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Solazyme Reports Second Quarter 2013 Results

Stocks in this article: SZYM

“Our second quarter results keep us on track to achieve our full year objectives,” said Tyler Painter, CFO of Solazyme. “Our operating and capital expenditures remain within our expectations. As we near the commencement of production at Moema and Clinton, our commercialization path is supported by a strong capital structure and a supportive group of partners.”

Recent Business Highlights

  • Solazyme Continues to Expand Disruptive Technology Platform: Solazyme has demonstrated the ability to produce high-value erucic acid through its proprietary microalgae platform. High erucic oil is the second oil in the suite of tailored oils being developed under the JDA with Mitsui, with myristic oil being the first. Erucic acid is commonly found in some rapeseed and mustard seed oils and is currently used mainly as an emulsifier in multiple industries including cosmetics and as a plastics additive.
  • Finalizes Commercial Supply Terms with Sasol: Solazyme and Sasol have finalized commercial terms for the supply of an algal oil rich in erucic acid for production of behenyl alcohol. The companies also signed a letter of intent to expand the relationship to a broad collaboration, including joint manufacturing and marketing of multiple tailored oils.
  • Rapidly Establishing Commercial-Scale Capability to Produce Nutritional Products: Solazyme is establishing new large-scale manufacturing capability for high protein and high lipid products that were previously part of the Solazyme Roquette Nutritionals joint venture. Production of both products is targeted to begin at Solazyme’s Peoria facility this year.
  • Solazyme and AkzoNobel Enter into Joint Development Agreement: Partnership targets the development of advanced tailored oils and commercial sales for the specialty surfactants and paints and coatings markets. The agreement is centered on a shared commitment to the production of high-performance triglyceride-based products that improve upon the performance of plant oils and animal fats.

Conference Call

Solazyme will hold a conference call for investors on August 7, 2013 at 1:30 p.m. PT (4:30 p.m. EDT). Investors may access the call by dialing 973-409-9250. A live webcast of the call will be available from the Investor Relations section of www.solazyme.com. A recording of the call will also be available by calling 404-537-3406; access code 19340156 beginning approximately two hours after the call, and will be available for one week. A webcast replay of the call will also be available from the Investor Relations section of www.solazyme.com approximately two hours after the call and will be available for up to thirty days.

About Solazyme, Inc.

Solazyme, Inc. (SZYM) is a renewable oil and bioproducts company that transforms a range of low-cost plant-based sugars into high-value oils and food ingredients. Headquartered in South San Francisco, Solazyme's renewable products can replace or enhance oils derived from the world's three existing sources – petroleum, plants and animal fats. Initially, Solazyme is focused on commercializing its products into three target markets: (1) chemicals and fuels, (2) nutrition and (3) skin and personal care.

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