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Syntroleum Announces First Quarter 2013 Results

TULSA, Okla., May 3, 2013 (GLOBE NEWSWIRE) -- Syntroleum Corporation (Nasdaq:SYNM) today announced financial results for the three months ended March 31, 2013.

Highlights

Syntroleum's net income was $11.0 million or $1.15 per share for the three months ended March 31, 2013, compared to a net loss of $1.9 million or $0.20 per share for the corresponding period in 2012.

The financial statements for all prior periods have been retroactively adjusted to reflect the April 11, 2013 one-for-ten reverse stock split of the Company's common stock which allowed the Company to regain compliance with NASDAQ's minimum price Marketplace Rule as of April 26, 2013.

For the quarter ended March 31, 2013, the Company reported an operating loss of $2.0 million resulting from total revenues of $899 thousand and operating expenses of $2.9 million.

Equity in earnings of Dynamic Fuels for the quarter ended March 31, 2013 is $6.7 million which includes $12.6 million in gains representing our portion of the retroactive reinstatement of the $1 tax credit for 2012, partially offset by $5.9 million in losses resulting from our share of Dynamic Fuels' operating results for its first quarter ended December 31, 2012. Due to the material impact of the retroactive reinstatement of the $1 tax credit, we are reporting it in the current quarter rather than on a three month lag basis which is our normal accounting practice. For Dynamic Fuels' quarter ended December 31, 2011, we reported a loss from Dynamic Fuels of $830 thousand.

Income from Discontinued Operations for the quarter ended March 31, 2013 includes $5.8 million in proceeds from the sale of our nominal two b/d pilot plant in Tulsa, Oklahoma and $603 thousand from the previously accrued asset retirement obligations.

As of March 31, 2013 Syntroleum's available cash position was $14.9 million. On April 12, 2013 we received $9.0 million in refunds from the IRS related to the reinstatement of the $1 tax credit retroactive to 2012 resulting in total cash of approximately $23.9 million.

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