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Gevo Q4 revenues slump marginally
26
Mar '14
Gevo, Inc. announced its financial results for the three months ended December 31, 2013 and provided an update on recent corporate highlights.
 
Highlights: 
-Optimizing utilization and cash flows of Luverne plant by producing both isobutanol and ethanol
-Reports EPS of ($0.35)
-Ended the fourth quarter with cash and cash equivalents of $24.6 million
-Transitioning Luverne plant to the production of both isobutanol and ethanol
-Produced isobutanol from mash using our yeast biocatalyst and GIFT
-Signed licensing LOI with Porta Hnos S.A. to become exclusive licensee in Argentina
-Began selling bio-isooctane for high performance fuel applications
 
Revenues for the fourth quarter of 2013 were $1.7 million compared to $1.9 million in the same period in 2012. Revenues in the fourth quarter included proceeds from sales of production from Gevo's hydrocarbons demonstration facility of $0.9 million, including sales of biobased jet fuel to the U.S. Air Force and the U.S. Army and initial sales of isooctane for specialty fuel applications, revenue under Gevo's agreement with The Coca-Cola Company, and revenue from ongoing research agreements. In 2012, fourth quarter revenues benefited from the sale of excess corn inventory of $1.0 million.
 
Research and development expense was $3.9 million in the fourth quarter of 2013, compared to $4.4 million in the comparable period in 2012. During the fourth quarter of 2013, Gevo's development efforts were focused on startup operations for the production of isobutanol at its Luverne facility, optimization of specific parts of its isobutanol production technology to further enhance isobutanol production rates, production of bio-jet fuel to the USAF and production of bio-para-xylene at the Silsbee demonstration plant.
 
Research and development expense decreased $0.5 million in the fourth quarter of 2013 compared with the same period in 2012, primarily resulting from lower compensation-related expenses and consulting and license fee expenses. These decreases partially were offset by production costs of bio-jet fuel and bio-para-xylene. 
 
Selling, general and administrative expense decreased to $5.8 million in the fourth quarter of 2013 from $7.8 million for the fourth quarter of 2012. This reflected lower compensation and operating expenses, including cost saving benefits resulting from actions taken during 2012 to focus Gevo's operations, as well as lower litigation-related costs.
 
Interest expense for the fourth quarter of 2013 was $2.0 million compared to $2.2 million for the same period in 2012. The decrease primarily resulted from a decline in the outstanding principal balance of our convertible notes as holders elected to convert their note holdings into shares of Gevo common stock and a decline in the outstanding principal balance of our debt with TriplePoint Capital LLC primarily due to scheduled payments on our principal balance.
 
Click here to view full results.
 

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