Home / Knowledge / News / Textiles / Q2 sales nosedive at biofuels company Gevo
Q2 sales nosedive at biofuels company Gevo
07
Aug '13
Gevo, announced its financial results for the three months ended June 30, 2013 and provided an update on recent corporate highlights.

Revenues for the second quarter of 2013 were $1.9 million compared to $7.0 million in the same period in 2012. During the second quarter of 2013, the company focused on activities that culminated in the resumption of startup isobutanol production announced in June 2013.

The decrease in revenues resulted from the company ceasing ethanol production at its Luverne facility in May 2012. Revenue reported in the second quarter of 2013 included proceeds of $0.9 million from further reduction of Gevo's corn inventory, sales of biobased jet fuel to the U.S. Air Force (USAF) of $0.3 million, revenue under its agreement with The Coca-Cola Company, and revenue from ongoing research agreements. Revenue in the second quarter of 2012 primarily related to the sale of ethanol and related products.

Research and development expense was $5.8 million in the second quarter of 2013, compared to $4.7 million in the comparable period in 2012. During the second quarter of 2013, Gevo's development efforts were focused on startup operations for the production of isobutanol at its Luverne facility as well as optimization of specific parts of its isobutanol production technology to further enhance isobutanol production rates.

Selling, general and administrative expense decreased to $6.3 million in the second quarter of 2013 from $9.5 million for the second quarter of 2012. The decrease in selling, general and administrative expense in the second quarter of 2013 reflected lower compensation expenses, including cost saving benefits resulting from actions taken during 2012 to focus Gevo's operations.

Interest expense for the second quarter of 2013 was $2.3 million compared to $0.5 million in the second quarter of 2012. The increase resulted from interest incurred on the company's 7.5% convertible notes due 2022 which were issued in July 2012, including $1.1 million for non-cash charges for amortization of debt discounts recorded at the time of issuance of the convertible notes.

click here to view the full report

Gevo


Must ReadView All

Pic: Better Work

Apparel/Garments | On 24th Oct 2020

Positive change in Cambodian garment sector due to ILO BWP

Cambodian factories receiving the full package of services by Better...

Pic: Awaj Foundation

Apparel/Garments | On 24th Oct 2020

COVID erodes income of a third of Bangla apparel workers

Nearly a third of Bangladeshi garment workers suffered loss of...

Pic: Ralph Lauren

Fashion | On 24th Oct 2020

Ralph Lauren, Parity.org convene group to close gender gap

Ralph Lauren, which designs and markets premium lifestyle products,...

Interviews View All

Karan Suratwala, Key Textile Accessories Private Limited

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Top executives, Textile industry

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Pinkesh Jain, Everflow Petrofils Ltd

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Francesco Gozio,

Francesco Gozio

Italian company Marzoli is a leading manufacturer of the complete line of...

Abhishek Dhanuka,

Abhishek Dhanuka

Vyom International Pvt Ltd, established in 2002, is one of Surat's leading ...

Milva Morani,

Milva Morani

Brighi Technologies began in 1970 with trading and repairing sewing...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Frank Heislitz, Freudenberg

Frank Heislitz
Freudenberg

Freudenberg Performance Materials is a leading global manufacturer of...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search