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

KiOR Reports First Quarter 2013 Results

Stock quotes in this article: KIOR

Research and development (R&D) expenses for the first quarter 2013 totaled $9.2 million, representing a $0.3 million decrease from the $9.5 million recorded in the fourth quarter of 2012. First quarter 2013 R&D expenses increased $0.8 million from $8.4 million recorded in the first quarter 2012, mainly due to higher payroll and related expenses.

General and administrative (G&A) expenses for the first quarter of 2013 were $14.7 million, a decrease of $5.5 million from the $20.2 million recorded in the fourth quarter of 2012, primarily due to start-up activities related to the Columbus facility reported as part of G&A through February 2013. First quarter 2013 G&A expenses increased $6.6 million from $8.1 million reported in the first quarter 2012, due to $4.7 million higher start-up related activities at the Columbus facility and $1.9 million higher payroll and related expenses.

Capital investments during the first quarter were $4.8 million, primarily related to front end engineering and design of KiOR's 1,500 bone dry ton per day project in Natchez, Mississippi.

KiOR had cash and cash equivalents of $11.1 million at March 31, 2013, which represents a $29.8 million decrease from the December 31, 2012 balance. This decrease was primarily driven by operating uses of cash and capital expenditures on the Natchez facility.  Net long-term debt stood at $120 million as of quarter-end. During the first quarter of 2013, the Company amended its 4-year-term loan to, among other things, extend KiOR's ability to pay interest in kind, defer principal amortizations, and increase the facility to $125 million to provide additional operating liquidity. As of the end of the first quarter of 2013, $50 million of this expanded facility remained undrawn and available upon the Company's request. 

Conference Call Information

The Company will discuss these results on a conference call scheduled for today at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). Participants may join the conference call by dialing (877) 468-8808 (for U.S. and Canada) or (832) 412-2302 (International). The conference access code is 35924813 for all participants. To listen via live webcast, please visit the investors section of the Company's website: http://investor.kior.com/events.cfm .  An audio replay will remain available for seven days until Thursday, May 16, 2013 at 11:59 p.m. Eastern Time (10:59 p.m. Central Time) and can be accessed by dialing (855) 859-2056 (for U.S. and Canada) or (404) 537-3406 (International). The conference call replay access code is 35924813 for all participants. The replay will also be available in the investors section of the Company's website approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.  

About KiOR

KiOR, a global leader in cellulosic gasoline and diesel transportation fuels, has developed a unique proprietary technology platform to convert abundant and sustainable non-food biomass into fuels for use in vehicles on the road today. KiOR's cellulosic fuels, which may be transported using existing distribution networks, help ease dependence on foreign oil, reduce lifecycle greenhouse gas emissions and create high-quality jobs and economic benefit across rural communities.

2 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 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

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