6 million for the same
period in 2019.
Interest expense, excluding accretion of Series A preferred units
in the Aemetis Biogas LLC subsidiary, was $6.9 million during the
first quarter of 2020 compared to $6.2 million during the first
quarter of 2019. Additionally, our Aemetis Biogas initiative
recognized $960 thousand of accretion of the preference payments on
its preferred stock during the first quarter of 2020 compared to
$449 thousand during the first quarter of 2019.
Net loss increased to $12.1 million for the first quarter of 2020,
compared to net loss of $10.7 million for the first quarter of
2019.
Cash at the end of the first quarter of 2020 was $303 thousand
compared to $656 thousand at the close of the fourth quarter of
2019.
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 ethanol and biodiesel plants into advanced
biorefineries. Founded in 2006, Aemetis owns and operates a 60
million gallons per year ethanol production facility in
California’s Central Valley, near Modesto. Aemetis also owns
and operates a 50 million gallons 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, the US and Europe. Aemetis is building a biogas
digester, pipeline and gas cleanup project to convert dairy waste
gas into renewable natural gas, and is developing a plant to
convert waste orchard wood into cellulosic ethanol. Aemetis 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) attributable to Aemetis, Inc. plus (to
the extent deducted in calculating such net income) interest
expense, loss on extinguishment, income tax expense, intangible and
other amortization expense, accretion 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 development
of the Dairy Biomethane Digester project and the Cellulosic Ethanol
Biorefinery project will have on our business, expected margins at
the Cellulosic Ethanol Biorefinery project under development,
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, 2019, our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2020
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 AND COMPREHENSIVE
LOSS
(unaudited, in thousands except per share data)
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Three months
ended
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March 31,
2020
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March 31,
2019
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Revenues
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$39,480
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$41,888
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Cost of goods
sold
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39,913
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42,239
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Gross
loss
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(433)
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(351)
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Research and
development expenses
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117
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33
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Selling, general
and administrative expenses
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3,936
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4,241
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Operating
loss
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(4,486)
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(4,625)
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Other
expense/(income):
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Interest
expense
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5,586
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4,986
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Amortization
expense
|
1,290
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1,223
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Accretion of Series
A preferred units
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960
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449
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Other
expense
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(63)
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(623)
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Loss before income
taxes
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(12,259)
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(10,660)
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Income tax
expense
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(207)
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7
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Net
loss
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$(12,052)
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$(10,667)
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Non-controlling
interest
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-
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(938)
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Net loss
attributable to Aemetis, Inc.
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$(12,052)
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$(9,729)
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Net loss per common
share
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Basic
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$(0.58)
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$(0.48)
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Diluted
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$(0.58)
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$(0.48)
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Weighted average
shares outstanding
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Basic
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20,651
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20,367
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Diluted
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20,651
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20,367
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AEMETIS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(unaudited, in thousands)
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March
31,
2020
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December
31,
2019
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Assets
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Current
assets:
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Cash and cash
equivalents
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$303
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$656
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Accounts
receivable
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1,584
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2,036
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Inventories
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5,246
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6,518
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Prepaid and other
current assets
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2,720
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3,366
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Total current
assets
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9,853
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12,576
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Property,
plant and equipment, net
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90,628
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84,226
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Other
assets
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3,334
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3,094
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Total
assets
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$103,815
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$99,896
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Liabilities
and stockholders' deficit
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Current
liabilities:
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Accounts
payable
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$16,904
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$15,968
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Current portion of
long-term debt
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6,036
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5,792
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Short term
borrowings
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17,327
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16,948
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Mandatorily
redeemable Series B stock
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3,175
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3,149
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Accrued property
taxes and other liabilities
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17,513
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15,962
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Total current
liabilities
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60,955
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57,819
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Total long term
liabilities
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209,549
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196,449
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Total stockholders'
deficit:
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Series
B convertible preferred stock
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1
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1
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Common
stock
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21
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21
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Additional
paid-in capital
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87,255
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86,852
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Accumulated
deficit
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(249,473)
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(237,421)
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Accumulated
other comprehensive loss
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(4,493)
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(3,825)
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Total stockholders'
deficit
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(166,689)
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(154,372)
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Total
liabilities and stockholders' deficit
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$103,815
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$99,896
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RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS)
(unaudited, in thousands)
|
Three months
ended
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March
31,
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2020
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2019
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Net loss
attributable to Aemetis, Inc.
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$(12,052)
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$(9,729)
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Adjustments:
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Interest
expense
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6,876
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5,214
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Depreciation
expense
|
1,090
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1,138
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Accretion of Series
A preferred units
|
960
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449
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Share-based
compensation
|
310
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290
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Intangibles and
other amortization expense
|
12
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12
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Income tax
expense/(benefit)
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(215)
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7
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Total
adjustments
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9,033
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7,110
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Adjusted
EBITDA
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$(3,019)
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$(2,619)
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PRODUCTION AND PRICE PERFORMANCE
(unaudited)
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Three months
ended
March
31,
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2020
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2019
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Ethanol
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Gallons sold (in
millions)
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15.7
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16.2
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Average sales
price/gallon
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$1.56
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$1.68
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Percent of
nameplate capacity
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114%
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118%
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WDG
|
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Tons sold (in
thousands)
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107.0
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106.9
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Average sales
price/ton
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$78
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$80
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Delivered
Cost of Corn
|
|
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Bushels ground (in
millions)
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5.7
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5.6
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Average delivered
cost / bushel
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$5.17
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$5.20
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Biodiesel
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|
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Metric tons sold
(in thousands)
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3.6
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5.2
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Average Sales
Price/Metric ton
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$786
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$839
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Percent of
nameplate capacity
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9%
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13%
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Refined
glycerin
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Metric tons sold
(in thousands)
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0.1
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1.4
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Average Sales
Price/Metric ton
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$619
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$644
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