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.
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.
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