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

Verenium Announces Preliminary Financial Results For Fiscal 2012

SAN DIEGO, March 14, 2013 /PRNewswire/ -- Verenium Corporation (the "Company") (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today announced certain preliminary financial results for its year ended December 31, 2012. The Company intends to provide fourth quarter and full year audited 2012 financial results on Wednesday, March 27, 2013 after market close.

(Logo: http://photos.prnewswire.com/prnh/20120924/MM79973LOGO)

Verenium expects to report total revenue in the range of $57.0 million to $57.5 million and product gross profit in the range of $16.5 million to $17.0 million for the year ended December 31, 2012.  Verenium also expects to report operating income between $20.8 million and $21.3 million, including a $31.3 million gain on the sale of the Company's oilseed processing business and, excluding this gain, a non-GAAP operating loss between $10.0 million to $10.5 million. The Company believes that excluding the impact of this gain provides a more consistent measure of operating results.

The Company also expects to report capital expenditures in the range of $8.0 million to $8.5 million for the year ended December 31, 2012 and an unrestricted cash balance of approximately $34.9 million as of December 31, 2012. 

"The progress we have made during 2012 towards our operational and partnering objectives, together with our solid financial performance, sets a strong foundation for 2013," said James Levine, President and Chief Executive Officer at Verenium.  "We remain optimistic about the near-term opportunities for our high-performance industrial enzyme products and the long-term growth prospects for our company. We look forward to providing more detail on our 2012 financial performance when we report our final financial results for 2012."

Verenium also announced today that during the preparation process for the Company's 2012 Annual Report on Form 10-K an error was identified in the Company's previously-issued financial statements related to the Company's accounting for its facility lease at 3550 John Hopkins Court in San Diego, CA.

Under Generally Accepted Accounting Principles ("GAAP") the Company is required to record an asset representing the total cost of the building and improvements, including the costs paid by the lessor (the legal owner of the building), with a corresponding lease financing obligation. As a result, the Company will restate certain historical financial statements as of, and for the year ended December 31, 2011 and the quarterly periods ended June 30, 2011, September 30, 2011,  March 31, 2012, June 30, 2012 and September 30, 2012. The restatement is expected to have a material impact on the consolidated balance sheets for the relevant periods. The impact of the restatement on the Company's consolidated net income (loss) for the relevant periods is expected to be insignificant.  Further, the restatement will have no impact on the Company's reported cash position for the relevant periods.

"As we indicated in our June 2011 disclosures when we entered into this lease, we believe our facility is a highly attractive means for us to provide the space we need to grow our business on financial terms favorable to the Company," said Jeff Black, Chief Financial Officer at Verenium. "Today, we are revising the accounting treatment for our San Diego facility lease, as prescribed by GAAP; however, we feel it is critical for our stakeholders to fully understand that going forward, the approximately $22 million asset that will appear on our balance sheet as a result of this accounting revision is not legally owned by Verenium. We are considered the owner of the building solely for accounting purposes. This change in accounting does not represent a change in the economic terms or substance of our lease."

The financial restatement is described in more detail in the Company's Current Report on Form 8-K, filed today with the Securities and Exchange Commission.

1 of 3

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 17,131.97 +100.83 0.59%
S&P 500 1,998.98 +14.85 0.75%
NASDAQ 4,552.7590 +33.8570 0.75%

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