- Record quarterly gross profit of $15.6 million
- Record quarterly operating income of $12.7 million
- Record quarterly adjusted EBITDA of $14.2 million
- Post reverse split basic earnings per share of $0.38
CUPERTINO, Calif. – May 16, 2014 – Aemetis, Inc. (OTC.QB: AMTXD), an advanced renewable fuels and renewable chemicals company and the largest US-owned biofuels producer in Asia, today announced its financial results for the three months ended March 31, 2014.
“We’re very pleased with our record financial and operational performance in the first quarter,” said Eric McAfee, Chairman and CEO of Aemetis, Inc. “These results build upon the very strong results we posted in Q4 of 2013, and with available capacity and attractive international markets for our India products, the company is well positioned for additional growth in the remainder of 2014,” added McAfee.
Financial Results for the Three Months Ended March 31, 2014
Revenues were a record $60.7 million for the first quarter of 2014, compared to $19.4 million for the first quarter of 2013. Gross profit was a record $15.6 million for the first quarter of 2014, compared to a gross profit of $0.2 million in the first quarter of 2013. The increases in revenues and gross profit were primarily attributable to a full quarter of operations during the period from January 1, 2014 through March 31, 2014 as compared to the period from January 15, 2013 through March 31, 2013 when the Keyes plant was idle.
Selling, general and administrative (“SG&A”) expenses were $2.8 million in the first quarter of 2014, compared to $4.2 million in the first quarter of 2013. The decrease in SG&A expenses was primarily attributable to the reclassification of $1.9 million of fixed costs from cost of goods sold to SG&A for the quarter ended March 31, 2013 due to the Keyes plant being idle in the first quarter of 2013.
Operating income for the first quarter of 2014 was a record $12.7 million, compared to an operating loss of $4.2 million for the same period in 2013.
Net Income for the first quarter of 2014 was a record $7.7 million, compared to a loss of $9.8 million for the first quarter of 2013.
Adjusted EBITDA for the first quarter of 2014 was a record $14.2 million, compared to Adjusted EBITDA of negative $2.3 million for the same period in 2013.
Strong cash flow resulted in Cash and Cash Equivalents of $7.3 million as of March 31, 2014 and allowed for principal and interest payments of approximately $12.2 million during the first quarter of 2014.
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 and amortization (income)/expense, depreciation expense, income/(expense) from share-based compensation and (gains)/losses resulting from debt extinguishment.
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 available capacity, the international markets for our India products and our positioning for additional growth in the remainder of 2014. 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 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.
Headquartered in Cupertino, California, Aemetis is an advanced fuels and renewable chemicals company that was founded in 2006. Aemetis owns and operates a 55 million gallon ethanol and 420,000 ton animal feed plant in California that is the first upgraded facility approved by the EPA to produce D5 Advanced Biofuels using the milo/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.