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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Cereplast Announces 2012 Second Quarter Financial Results

On the balance sheet, the Company had approximately $190,000 in cash and $14.3 million in accounts receivable, net of allowance for doubtful accounts. Current assets and total assets were $19.5 million and $31.2 million respectively. Current liabilities and total liabilities were $6.4 million and $21.1 million respectively, for working capital of $13.1 million. As of June 30, 2012, the Company had approximately 21 million shares issued and outstanding. 

Conference Call Details:
Date: Tuesday, August 14, 2012
Time: 4:30 p.m. EDT
Dial-In: (877) 312-5508
International Dial-In: (253) 237-1135
Live Webcast: http://investor.cereplast.com/events.cfm

A live webcast and archive of the call will also be available on the Investor Relations section of Cereplast's website at www.cereplast.com. If you are unable to participate on the call at this time, a telephonic replay will be available for three days starting two hours after the conclusion of the call. To access the telephonic replay, dial 855-859-2056, international callers dial 404-537-3406, and enter the Conference ID 18839439.

About Cereplast, Inc.

Cereplast, Inc. (Nasdaq:CERP) designs and manufactures proprietary biobased, sustainable bioplastics which are used as substitutes for traditional plastics in all major converting processes - such as injection molding, thermoforming, blow molding and extrusions - at a pricing structure that is competitive with traditional plastics. On the cutting-edge of biobased plastic material development, Cereplast now offers resins to meet a variety of customer demands. Cereplast Compostables® resins are ideally suited for single-use applications where high biobased content and compostability are advantageous, especially in the food service industry. Cereplast Sustainables® resins combine high biobased content with the durability and endurance of traditional plastic, making them ideal for applications in industries such as automotive, consumer electronics and packaging. Learn more at www.cereplast.com . You may also visit the Cereplast social networking pages at Facebook.com/Cereplast, Twitter.com/Cereplast and Youtube.com/Cereplastinc.

The Cereplast, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9567

Safe Harbor Statement

Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.

     
CEREPLAST, INC. 
CONSOLIDATED BALANCE SHEETS 
(in thousands, except shares data) 
     
     
  June 30, 2012 December 31, 2011
  (Unaudited)  
ASSETS    
Current Assets    
Cash  $190 $3,940
Accounts Receivable, Net  14,318 14,744
Inventory, Net  4,070 4,406
Prepaid Expenses and Other Current Assets  964 966
Total Current Assets  19,542 24,056
Property and Equipment    
Property and Equipment  13,813 13,752
Accumulated Depreciation and Amortization  (3,492) (3,151)
Property and Equipment, Net  10,321 10,601
Other Assets    
Restricted Cash  43 43
Deferred Loan Costs  1,062 1,321
Intangible Assets, Net  217 183
Deposits  47 47
Total Other Assets  1,369 1,594
Total Assets  $31,232 $36,251
LIABILITIES AND SHAREHOLDERS' EQUITY    
Current Liabilities    
Accounts Payable  $1,411 $1,813
Accrued Expenses  2,794 2,760
Capital Leases, Current Portion  77 73
Loan Payable, Current Portion  1,655 1,855
Convertible Subordinated Notes, Current Portion  164 — 
Derivative Liability 297 — 
Total Current Liabilities  6,398 6,501
Long-Term Liabilities    
Loan Payable  6,657 7,307
Convertible Subordinated Notes  7,831 12,500
Capital Leases, Long-Term  206 245
Total Long-Term Liabilities  14,694 20,052
Total Liabilities  21,092 26,553
Shareholders' Equity    
Preferred Stock, $0.001 par value; 5,000,000 shares authorized and none outstanding
Common Stock, $0.001 par value; 495,000,000 shares authorized; 21,027,204 and 18,933,139 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively  21 19
Additional Paid in Capital  73,150 66,524
Accumulated Deficit  (63,242) (56,935)
Accumulated Other Comprehensive Income  207 86
  10,136 9,694
Noncontrolling Interests  4 4
Total Equity  10,140 9,698
Total Liabilities and Shareholders' Equity  $31,232 $36,251
         
CEREPLAST, INC. 
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME 
(unaudited, in thousands, except per share data) 
         
         
  Three Months Ended Six Months Ended
  June 30, 2012 June 30, 2011 June 30, 2012 June 30, 2011
Gross Product Sales  $191 $8,149 $305 $15,435
Sales Discounts, Returns and Allowances  (1) (538) (12) (583)
Net Sales  190 7,611 293 14,852
         
Cost of Goods Sold  545 6,688 1,183 13,226
Gross Profit (Loss)  (355) 923 (890) 1,626
         
Operating Expenses:        
Research and Development  126 259 255 509
Selling, General and Administrative  1,661 2,724 2,877 4,768
Total Operating Expenses  1,787 2,983 3,132 5,277
Operating Loss  (2,142) (2,060) (4,022) (3,651)
         
Debt Extinguishment Costs  (427) (427)
Loss on Derivative Liability  (99) (99)
Interest and Other Income  18
Interest Expense  (1,253) (327) (1,777) (486)
Loss Before Provision for Income Taxes  (3,921) (2,387) (6,307) (4,137)
Provision for Income Taxes 
Net Loss  (3,921) (2,387) (6,307) (4,137)
Gain (Loss) on Foreign Currency Translation  119 8 121 (39)
Total Comprehensive Loss  ($3,802) ($2,379) ($6,186) ($4,176)
Net Loss Per Share—Basic and Diluted  ($0.20) ($0.15) ($0.32) ($0.27)
Weighted Average Common Shares Outstanding—Basic and Diluted  19,947,205 15,750,217 19,471,441 15,314,040
     
CEREPLAST, INC. 
CONSOLIDATED STATEMENTS OF CASH FLOWS 
(unaudited, in thousands, except shares data) 
     
     
  Six Months Ended
  June 30, 2012 June 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss  ($6,307) ($4,137)
Adjustment to Reconcile Net Loss to Net Cash Used in Operating Activities     
Depreciation and Amortization  356 449
Allowance for Doubtful Accounts  521 97
Common Stock Issued for Services, Salaries and Wages  143 747
Amortization of Loan Discount  779 38
Impairment of Intangible Assets  64
Extinguishment of Convertible Debt  348
Loss on Derivative Liability 99
Changes in Operating Assets and Liabilities     
Accounts Receivable  (95) (10,646)
Deferred Loan Costs  262 98
Inventory  336 (544)
Deposits  (35)
Prepaid Expenses  2 (1,381)
Accounts Payable  (402) 341
Accrued Expenses  34 1,192
NET CASH USED IN OPERATING ACTIVITIES  (3,924) (13,717)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of Property and Equipment, and Intangibles  (125) (638)
Proceeds from Sale of Equipment  15
NET CASH USED IN INVESTING ACTIVITIES  (110) (638)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on Capital Leases  (36) (4)
Proceeds from Capital Leases 32
Noncontrolling Interest Activities 4
Payments made on Notes Payable  (603)
Proceeds from Loan Payable, Net of Loan Costs  2,500
Proceeds from Convertible Notes, Net of Issuance Costs  450 11,243
Proceeds from Issuance of Common Stock and Subscriptions, Net of Issuance Costs 488 11,364
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES  299 25,139
FOREIGN CURRENCY TRANSLATION  (15) (39)
NET INCREASE (DECREASE) IN CASH  (3,750) 10,745
CASH, BEGINNING OF PERIOD  3,940 2,391
CASH, END OF PERIOD  $190 $13,136
CONTACT: Cereplast, Inc.
         Public Relations
         Nicole Cardi
         (310) 615-1900 x154
         ncardi@cereplast.com
         
         Investor Relations:
         Alliance Advisors, LLC
         Alan Sheinwald
         914-669-0222
         asheinwald@allianceadvisors.net
         www.AllianceAdvisors.net

Cereplast, Inc. Logo

Stock quotes in this article: CERP 

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.
DOW 16,262.56 +89.32 0.55%
S&P 500 1,842.98 +12.37 0.68%
NASDAQ 4,034.1610 +11.4670 0.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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