This Day On The Street
Continue to site
ADVERTISEMENT
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

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs