Syntroleum Announces 2012 Results

TULSA, Okla., March 15, 2013 (GLOBE NEWSWIRE) -- Syntroleum Corporation (Nasdaq:SYNM) a renewable and synthetic fuels technology company, today announced financial results for the twelve months ended December 31, 2012.

Financial Highlights

For the quarter ended December 31, 2012, the Company reported an operating loss of $797 thousand resulting from total revenues of $1.1 million and operating expenses of $1.9 million. For the year ended December 31, 2012, the company reported operating income of $9.2 million resulting from total revenues of $17.5 and operating expenses of $8.3 million. Our revenues relate to recognition of deferred license income, engineering services provided to Dynamic Fuels and other customers for process design and research support and revenues for royalties from the Dynamic Fuels commercial production of renewable fuels.

For Dynamic Fuels quarter ended and year ended September 30, 2012, we reported a loss from Dynamic Fuels of $4.3 million and $10.0 million respectively. This compares to a loss of $2.8 million for the quarter ended June 30, 2012. During the quarter and year ended September 30, 2012 the plant sold 10.6 million and 35.2 million gallons of renewable fuels, respectively.

We report Dynamic Fuels on a three month lag and the loss reflected in our income statement from Dynamic Fuels represents the loss incurred for the period ending September 30, 2012. Our 10K filing includes Dynamic financials for their year ended September 30, 2012.

Syntroleum's net loss was $5.1 million or $0.05 per share and $1.1 million or $0.01 per share, respectively, for the three month and year ended December 31, 2012, compared with a net loss of $3.0 million or $0.03 per share and $16.9 million or $0.19 per share, respectively for the corresponding periods in 2011.

As of December 31, 2012 Syntroleum's available cash position was $15.9 million.

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