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KiOR Reports Second Quarter 2013 Results

Stocks in this article: KIOR

Run Times and Reliability at Columbus Continue to Increase Facility Operating and Producing Oil First Cellulosic Gasoline Shipped

PASADENA, Texas, Aug. 8, 2013 (GLOBE NEWSWIRE) -- KiOR, Inc. (Nasdaq:KiOR), announced today its financial results for the second quarter ended June 30, 2013.

"I am happy to report that Columbus has made significant operational progress and is continuing to build its on-stream performance and reliability," said Fred Cannon, KiOR's President and Chief Executive Officer. "In addition to making our first shipment of cellulosic gasoline in the second quarter, we more than doubled the run time of our core technology, the Biomass Fluid Catalytic Cracking Unit (BFCC), to 43% in the quarter, up from 20% in the first quarter."

"In total," Cannon continued, "we shipped over 75,000 gallons of cellulosic fuel from Columbus. The BFCC unit is running now and producing high quality oil that we are preparing to upgrade into fuel and ship to our customers. Over the next few months, we will focus on further building that progress and we look to push the facility closer to its nameplate capacity."

Financial Results

Second quarter 2013 net loss was $38.5 million, or $0.36 per share, compared to a net loss of $31.3 million, or $0.30 per share, for the first quarter of 2013. Net loss for the second quarter of 2012 totaled $23.0 million, or $0.22 per share.

During the second quarter of 2013, total revenues were $239 thousand, all of which related to production from our initial scale commercial production facility in Columbus, Mississippi. Total revenues for the first quarter of 2013 were $71 thousand, compared to none in the second quarter of 2012.

Cost of product revenue recorded during the second quarter of 2013 totaled $15.1 million compared to $5.4 million in the first quarter of 2013, representing a full quarter of charges compared to only one month in the previous quarter. These figures include production costs of our Columbus facility plus incremental costs incurred in connection with our efforts to achieve steady state operations.

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