Blueprint
Exhibit 99.1
![](amtx_ex991000.jpg)
External Investor Relations Contact:
Christine
Petraglia
PCG
Advisory Group
(646) 731-9817
christine@pcgadvisory.com
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Company Investor Relations &
Media Contact:
Satya
Chillara
(408) 213-0939
schillara@aemetis.com
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Aemetis Reports Fourth Quarter and Year-End 2016
Results
CUPERTINO, Calif. – March 7, 2017 – Aemetis, Inc.
(NASDAQ: AMTX), an advanced renewable
fuels and biochemicals company, today announced its financial
results for the three and twelve months ended December 31,
2016.
Financial Highlights for 2016
●
Revenues
of $143 million during 2016
●
Net loss improved by $11.5 million to $15.6
million during 2016
●
Adjusted
EBITDA of $5.1 million during 2016 improved by $8.2 million from
2015
●
$10.5
million of EB-5 funding released to the company from escrow during
2016
“During
2016, our financial and operational performance improved
significantly, driven by higher ethanol prices and lower corn
costs. This improvement allowed us to reduce our net loss to $15.6
million and achieve an Adjusted EBITDA of $5.1 million during the
twelve months of 2016,” said Eric McAfee, Chairman and CEO of
Aemetis. “Going forward, we expect that continued enforcement
of the Renewable Fuel Standard will create a healthier supply and
demand balance to support expanded investment in the biofuels
industry. Growing ethanol exports have also had a positive effect
on the market. As part of our Phase I EB-5 offering, 70 foreign
investors funded $35 million at a 3% interest rate. In September
2016, we launched a Phase II $50 million EB-5 offering. The
additional EB-5 funding will allow us to significantly reduce
interest costs and to fund projects in advanced biofuels and
biochemicals that are expected to increase revenues, margins and
earnings,” added McAfee.
Today, Aemetis will host an earnings review call at 11:00 am
Pacific time (PT).
Live
Participant Dial In (Toll Free): 866-682-6100
Live
Participant Dial In (International): 862-255-5401
For
details on the call, visit: http://www.aemetis.com/investors/conference-calls/.
Financial Results for the Three Months Ended December 31,
2016
Revenues
were $37.4 million for the fourth quarter of 2016, compared to
$35.3 million for the fourth quarter of 2015. The increase in
revenue was primarily attributable to increases in ethanol pricing and volumes. Gross margin
for the fourth quarter of 2016 was $3.9 million, a major
improvement over the gross margin of $1.4 million during the fourth
quarter of 2015. The gross margin
improvement was primarily driven by a 9% increase in ethanol
pricing.
Selling, general and administrative expenses were $2.9 million in
the fourth quarter of 2016, compared to $2.8 million in the fourth
quarter of 2015.
Operating income was $936 thousand for the fourth quarter of 2016,
compared to an operating loss of $1.5 million for fourth quarter of
2015.
Net loss was $1.4 million for the fourth quarter of 2016, compared
to a net loss of $6.5 million for the fourth quarter of
2015.
During the fourth quarter, we repaid the State Bank of India (SBI)
debt related to our India biodiesel plant in full, and received $2
million of fee and interest waivers from SBI related to the full
repayment.
We experienced good operational results from our North America
ethanol business with gross margins at 11.1% of segment revenues.
Our largest contributor to expenses is interest expense of $4.3
million. We continue our efforts to lower our cost of capital
through a combination of debt refinancings, including escrow
releases from the EB-5 program.
The fundamental health and improvement in our operating North
America business is reflected in Adjusted EBITDA for the fourth
quarter of 2016, which increased $2.2 million compared to Adjusted
EBITDA for the same period in 2015.
Cash at the end of the fourth quarter of 2016 was $1.5 million,
compared to $283 thousand at the end of the fourth quarter of
2015.
Financial Results for the Twelve Months Ended December 31,
2016
Revenues
were $143.2 million for the twelve months ended December 31, 2016,
compared to $146.6 million for the same period in 2015. The
decrease in revenue was primarily attributable to decreases in
biodiesel volumes and wet distillers
grains pricing in the twelve months ended December 31,
2016 compared to the same period in
2015.
Gross
profit for the twelve months ended December 31, 2016 was $11.6
million, a significant increase from $4.2 million during the same
period in 2015. Gross profit growth
was attributable to higher ethanol prices and lower corn prices,
particularly feedstock in North America, which decreased by
9% to $4.58 per bushel for the year ended December 31, 2016 as
compared to 2015.
Selling, general and administrative expenses were $12 million
during the twelve months ended December 31, 2016, compared to $12.4
million during the same period in 2015. The decrease in selling,
general and administrative expenses was primarily attributable to
lower professional services fees compared to the same period of the
prior year.
Operating loss decreased to $781 thousand for the twelve months
ended December 31, 2016, compared to an operating loss of $8.6
million for the same period in 2015.
Net loss of $15.6 million for the twelve months ended December 31,
2016 decreased in comparison to a net loss of $27.1 million during
the same period in 2015.
The fundamental improvement in our operating North America business
is reflected in Adjusted EBITDA for the twelve months ended
December 31, 2016, which was $5.1 million, an approximately $8
million improvement compared to Adjusted EBITDA for the same period
in 2015.
About Aemetis
Headquartered in Cupertino, California, Aemetis is an advanced
renewable fuels and biochemicals company focused on the
acquisition, development and commercialization of innovative
technologies that replace traditional petroleum-based products by
the conversion of second-generation ethanol and biodiesel plants
into advanced biorefineries. Founded in 2006, Aemetis owns and
operates a 60 million gallon per year ethanol production facility
in California’s Central Valley, near Modesto. Aemetis also
owns and operates a 50 million gallon per year renewable chemical
and advanced fuel production facility on the East Coast of India,
producing high quality distilled biodiesel and refined glycerin for
customers in India, the US and Europe. Aemetis operates a research
and development laboratory at the Maryland Biotech Center, and
holds a portfolio of patents and related technology licenses for
the production of renewable fuels and biochemicals. For additional
information about Aemetis, please visit www.aemetis.com.
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, loss on
extinguishment, 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, the
impact of the EPA’s continued enforcement of the Renewable
Fuel Standard on the biofuel industry, the timing and consummation
of our EB-5 program, the expected effect of debt repayment on our
interest expense and net income, and our expectations for growth in
the overall ethanol market. 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, customer
adoption, counter-party risks, risks associated with changes to
federal policy or regulation, completion of our acquisition of
Edeniq, 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, 2016, 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.
(Tables follow)
AEMETIS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
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Revenues
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$37,396
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$35,346
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$143,158
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$146,649
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Cost
of goods sold
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33,493
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33,902
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131,559
|
142,450
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Gross
profit
|
3,903
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1,444
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11,599
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4,199
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Research
and development expenses
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79
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117
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369
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447
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Selling,
general and administrative expenses
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2,888
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2,805
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12,011
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12,361
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Operating
income/(loss)
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936
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(1,478)
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(781)
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(8,609)
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Interest
rate expense
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2,814
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2,523
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11,493
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10,164
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Amortization
expense
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1,454
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1,329
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5,723
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6,715
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Loss/(gain)
on debt extinguishment
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(2,033)
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-
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(2,033)
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330
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Loss
on impairment of goodwill and intangibles
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-
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1,044
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-
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1,044
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Other
expense/(income)
|
146
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79
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(334)
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270
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Income/(loss)
before income taxes
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(1,445)
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(6,453)
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(15,630)
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(27,132)
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Income
tax expense
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-
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-
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(6)
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(6)
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Net
income/(loss)
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$(1,445)
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$(6,453)
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$(15,636)
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$(27,138)
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Net Income/(loss)
per common share
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Basic
|
$(0.07)
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$(0.33)
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$(0.79)
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$(1.37)
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Diluted
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$(0.07)
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$(0.33)
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$(0.79)
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$(1.37)
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Weighted average
shares outstanding
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Basic
|
19,858
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19,598
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19,771
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19,823
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Diluted
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19,858
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19,598
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19,771
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19,823
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AEMETIS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
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Assets
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Current
assets:
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Cash
and cash equivalents
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$1,486
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$283
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Accounts
receivable
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1,557
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1,166
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Inventories
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3,241
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4,804
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Prepaid
and other expenses
|
761
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1,749
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Total
current assets
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7,045
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8,002
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Property,
plant and equipment, net
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66,370
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70,718
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Goodwill,
intangibles and other assets
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4,395
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4,421
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Total assets
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$77,810
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$83,141
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Liabilities and stockholders' deficit
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Current
liabilities:
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Accounts
payable
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$7,842
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$10,183
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Current
portion of long term debt, notes and working capital
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11,409
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11,947
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Mandatorily
redeemable Series B convertible preferred stock
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2,844
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2,742
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Other
current liabilities
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5,121
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4,425
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Total
current liabilities
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27,216
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29,297
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Total
long term liabilities
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100,407
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89,138
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Stockholders'
deficit:
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Series
B convertible preferred stock
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1
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1
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Common
stock
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20
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20
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Additional
paid-in capital
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83,441
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82,115
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Accumulated
deficit
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(129,887)
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(114,251)
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Accumulated
other comprehensive loss
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(3,388)
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(3,179)
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Total
stockholders' deficit
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(49,813)
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(35,294)
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Total liabilities and stockholders' deficit
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$77,810
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$83,141
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RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/
(LOSS)
(In thousands)
|
Three months ended December 31,
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Net
income/(loss)
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$(1,445)
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$(6,453)
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$(15,636)
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$(27,138)
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Adjustments:
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Interest
expense
|
2,814
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2,523
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11,493
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10,164
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Amortization
expense
|
1,454
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1,329
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5,723
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6,715
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Loss
on debt extinguishment
|
(2,033)
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-
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(2,033)
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330
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Income
tax expense
|
-
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-
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6
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6
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Intangibles
and other amortization expense
|
31
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33
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126
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129
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Loss
on impairment of intangibles
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-
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1,044
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-
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1,044
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Depreciation
expense
|
1,147
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1,170
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4,670
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4,730
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Share-based-compensation
|
174
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244
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747
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938
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Total
adjustments
|
3,587
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6,343
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20,732
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24,056
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Adjusted
EBITDA
|
$2,142
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$(110)
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$5,096
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$(3,082)
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PRODUCTION AND PRICE PERFORMANCE
(unaudited)
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Ethanol
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Gallons
Sold (in 000s)
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14,595
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13,187
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55,641
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55,787
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Average
Sales Price/Gallon
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$1.90
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$1.74
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$1.78
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$1.74
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WDG
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Tons
Sold (in 000s)
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95
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84
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372
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360
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Average
Sales Price/Ton
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$65
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$71
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$71
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$80
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Biodiesel
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Metric
tons sold
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2,142
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7,442
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16,080
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19,523
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Average
Sales Price/Metric ton
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$778
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$707
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$739
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$724
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Refined Glycerin
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Metric
tons sold
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1,770
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693
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4,413
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4,653
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Average
Sales Price/Metric ton
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$567
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$671
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$582
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$668
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