Welcome!

News Feed Item

Aemetis, Inc. Reports Second Quarter 2014 Results

CUPERTINO, CA -- (Marketwired) -- 08/07/14 -- Aemetis, Inc. (NASDAQ: AMTX)

  • Paid down $13.6 million in debt (principal and interest)
  • Quarterly adjusted EBITDA of $9.1 million
  • Quarterly operating income of $7.8 million
  • Net income of $2.7 million or $0.13 per share
  • Revenues of $57.2 million
  • Cash and cash equivalents of $4.8 million at June 30, 2014

Aemetis, Inc. (NASDAQ: AMTX), an advanced renewable fuels and biochemicals company, today announced its financial results for the three-and-six months ended June 30, 2014.

"We are pleased with the Company's continued positive financial performance and strong second quarter," said Eric McAfee, Chairman and CEO of Aemetis, Inc. "Aemetis achieved significant milestones during Q2, including a NASDAQ listing, completion of the EPA process for importation of our India biodiesel into the US, and our first distilled biodiesel shipment to Europe from our India plant under the newly awarded ISCC certification," added McAfee.

Financial Results for the Three Months Ended June 30, 2014

For the second quarter, revenue was $57.2 million, a 21% increase over the same quarter in 2013. Gross profit was $11.4 million, a 203% increase over the second quarter of 2013 gross profit of $3.8 million. The increase in revenue between the three months ended June 30, 2014 and 2013 reflects the period from April 1, 2013 to April 23, 2013 when the Keyes plant was idle, compared to a full quarter of operation for the quarter ended June 30, 2014.

Operating income for the second quarter of 2014 was $7.8 million, compared to an operating loss of $0.4 million for the same period in 2013.

Interest rate expense of $2.5 million was a reduction of 13% compared to $2.9 million for the second quarter of 2013, reflecting a reduction in the principal outstanding. Fee amortization expense of $2.5 million was 59% less in the second quarter of 2014 than the second quarter of 2013 charge of $6.1 million.

Net Income for the second quarter of 2014 was $2.7 million or $0.13 per share compared to a loss of $9.6 million for the second quarter of 2013.

Strong cash flow resulted in Cash and Cash Equivalents of $4.8 million as of June 30, 2014 and allowed for principal and interest payments on term debt of approximately $13.6 million during the second quarter of 2014.

Financial Results for the Six Months Ended June 30, 2014

Revenue for the six months ended June 30, 2014 was $117.9 million, compared to $66.8 million during the same period of 2013. The increase in revenue reflects a strong margin environment in the first half of 2014, and is also partially attributable to the idling of the Keyes ethanol plant for approximately three months from late January through late April 2013.

Gross profit was a record $27.0 million compared to $4.0 million during the same period of 2013.

Net income was $10.4 million or $0.49 per diluted share compared to a net loss of $19.4 million or $1.04 loss per diluted share during the same period of 2013.

Adjusted EBITDA for the six months ended June 30, 2014 was a record $23.3 million compared to a negative $1.1 million for the same period of 2013.

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, 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, statements regarding our possible importation of biofuels from our India plant into the U.S. and continued shipments of biodiesel into Europe. Words or phrases such as "anticipates," "may," "will," "should," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "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 and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, counter-party risks, risks associated with changes to federal policy or regulation, risks associated with the conversion of the Keyes plant to the use of sorghum for ethanol production; 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, 2013, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 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.

About Aemetis

Headquartered in Cupertino, California, Aemetis is an advanced fuels and renewable chemicals company founded in 2006. Aemetis owns and operates a 60 million gallon capacity ethanol and 420,000 ton animal feed plant in California that is the first US facility approved by the EPA to produce D5 Advanced Biofuels using the sorghum/biogas/CHP pathway. Aemetis also built, owns, and operates a 50 million gallon capacity renewable chemicals and advanced fuels production facility on the East Coast of India producing high quality, distilled biodiesel and refined glycerin for customers in Europe and Asia. Aemetis operates a research and development laboratory at the Maryland Biotech Center, and holds five granted patents on its Z-microbe and related technology for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit aemetis.com.

(Tables follow)


                               AEMETIS, INC.
              CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
              (unaudited, in thousands except per share data)

                                     Three months ended   Six months ended
                                           June 30             June 30
                                     ------------------  ------------------
  (in thousands, except per share)     2014      2013      2014      2013
                                     --------  --------  --------  --------
Revenues                             $ 57,195  $ 47,353  $117,860  $ 66,773
Cost of goods sold                     45,842    43,602    90,883    62,775
                                     --------  --------  --------  --------
Gross profit                           11,353     3,751    26,977     3,998

Research and development expenses         141       124       241       353
Selling, general and administrative
 expenses                               3,449     3,984     6,291     8,199
                                     --------  --------  --------  --------
Operating income/(loss)                 7,763      (357)   20,445    (4,554)

Interest rate expense                  (2,530)   (2,913)   (5,450)   (5,583)
Amortization expense                   (2,502)   (6,072)   (4,620)   (8,346)
Loss on debt extinguishment                 -      (231)     (115)   (1,188)
Other income/(expense)                     (9)      (20)      155       271
                                     --------  --------  --------  --------
Income/(loss) before income taxes       2,722    (9,593)   10,415   (19,400)

Income tax expense                          -         -        (6)       (6)

                                     --------  --------  --------  --------
Net income/(loss)                    $  2,722  $ (9,593) $ 10,409  $(19,406)
                                     ========  ========  ========  ========

Net Income/(loss) per common share*
 Basic                               $   0.13  $  (0.51) $   0.52  $  (1.04)
 Diluted                             $   0.13  $  (0.51) $   0.49  $  (1.04)

Weighted average shares outstanding*
 Basic                                 20,284    18,964    20,146    18,596
 Diluted                               20,948    18,964    21,299    18,596

* The Earnings per share and Weighted average shares outstanding for all
 periods presented reflect the one-for-ten reverse split, which took effect
 May 15, 2014.




                               AEMETIS, INC.
                   CONSOLIDATED CONDENSED BALANCE SHEETS
                         (unaudited, in thousands)

                                                  June 30,     December 31,
                                                    2014           2013
                                                ------------  -------------
Assets
Current assets:
  Cash and cash equivalents                     $      4,780  $       4,926
  Accounts receivable                                    828          2,764
  Inventories                                          5,052          4,098
  Prepaid expenses and Other current assets            2,111            919
                                                ------------  -------------
Total current assets                                  12,771         12,707

Property, plant and equipment, Net                    77,180         78,928
Goodwill, Intangibles and Other assets                 5,496          5,507
                                                ------------  -------------
Total assets                                    $     95,447  $      97,142
                                                ============  =============

Liabilities and stockholders' deficit
Current liabilities:
  Accounts payable                              $      9,242  $       9,366
  Current portion of long term debt, notes and
   working capital                                    12,146         17,966
  Mandatorily redeemable Series B convertible
   preferred stock                                     2,590          2,540
  Other current liabilities                            6,937          6,245
                                                ------------  -------------
Total current liabilities                             30,915         36,117

Total long term liabilities                           65,615         73,792

Total stockholders' deficit                           (1,083)       (12,767)

                                                ------------  -------------
Total liabilities and stockholders' deficit     $     95,447  $      97,142
                                                ============  =============




           RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS)
                          (unaudited, in thousands)

                             Three months ended         Six months ended
                                  June 30                   June 30
                         ------------------------- -------------------------
                             2014         2013         2014         2013
                         ------------ ------------ ------------ ------------
Net income/(loss)              $2,722     $(9,593)      $10,409    $(19,406)
Adjustments:
  Interest expense              5,032        9,216       10,185       15,117
  Income tax expense                -            -            6            6
  Intangibles and other
   amortization expense            32           20           64          144
  Depreciation expense          1,150        1,153        2,302        2,318
  Share-based-
   compensation                   159          387          290          680
                         ------------ ------------ ------------ ------------
Total adjustments               6,373       10,776       12,847       18,265
                         ------------ ------------ ------------ ------------
Adjusted EBITDA                $9,095       $1,183      $23,256     $(1,141)
                         ============ ============ ============ ============





                      PRODUCTION AND PRICE PERFORMANCE
                                 (unaudited)

                               Three months ended        Six months ended
                                     June 30                 June 30
                            ------------------------ -----------------------
                                2014        2013         2014        2013
                            ----------- ------------ ----------- -----------
Ethanol
Gallons Sold (in millions)         14.9          9.8        31.0        12.1
Average Sales Price/Gallon        $2.74        $2.88       $2.83       $2.80
WDG
Tons Sold (in thousands)          101.9         73.9       214.4        90.2
Average Sales Price/Ton            $115          $96        $106         $99

Biodiesel
Metric tons sold (in
 thousands)                         3.1         10.5         4.1        16.8
Average Sales Price/Metric
 ton                               $921         $855        $933        $847
Refined Glycerin
Metric tons sold (in
 thousands)                         0.4          1.2         1.0         2.1
Average Sales Price/Metric
 ton                               $964         $917      $1,004        $926

Investor Relations:
Michael Bayes
(415) 389-4670
[email protected]

Company Contact:
Todd Waltz
(408) 213-0925
[email protected]

Media Contact:
Melanie Borchardt
(408) 213-0938
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
For better or worse, DevOps has gone mainstream. All doubt was removed when IBM and HP threw up their respective DevOps microsites. Where are we on the hype cycle? It's hard to say for sure but there's a feeling we're heading for the "Peak of Inflated Expectations." What does this mean for the enterprise? Should they avoid DevOps? Definitely not. Should they be cautious though? Absolutely. The truth is that DevOps and the enterprise are at best strange bedfellows. The movement has its roots in t...
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, addressed this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of the ...
"We are a well-established player in the application life cycle management market and we also have a very strong version control product," stated Flint Brenton, CEO of CollabNet,, in this SYS-CON.tv interview at 18th Cloud Expo at the Javits Center in New York City, NY.
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
Here are the Top 20 Twitter Influencers of the month as determined by the Kcore algorithm, in a range of current topics of interest from #IoT to #DeepLearning. To run a real-time search of a given term in our website and see the current top influencers, click on the topic name. Among the top 20 IoT influencers, ThingsEXPO ranked #14 and CloudEXPO ranked #17.
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
Given the popularity of the containers, further investment in the telco/cable industry is needed to transition existing VM-based solutions to containerized cloud native deployments. The networking architecture of the solution isolates the network traffic into different network planes (e.g., management, control, and media). This naturally makes support for multiple interfaces in container orchestration engines an indispensable requirement.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
Containers are rapidly finding their way into enterprise data centers, but change is difficult. How do enterprises transform their architecture with technologies like containers without losing the reliable components of their current solutions? In his session at @DevOpsSummit at 21st Cloud Expo, Tony Campbell, Director, Educational Services at CoreOS, will explore the challenges organizations are facing today as they move to containers and go over how Kubernetes applications can deploy with lega...
In their session at @DevOpsSummit at 21st Cloud Expo, Michael Berman, VP Engineering at TidalScale, and Ivo Jimenez, Engineer at TidalScale, will describe how automating tests in TidalScale is easy thanks to WaveRunner. They will show how they use WaveRunner, Jenkins, and Docker to have agile delivery of TidalScale. Michael Berman is VP Engineering at TidalScale. TidalScale is developing a scale up compute and resource architecture for customers to perform big data exploration and real time anal...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...