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
TheStreet Open House

Mission NewEnergy Reports Unaudited Second Quarter Fiscal Year 2012 Financial Results And Company Update

Mission NewEnergy Limited (Nasdaq: MNEL) (ASX: MBT), a global provider of environmentally sustainable biofuels, today announced its unaudited financial results for the second quarter of the 2012 fiscal year, ended December 31, 2011.

Mission is currently performing a re-structure of its operations and will require further funding to continue with its business plan. The company is working with funding providers; however, at this time no definitive agreements for further funding are in place.

Mission had a cash position of $5.75 million at 31 December 2012. This cash position will be reduced by US$3 million due to the investment recently announced in Indonesia. Mission’s annual fixed cash outflows has been around $10.5 million per year.

The current re-structure program is anticipated to reduce operating expenditure; however, at this time the profile of future operations and inturn its operational expenditure is dependent on the amount of further funding obtained by Mission.

“The company is in transition following an extended period of considerable headwinds industry wide. We are positive about the potential for the company in the future however, this is tempered with the realization of our current challenges given the funding requirements of the group,” said Nathan Mahalingam, Group CEO of Mission.

The management team continues to assess the status of its Jatropha operations and awaits the 2012 harvest season in December 2012 to provide further clarity. The company has decided not to undertake further planting of Jatropha until yield from existing acreage is determined.

The company’s refining operations continue to sell product into the Malaysian market and company expects that volume sales into the Malaysian market will continue to grow. On the 14 February 2012, the company downgraded its revenue forecast relating to sales into Europe. At this time the company has no further visibility on sales into this market.

All numbers presented in Australian dollars and unaudited unless stated otherwise.

1 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
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 16,987.51 -61.49 -0.36%
S&P 500 1,985.54 -11.91 -0.60%
NASDAQ 4,567.5980 -24.2080 -0.53%

Brokerage Partners

Rates from Bankrate.com

  • 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