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KiOR Reports First Quarter 2013 Results

Stocks in this article: KIOR

Run Times at Columbus Increasing Quarter-Over-Quarter

Technology Working as Designed

PASADENA, Texas, May 9, 2013 (GLOBE NEWSWIRE) -- KiOR, Inc. (Nasdaq:KiOR), announced today its financial results for the first quarter ended March 31, 2013.

"Building on the first gallons of cellulosic diesel we shipped in March, we continue to make progress with operations at our Columbus facility," said Fred Cannon, KiOR's President and Chief Executive Officer. "The on-stream percentage of our core technology in the first quarter improved approximately 500 percent over the fourth quarter. Most of our individual run times are longer than the previous runs, and we are working toward taking the facility into a steady state of operations."

"Most significantly," Cannon continued, "our core technology is continuing to operate as designed, and the facility is producing high quality oil and cellulosic fuel. With these positive trends, we expect that our fuel shipments will increase and become more frequent."

Financial Results

First quarter 2013 net loss was $31.3 million, or $0.30 per share, compared to a net loss of $29.7 million, or $0.28 per share, for the fourth quarter of 2012. Net loss for the first quarter of 2012 totaled $16.8 million, or $0.16 per share.

During the first quarter of 2013, total revenues were $71 thousand, of which $52 thousand was related to the sale of finished blended diesel fuel containing cellulosic diesel from our research and development facility and the remainder of which was related to production from our first commercial scale facility in Columbus, Mississippi. Total revenues for the fourth quarter of 2012 were $87 thousand, compared to none in the first quarter of 2012.

Cost of product revenue recorded during the first quarter of 2013 totaled $5.4 million, which include production costs of Columbus plus incremental cost incurred in connection with our efforts to achieve steady state operations starting in March 2013, compared to $68 thousand for the fourth quarter of 2012 and none for the first quarter of 2012.

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