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Solazyme Reports Third Quarter 2012 Results

Solazyme, Inc. (NASDAQ: SZYM), a renewable oil and bioproducts company, announced today financial results for the third quarter ended September 30, 2012 and recent key corporate highlights.

The Company also announced separately today two important business developments:
  • The signing of a JV Expansion Framework Agreement for its Solazyme Bunge Renewable Oils JV, which sets forth the intent to increase production capacity to 300,000 MT annually by 2016, includes new plans to broaden the portfolio of oils produced by the JV and describes joint market development for tailored food oils in Brazil; and
  • The signing of strategic collaboration, manufacturing and market development agreements in which Solazyme and the Archer-Daniels-Midland Company (NYSE: ADM) will produce Solazyme’s tailored algal oils in ADM’s advanced fermentation plant in Clinton, Iowa.

“We continue to execute on our commercialization strategy, highlighted by on-target progress with our capacity build-outs, the execution of a JV expansion framework agreement with Bunge, and our new strategic relationship with ADM,” said Jonathan Wolfson, CEO of Solazyme. "We are actively supplying tailored oils from Peoria to customers, and positioning ourselves for our future commercial-scale operations when Moema, Clinton and other facilities come online.”

“At the same time, we have made substantial progress in recent months in growing our portfolio of high-value tailored triglyceride oil profiles targeted at attractive markets in food, confectionary and personal care,” Wolfson continued. “These developments are enabling us to showcase our value proposition to potential customers across attractive end markets, a key step in our strategy for long-term value creation.”

Financial Results

Total revenue for the third quarter ended September 30, 2012 was $8.6 million compared with $8.9 million in the third quarter of 2011. Third quarter GAAP net loss was $22.5 million, which compares with net loss of $14.1 million in the prior year period. On a non-GAAP basis, the net loss attributable to Solazyme, Inc. common stockholders was $19.4 million for the third quarter of 2012, compared with net loss attributable to common stockholders of $11.5 million in the prior year quarter. A reconciliation of GAAP to non-GAAP results is included below.

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