TULSA, Okla., March 13, 2014 (GLOBE NEWSWIRE) -- Syntroleum Corporation (Nasdaq: SYNM ) a renewable and synthetic fuels technology company, today announced financial results for the twelve months ended December 31, 2013.
Financial Highlights
For the quarter ended December 31, 2013, the Company reported an operating loss of $3.1 million resulting from total revenues of $300,000 and operating expenses of $3.4 million. For the year ended December 31, 2013, the company reported an operating loss of $9.3 million resulting from total revenues of $2.0 and operating expenses of $11.3 million. Our revenues relate to technical services provided to Dynamic Fuels, LLC, Sasol Technology (Pty) Ltd., and Sasol (USA) Corporation.
For Dynamic Fuels quarter ended and year ended September 30, 2013, we reported a loss from Dynamic Fuels of $3.5 million and $1.6 million respectively. This compares to a loss of $3.3 million for the quarter ended June 30, 2013. During the quarter and year ended September 30, 2013 the plant has been in stand-by mode.
We report Dynamic Fuels on a three month lag and the loss reflected in our income statement from Dynamic Fuels represents the loss incurred for the period ending September 30, 2013. Our 10K filing includes Dynamic financials for their year ended September 30, 2013.
For the year ended December 31, 2013, we reported income from discontinued operations of $6.4 million related to the sale of our two b/d pilot plant in Tulsa, Oklahoma.
Syntroleum's net loss was $6.0 million or $0.60 per share and $2.3 million or $0.23 per share, respectively, for the three month and year ended December 31, 2013, compared with a net loss of $5.1 million or $0.50 per share and $1.1 million or $0.11 per share, respectively for the corresponding periods in 2012.
As of December 31, 2013 Syntroleum's available cash position was $11.4 million.
For additional information see the Company's Form 10-K for the year ended December 31, 2013, filed with the SEC on Friday, March 14, 2014. The 10-K is available through the Investor Relations section of the Company's Web site, www.syntroleum.com .
About Syntroleum
Syntroleum Corporation owns the Syntroleum® Process for Fischer-Tropsch (FT) conversion of synthesis gas derived from biomass, coal, natural gas and other carbon-based feedstocks into liquid hydrocarbons, the Synfining® Process for upgrading FT liquid hydrocarbons into middle distillate products such as synthetic diesel and jet fuels, and the Bio-Synfining® technology for converting animal fat and vegetable oil feedstocks into middle distillate products such as renewable diesel and jet fuel using inedible fats and greases as feedstock. The 50/50 venture – known as Dynamic Fuels – was formed to construct and operate multiple renewable synthetic fuels facilities, with production on the first site beginning in 2010. The Company plans to use its portfolio of technologies to develop and participate in synthetic and renewable fuel projects. For additional information, visit the Company's web site at www.syntroleum.com
Forward Looking Statements
This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as well as historical facts. These forward-looking statements include statements relating to the Fischer-Tropsch ("FT") process, Syntroleum ® Process, Synfining ® Process, and related technologies including, gas-to-liquids ("GTL"), coal-to-liquids ("CTL") and biomass-to-liquids ("BTL"), our renewable fuels Bio-Synfining ® Technology (hereinafter "Technologies"), plants based on these Technologies, anticipated cost and schedule to design, construct and operate plants, expected production of fuel, obtaining required financing for these plants and other activities, the value and markets for products, testing, certification, characteristics and use of plant products, the continued development of our Technologies, use of proceeds from our equity offerings, anticipated revenues, availability of catalyst, our support of and relationship with our licensees, and any other forward-looking statements including future growth, cash needs, capital availability, operations, business plans and financial results. When used in this document, the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these kinds of statements involve risks and uncertainties. Actual results may not be consistent with these forward-looking statements. Syntroleum 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 over time. Important factors that could cause actual results to differ from these forward-looking statements are described under "Item 1A. Risk Factors" and elsewhere in our 2013 Annual Report on Form 10K.
® "Syntroleum", "Synfining", and "Bio-Synfining" are registered as trademarks and service marks in the U.S. Patent and Trademark Office.
| SYNTROLEUM CORPORATION AND SUBSIDIARIES | ||
| UNAUDITED CONSOLIDATED BALANCE SHEETS | ||
| (in thousands, except par value) | ||
| December 31, 2013 | December 31, 2012 | |
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $ 11,400 | $ 15,909 |
| Restricted cash | -- | 725 |
| Accounts receivable | 109 | 134 |
| Taxes receivable | 988 | -- |
| Accounts receivable from Dynamic Fuels, LLC | -- | 252 |
| Other current assets | 280 | 237 |
| Total current assets | 12,777 | 17,257 |
| PROPERTY AND EQUIPMENT-at cost, net | 77 | 58 |
| INVESTMENT IN AND LOANS TO DYNAMIC FUELS, LLC | 37,848 | 38,407 |
| OTHER ASSETS, net | 1,113 | 1,023 |
| Total Assets | $ 51,815 | $ 56,745 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $ 783 | $ 312 |
| Accrued employee costs | 23 | 71 |
| Current deposits | -- | 725 |
| Total current liabilities | 806 | 1,108 |
| NONCURRENT LIABILITIES OF DISCONTINUED OPERATIONS | -- | 603 |
| DEFERRED REVENUE | 13,365 | 15,612 |
| COMMITMENTS AND CONTINGENCIES | -- | -- |
| Total liabilities | 14,171 | 17,323 |
| STOCKHOLDERS' EQUITY: | ||
| Common stock, $0.01 par value, 150,000 shares authorized, 9,943 and 9,829 shares issued and outstanding at 12/31/13 and 12/31/12, respectively | 99 | 98 |
| Additional paid-in capital | 400,262 | 399,788 |
| Retained Earnings, beginning of year | (360,464) | (359,363) |
| Current Year Earnings | (2,253) | (1,101) |
| Accumulated deficit | (362,717) | (360,464) |
| Total stockholders' equity | 37,644 | 39,422 |
| Total Liabilities and Stockholders' Equity | $ 51,815 | $ 56,745 |
| SYNTROLEUM CORPORATION AND SUBSIDIARIES | |||
| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | |||
| (in thousands, except per share data) | |||
| For the Year Ended December 31, | |||
| 2013 | 2012 | 2011 | |
| REVENUES: | |||
| Technology | $ 100 | $ 9,600 | $ 600 |
| Technical services | 1,388 | 1,909 | 1,719 |
| Technical services from Dynamic Fuels, LLC | 469 | 5,228 | 974 |
| Royalties from Dynamic Fuels, LLC plant production | -- | 789 | 921 |
| Total revenues | 1,957 | 17,526 | 4,214 |
| COSTS AND EXPENSES: | |||
| Engineering | 2,280 | 2,571 | 2,236 |
| Depreciation and amortization | 180 | 186 | 200 |
| General, administrative and other (including non-cash equity compensation of $475, $508 and $562 for the years ended December 31, 2013, 2012 and 2011, respectively.) | 8,835 | 5,552 | 4,827 |
| OPERATING INCOME (LOSS) | (9,338) | 9,217 | (3,049) |
| INTEREST INCOME | 8 | 22 | 16 |
| OTHER INCOME | 8 | 6 | 8 |
| EQUITY IN LOSS OF DYNAMIC FUELS, LLC | (1,569) | (10,012) | (13,880) |
| FOREIGN CURRENCY EXCHANGE | 2,247 | (296) | (17) |
| LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (8,644) | (1,063) | (16,922) |
| INCOME TAXES | -- | -- | -- |
| LOSS FROM CONTINUING OPERATIONS | (8,644) | (1,063) | (16,922) |
| INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 6,391 | (38) | (27) |
| NET LOSS | $ (2,253) | $ (1,101) | $ (16,949) |
| BASIC AND DILUTED NET INCOME (LOSS) PER SHARE: | |||
| Loss from continuing operations | $ (0.87) | $ (0.11) | $ (1.89) |
| Income from discontinued operations | 0.64 | 0.00 | 0.00 |
| Net loss | $ (0.23) | $ (0.11) | $ (1.89) |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||
| Basic | 9,932 | 9,835 | 8,977 |
| Diluted | 9,932 | 9,835 | 8,977 |
| SYNTROLEUM CORPORATION AND SUBSIDIARIES | |||
| UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
| (in thousands) | |||
| For the Year Ended December 31, | |||
| 2013 | 2012 | 2011 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net loss | $ (2,253) | $ (1,101) | $ (16,949) |
| Income (loss) from discontinued operations | 6,391 | (38) | (27) |
| Loss from continuing operations | (8,644) | (1,063) | (16,922) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 180 | 186 | 200 |
| Foreign currency exchange | (2,247) | 296 | 17 |
| Non-cash compensation expense | 475 | 508 | 562 |
| Non-cash loss in equity method investee | 1,569 | 10,012 | 13,880 |
| Non-cash technical services revenue from Dynamic Fuels, LLC | -- | (3,714) | -- |
| Changes in assets and liabilities: | |||
| Accounts receivable | 25 | (9) | 431 |
| Accounts receivable from Dynamic Fuels, LLC | 252 | (524) | (1,895) |
| Other assets | (278) | (18) | (27) |
| Accounts payable | 471 | 92 | (870) |
| Accrued liabilities and other | (48) | (217) | 169 |
| Deferred revenue | -- | (9,050) | 49 |
| Net cash used in continuing operations | (8,245) | (3,501) | (4,406) |
| Net cash used in discontinued operations | (10) | (38) | (27) |
| Net cash used in operating activities | (8,255) | (3,539) | (4,433) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchase of property and equipment | (54) | (17) | (51) |
| Investment in and loans to Dynamic Fuels, LLC | (10,985) | (3,000) | (9,000) |
| Taxes receivable reduction in Dynamic Fuels, LLC working capital loans | 8,987 | -- | -- |
| Net cash used in continuing operations | (2,052) | (3,017) | (9,051) |
| Net cash provided by discontinued operations | 5,798 | -- | -- |
| Net cash provided by (used in) investing activities | 3,746 | (3,017) | (9,051) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from sale of common stock, warrants and option exercises | -- | 63 | 23,572 |
| Purchase and retirement of restricted stock | -- | (199) | -- |
| Net cash provided by (used in) financing activities | -- | (136) | 23,572 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (4,509) | (6,692) | 10,088 |
| CASH AND CASH EQUIVALENTS, beginning of year | 15,909 | 22,601 | 12,513 |
| CASH AND CASH EQUIVALENTS, end of year | $ 11,400 | $ 15,909 | $ 22,601 |
| NON-CASH INVESTING ACTIVITIES: | |||
| Common stock warrants | $ -- | $ 166 | $ -- |
| Taxes receivable reduction in Dynamic Fuels, LLC working capital loan | $ 988 | $ 2,896 | $ -- |
Ron Stinebaugh Syntroleum Corporation (281) 224-9862 www.syntroleum.com
