JBI, Inc. Files First Quarter 2013 Form 10-Q, Provides Business Update
http://www.marketwatch.com/story/jbi-inc-file...2013-05-10
May 10, 2013 (ACCESSWIRE-TNW via COMTEX) -- Niagara Falls - JBI, Inc. (the "Company" or "JBI") (otcqb:JBII), a clean energy company that recycles waste plastic into liquid fuels, announced that it filed its Quarterly Report on Form 10-Q for its first quarter of 2013 with the SEC earlier today.
The Company reported $196,817 in total revenues, a 13.1% decrease from the first quarter of 2012. The Company reported $129,873 in fuel revenues, a 7.6% increase from the first quarter of 2012 and costs of goods sold related to fuel revenues of $128,864, a 13.7% decrease from the first quarter of 2012. Net losses from continuing operations for the quarter were $2,714,521, compared to $2,770,493 in first quarter of 2012.
The Company produced 76,060 total gallons of fuel in the first quarter of 2013, compared to 64,390 gallons produced in first quarter 2012, an 18.1% increase. Total cost per gallon was $1.73 per gallon, compared to $2.27 per gallon for the first quarter 2012, representing a 23.8% decrease in cost per gallon.
"As we had previously disclosed on our investor conference call on April 2, 2013, we expected first quarter revenues to be lower than those of the fourth quarter 2012, specifically driven by residual downtime from our heat transfer fluid testing and weather related issues with our feedstock," stated JBI Chief Executive Officer Tony Bogolin. "Also, as we previously disclosed, these issues have been addressed and we do not foresee a repeat of them in the future."
Mr. Bogolin also stated, "Subsequent to the operational organization structure changes we implemented in March, we are currently processing on a more consistent basis. We expect to continue this consistent production throughout 2013 and into the future."
JBI's Chief Financial Officer, Matthew Ingham, stated, "We are encouraged by the improvement of our cost of goods sold and cost per gallon year over year. We continue to strive to better align our costs to ensure that our gross margins are improving and become more representative of what we believe our processors are capable of."
CEO Tony Bogolin commented, "We are pleased with the progress that we are making with regards to feedstock procurement. We have been proactive in addressing our increased feedstock needs and continue to work on balancing this demand at price points that will be beneficial to our gross margins."
The Company is nearing completion of its third processor and, to facilitate the anticipated increased volume at its Niagara Falls plant, it has recently installed 50,000 gallons of additional fuel storage capacity, as well as new loading docks to improve material handling capabilities for plastic feedstock.
"I am extremely excited about how close we are to completion of processor three," stated founder and Chief of Technology, John Bordynuik. He continued, "All kilns and towers are now in place, our emission stack is nearly complete, and we will be commencing testing of the machine's subsystems very shortly."
For further information about the Company's first fiscal quarter 2013, including its financial results, readers of this press release should review the Company's disclosures in its Quarterly Report on Form 10-Q, which is publicly available on the website of the Securities and Exchange Commission at www.sec.gov .
About JBI, Inc.
JBI, Inc. is a clean energy company that recycles waste plastic into liquid fuels. JBI's proprietary Plastic2Oil technology can deliver economic and environmental benefits by replacing refined fuels and diverting waste plastic from landfills. For further information, please visit www.plastic2oil.com .
Forward Looking Statements
This press release contains statements, which may constitute "forward looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act. The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees as of 1995. Those statements include statements regarding the intent, belief or current expectations of JBI, and members of its management as well as the assumptions on which such statements are based, including the expected timing of the Company's Form 10-K, execution of the proposed agreements described above and consummation of the transactions contemplated by such agreements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Such risks include, but are not limited to: (1) JBI has a history of net losses, and may not be profitable in the future; (2) JBI may not be able to obtain necessary licenses, rights and permits required to develop or operate our Plastic2Oil business, and may encounter environmental or occupational, safety and health conditions or requirements that would adversely affect its business; and (3) JBI may experience delays in the commercial operations of its Plastic2Oil machines and there is no assurance that they can be operated profitably. For a more detailed discussion of such risks and other factors, see the Company's Annual Report on Form 10-K, filed with the SEC on March 15, 2013 and its other SEC filings. The Company 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.
CONTACT
Chris Irons
Corporate Communications & Investor Relations Manager
716.471.5995
ir@jbi.net
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