This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

VIASPACE Reports Financial Results For Third-Quarter 2011

Stocks in this article: VSPC

IRVINE, Calif., Nov. 15, 2011 /PRNewswire/ -- VIASPACE Inc. (OTC Bulletin Board: VSPC), a clean energy company growing Giant King™ Grass as a low-carbon, renewable biomass crop, today reported financial results for the third-quarter ended September 30, 2011.

Total revenue for third-quarter 2011 was $2,170,000, compared with total revenue for third-quarter 2010 of $912,000, an increase of $1,258,000 or 138%.

For the quarter, cost of revenues was $1,482,000, compared to $682,000 in third-quarter 2010.  Gross profit for the quarter was $688,000, compared to gross profit of $230,000 for third-quarter 2010, an increase of $458,000 or 199%.

Total operating expenses for third-quarter 2011 were $857,000, including $814,000 of selling, general and administrative (SG&A) expense and $43,000 for operations. Total operating expenses for third-quarter 2010 were $982,000 and included $928,000 in SG&A and $54,000 for operations.

Operating loss for third-quarter 2011 was $169,000, compared to an operating loss of $752,000 in third-quarter 2010, an improvement of $583,000.

Third-quarter 2011 income taxes and other expense, net, was $38,000, compared to income taxes and other expense, net, of $70,000 for third-quarter 2010.

Net loss for the third-quarter 2011 was $207,000 compared to a net loss in third-quarter 2010 of $822,000, a decrease in net loss of $615,000.  After effect of loss (income) attributed to noncontrolling interests, net loss attributed to the Company was $271,000 in third-quarter 2011 compared to net loss attributed to the Company of $770,000 in third-quarter 2010, an improvement of $499,000.

Net loss per share for third-quarter 2011 and third-quarter 2010 was less than $0.01 per share in each quarter.

VIASPACE Chief Executive Dr. Carl Kukkonen commented: "Reported revenues continue to be strong in the third quarter at $2.17 million and exceed prior year by 138%.  Year to date revenues of $5.575 million exceed prior year by 114%.  Our third-quarter financial performance allowed us to continue to expand and develop our Giant King™ Grass bioenergy activities.  We are making progress in our grass business which we believe will play an important role in the future of global biomass electricity and biofuels."

As was previously announced on November 7, 2011, the Company has signed a Memorandum of Understanding (MOU) with Seema Energy Co., Ltd, a renewable energy development company based in Thailand to jointly develop the detailed plan for a Giant King Grass plantation to fuel Seema's proposed 90 MW biomass power plant in Thailand.  VIASPACE and Seema will initially jointly develop a test plot to optimize cultivation of VIASPACE's proprietary Giant King™ Grass in Thailand. The MOU provides for the supply of seedlings and development of a testing facility to assess and optimize Giant King Grass cultivation under Thai climate conditions.  Giant King Grass has already been successfully grown in China.  

Giant King Grass has similar characteristics to sugar cane but is not a food crop as it develops cellulosic material rather than sugar. It has been demonstrated to have the highest energy yield per hectare of potential energy crops.


VIASPACE is a clean energy company providing products and technology for renewable and alternative energy that reduce or eliminate dependence on fossil and high-pollutant energy sources. Through its majority-owned subsidiary VIASPACE Green Energy Inc., the Company grows Giant King Grass as a low-carbon fuel for electricity generating power plants, as a feedstock for bio methane production and cellulosic biofuels, and for other low-carbon, renewable energy products. For more information, please go to

Safe Harbor Statement

Information in this news release includes forward-looking statements. These forward-looking statements relate to future events or future performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Such factors include, without limitation, risks outlined in our periodic filings with the U.S. Securities and Exchange Commission, including Annual Report on Form 10-K for the year ended December 31, 2010, as well as general economic and business conditions; the ability to acquire and develop specific products and technologies; changes in consumer and business demand for the Company's products; competition from larger companies; changes in demand for alternative and clean energy; risks associated with international transactions; risks related to technological change; and other factors over which VIASPACE has little or no control.


Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs