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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Metabolix Reports Second Quarter 2012 Financial Results And Provides Business Update

Cost of product revenues was $0.5 million during the six months ended June 30, 2012 and primarily reflects the cost of inventory shipped to customers and warehousing. Research and development expenses were $11.1 million for the first half of 2012 compared to $12.2 million for the same period in 2011. The six month decrease of $1.1 million is primarily the result of decreased employee compensation and benefit expenses of $0.5 million, net of one-time restructuring expenses of $0.5 million, and a reduction in contract research expenses of $0.6 million, and less frequent biopolymer product trials and outside testing. Selling, general and administrative expenses were $7.8 million for the first six months of 2012 as compared to $8.0 million for the comparable six month period in 2011. The decrease of $0.2 million is primarily the result of decreased employee compensation and benefit expenses of $0.3 million, net of one-time restructuring expenses of $0.4 million.

The Company reported net income of $20.9 million or $0.61 per share for the first half of 2012 compared to a net loss of $19.6 million or $0.69 per share for the first half of 2011.

The Company’s net cash used in operating activities during the first half of 2012 was $18.1 million, which represents an increase in cash usage from $15.3 million for the comparable period in 2011. The $2.8 million increase in net cash usage is primarily attributed to the Company’s payment of $3.0 million to Telles in March of this year to acquire all of the existing inventory from the ended joint venture.


In the first half of 2012, Metabolix engaged in extensive discussions with prospective manufacturing and commercialization partners for biopolymers and focused on evaluating certain manufacturing options and locations worldwide. Today, the Company announced the outcome of this process with the selection of Antibióticos as its manufacturing partner and the signing of a letter of intent. Metabolix expects that Antibióticos will begin producing demonstration quantities of Mirel biopolymer resin in early 2013. The companies intend to complete a contract manufacturing agreement that Metabolix expects will lead to commercial supply later in 2013.

In the second quarter of 2012, Metabolix continued the launch of Mirel biopolymers with the sales of inventory to existing customers and supply of product samples to potential customers for new applications. Product sales to European customers of film grade resin accounted for a majority of quarterly sales. Europe represents the largest market for bioplastic materials worldwide. The Company is managing more than 5 million pounds of existing product inventory and expects to bridge core customers to new supply when it becomes available.

3 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

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