KiOR Reports Fourth Quarter and Full Year 2011 Earnings
PASADENA, Texas--(BUSINESS WIRE)--
KiOR, Inc. (NASDAQ: KiOR), a next-generation renewable fuels company,
today announced its financial results for the fourth quarter and fiscal
year ended December 31, 2011.
"During the fourth quarter we made significant progress toward bringing
our first-in-kind Columbus plant on line on schedule and on budget,"
said Fred Cannon, KiOR's President and Chief Executive Officer. "Today,
the construction stands at over 75% complete, and we remain on target to
meet our goal of first production in the second half of the year."
Financial Results
Fourth quarter 2011 net loss was $14.9 million, or $0.15 per share,
compared to a net loss of $14.8 million, or $0.15 per share, for the
third quarter of 2011. Net loss for the fourth quarter of 2010 totaled
$9.7 million, or $0.11 per share. Net loss for the full year 2011 was
$64.1 million, or $0.87 per share, compared to a net loss of $45.9
million, or $0.56 per share in 2010.
KiOR did not recognize revenue during 2011, as its activities remained
focused on construction of its first commercial facility in Columbus,
Mississippi, research and development (R&D) designed to improve
production yields and obtaining necessary financing for its expansion
plan.
Research and development (R&D) expenses were $8.5 million in the fourth
quarter of 2011, a slight increase from $8.3 million recorded in the
third quarter of 2011 and a $1.5 million increase over the fourth
quarter of 2010, primarily due to the expansion of R&D staff and
increased testing activities. Expenses for the full year 2011 totaled
$31.7 million, an increase from the $22.0 million recorded in 2010
primarily as a result of a continuous R&D expansion and a higher level
of testing activities.
General and administrative (G&A) expenses for the fourth quarter of 2011
were $5.8 million, a decrease of $0.1 million from the third quarter of
2011, and an increase from $1.9 million for the fourth quarter of 2010,
mainly driven by increased headcount and compliance related expenses
associated with being a public company, with the remaining increase
related to non-cash stock-based compensation expense. G&A expenses for
the full year 2011 totaled $23.1 million, a $15.0 million increase over
2010. This increase includes higher non-cash stock-based compensation
expense of approximately $4.7 million, with the remaining variance
related to increased headcount and compliance related expenses.
Depreciation and amortization expenses for the fourth quarter of 2011
were $0.6 million, in line with the previous quarter, and $0.1 million
higher than depreciation and amortization expenses recorded in the
fourth quarter of 2010.
Capital investment during the fourth quarter was $44.2 million,
substantially all of which was related to KiOR's initial-scale
commercial production facility in Columbus, Mississippi. Capital
investment for the full year totaled $148.3 million, an increase from
the $23.5 million recorded in 2010, as KiOR transitioned from
construction of its demonstration unit to construction of its Columbus
facility.
KiOR had cash and cash equivalents of $131.6 million at December 31,
2011, which represents an $80.3 million increase over the December 31,
2010 amount. During 2011, KiOR raised over $278 million in debt and
equity, $148.6 million relates from its initial public offering (IPO),
$75.0 million to a loan from the State of Mississippi and a $55.0
million equity contribution from pre-IPO investors. KiOR used existing
cash on hand at December 31, 2010, a loan from the State of Mississippi
and the above mentioned $55.0 million to fund the construction of its
Columbus facility, leaving the remaining resources for general corporate
purposes and front end engineering design of its second larger
production facility.
Conference Call Information
The Company will discuss these results on a conference call scheduled
for today at 4:30 p.m. Eastern Time (3:30 p.m. Central Time). To
participate via live webcast, please visit http://investor.kior.com/events.cfm.
An audio replay of the conference call will be available approximately
two hours after the conclusion of the call. The audio replay will remain
available until Thursday, March 29, 2012 at 11:59 p.m. Eastern Time and
can be accessed by dialing 888-203-1112 if you are calling from
within the United States or 719-457-0820 if you are calling from
outside the United States and entering the replay pass code 2754010. A
replay of the webcast will be available on the investor relations
section of the Company's website approximately two hours after the
conclusion of the call and remain available for approximately 90
calendar days.
About KiOR
KiOR is a development stage, next-generation renewable fuels company
that has developed a unique two-step proprietary technology platform to
convert abundant and sustainable non-food biomass into cellulosic
gasoline, diesel and fuel oil. KiOR's fuels may be transported using
existing distribution networks and are suitable for use in vehicles on
the road today. KiOR strives to help ease dependence on foreign oil,
reduce lifecycle greenhouse gas emissions and create high-quality jobs
and economic benefit across rural communities. For more information,
please visit www.KiOR.com.
Forward-Looking Statements
This release contains "forward looking" statements regarding future
results and events, including, without limitation, statements about: the
construction of and commercialization at our biomass-to-fuel facility in
Columbus, Mississippi, potential future sales of our fuels products, and
our anticipated future operations. For this purpose, any statements
contained herein that are not statements of historical fact may be
deemed forward looking statements. Without limiting the foregoing, the
words "believes," "anticipates," "plans," "expects," intends,"
"appears," "estimates," "projects," "will," "would," "could," "should,"
"targets," and similar expressions are also intended to identify forward
looking statements. The forward looking statements in this press release
involve a number of important risks and uncertainties. The Company's
actual future results may differ significantly from the results
discussed in the forward looking statements contained in this press
release. Such factors and others are discussed more fully in the section
entitled "Risk Factors" in the Company's Quarterly Report on Form 10-Q
as filed with the United States Securities and Exchange Commission on
August 15, 2011, which "Risk Factors" discussion is incorporated by
reference in this press release. If any of these risks or uncertainties
materialize, or if our underlying assumptions prove to be incorrect,
actual results, levels of activity, performance or achievement may vary
significantly from what we have projected. The Company specifically
disclaims any obligation to update these forward looking statements in
the future. These forward-looking statements should not be relied upon
as representing the Company's estimates or views as of any date
subsequent to the date of this press release. The Company specifically
disclaims any obligation to update these forward looking statements in
the future.
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KiOR, Inc
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Condensed Consolidated Statement of Operations
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(Unaudited)
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(In thousands, except share and per share amounts)
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Three Months Ended
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Years Ended
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December 31,
|
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December 31,
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2011
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2010
|
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2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
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Operating expenses:
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|
|
|
|
|
|
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|
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Research and development expenses
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$
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(8,497
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)
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$
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(6,954
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)
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$
|
(31,748
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)
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$
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(22,042
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)
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General and administrative expenses
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(5,837
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)
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(1,914
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)
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|
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(23,104
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)
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|
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(8,083
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)
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|
Depreciation and amortization expenses
|
|
|
(611
|
)
|
|
|
(513
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)
|
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(2,295
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)
|
|
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(1,656
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)
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Loss from operations
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(14,945
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)
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|
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(9,381
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)
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|
|
(57,147
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)
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|
|
(31,781
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)
|
|
Other income (expense), net:
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|
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Interest income
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|
4
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|
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|
12
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|
|
6
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34
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|
|
Beneficial conversion feature expense related to convertible
promissory note
|
|
|
—
|
|
|
|
—
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|
|
|
—
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|
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(10,000
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)
|
|
Interest expense, net of amounts capitalized
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—
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(357
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)
|
|
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—
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(1,812
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)
|
|
Foreign currency gain (loss)
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|
—
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(24
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)
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|
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—
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|
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—
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|
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Loss from change in fair value of warrant liability
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—
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84
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(6,914
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)
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(2,365
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)
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Other expense, net
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4
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|
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(285
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)
|
|
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(6,908
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)
|
|
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(14,143
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)
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Loss before income taxes
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|
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(14,941
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)
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(9,666
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)
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(64,055
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)
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(45,924
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)
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Income tax expense - current
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|
|
—
|
|
|
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(3
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)
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—
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(3
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)
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|
|
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|
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|
|
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Net loss
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$
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(14,941
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)
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$
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(9,669
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)
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|
$
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(64,055
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)
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$
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(45,927
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)
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Deemed dividend related to the beneficial conversion feature of
Series C convertible preferred stock
|
|
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—
|
|
|
|
—
|
|
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(19,669
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)
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—
|
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|
|
|
|
|
|
|
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|
|
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Net loss attributable to stockholders
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$
|
(14,941
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)
|
|
$
|
(9,669
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)
|
|
$
|
(83,724
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)
|
|
$
|
(45,927
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)
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|
Net loss per share of Class A common stock, basic and diluted
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|
$
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(0.15
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)
|
|
$
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-
|
|
|
$
|
(0.87
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)
|
|
$
|
-
|
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Net loss per share of Class B common stock, basic and diluted
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|
$
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(0.15
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)
|
|
$
|
(0.11
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)
|
|
$
|
(0.87
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)
|
|
$
|
(0.56
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)
|
|
Weighted-average Class A and B common shares outstanding, basic and
diluted
|
|
|
102,072
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|
|
|
15,583
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|
|
|
60,205
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|
|
|
15,382
|
|
|
|
|
|
|
|
|
|
|
|
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KiOR, Inc.
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Condensed Consolidated Balance Sheets
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(Unaudited)
|
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|
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(In thousands)
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|
|
|
|
|
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|
December 31,
|
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December 31,
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2011
|
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2010
|
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Assets
|
|
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|
|
|
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Current assets:
|
|
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Cash and cash equivalents
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$
|
131,637
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|
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$
|
51,350
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|
|
Restricted cash
|
|
|
—
|
|
|
|
100
|
|
|
Prepaid expenses and other current assets
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|
1,000
|
|
|
|
85
|
|
|
Total current assets
|
|
|
132,637
|
|
|
|
51,535
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|
|
Property, plant and equipment, net
|
|
|
169,923
|
|
|
|
34,880
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|
|
Intangible assets, net
|
|
|
2,233
|
|
|
|
2,426
|
|
|
Other assets
|
|
|
471
|
|
|
|
—
|
|
|
Total assets
|
|
$
|
305,264
|
|
|
$
|
88,841
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities, Convertible Preferred Stock and Stockholders' Equity
(Deficit)
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Current portion of long-term debt, net of discount
|
|
$
|
5,506
|
|
|
$
|
2,150
|
|
|
Accounts payable
|
|
|
6,496
|
|
|
|
3,207
|
|
|
Accrued capital expenditures
|
|
|
14,571
|
|
|
|
2,330
|
|
|
Accrued liabilities
|
|
|
2,648
|
|
|
|
671
|
|
|
Convertible preferred stock warrants liability
|
|
|
—
|
|
|
|
3185
|
|
|
Total current liabilities
|
|
|
29,221
|
|
|
|
11,543
|
|
|
Long-term debt, less current portion, net of discount
|
|
|
47,304
|
|
|
|
5,037
|
|
|
Total liabilities
|
|
|
76,525
|
|
|
|
16,580
|
|
|
Total convertible preferred stock
|
|
|
-
|
|
|
|
134,384
|
|
|
Total stockholders' equity (deficit)
|
|
|
228,739
|
|
|
|
(62,123
|
)
|
|
Total liabilities, convertible preferred stock and stockholders'
equity (deficit)
|
|
$
|
305,264
|
|
|
$
|
88,841
|
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KiOR, Inc.
Max Kricorian, 281-694-8811
Investor.relations@kior.com
or
Sapphire
Investor Relations, LLC
Erica Mannion, 415-471-2700
Investor.relations@kior.com
Source: KiOR, Inc.
News Provided by Acquire Media
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