This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Amyris Reports Third Quarter 2013 Financial Results

Stocks in this article: AMRS

EMERYVILLE, Calif., Oct. 31, 2013 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), a leading renewable chemicals and fuels company, today announced financial results for the third quarter ended September 30, 2013.

" During the third quarter, we achieved our highest farnesene production volumes at our lowest quarterly unit costs to date. We continued our relentless focus on collaborations and sales revenues with continued strength in our two initial product lines: high-performance renewable diesel and our best-in-class emollients. We expect continued growth in 2014 in new areas such as lubricants, specialty fluids and polymers," said John Melo, Amyris President & CEO.

" Since quarter-end we completed the initial closing of our financing with our major stockholders, receiving $42.6 million in cash proceeds. We believe we are on the right track to achieve our objective of positive cash flow from operations in 2014 and profitability in 2015," Melo concluded.

BUSINESS HIGHLIGHTS

Below are some key highlights from the Company's activities during the third quarter of 2013.

Farnesene Production

  • Operated with all six fermentors during the entire quarter at the Company's farnesene production facility in Brotas, São Paulo, Brazil.
  • Achieved lowest quarterly average farnesene production cash cost, which was less than $5 per liter.
  • Exceeded production milestones related to recent financing agreements.

Sales & Collaboration Revenues

  • Achieved second consecutive quarter of renewable product revenues above $4 million.
  • Combined sales of Neossanceā„¢ Squalane emollient, renewable diesel for niche markets, and farnesene for the lubricants market were in line with previous quarter and 35% higher than same period in 2012.
  • Met all scheduled milestones associated with active R&D and product collaborations.

Strengthened Financial Position

  • Achieved lowest quarterly cash operating expenses since our Initial Public Offering in 2010.
  • Following quarter-end, closed initial tranche of convertible note financing for $42.6 million in cash proceeds, with established terms for access to additional funds in a second tranche.

FINANCIAL RESULTS

Aggregate revenues for the quarter ended September 30, 2013 were $7.0 million compared to aggregate revenues of $19.1 million in the third quarter of 2012. Last year's third quarter revenues included $1.7 million of sales related to the Company's ethanol and ethanol-blended gasoline business, a business which the Company transitioned out of in the third quarter of 2012. Of the $7.0 million in aggregate revenues in the quarter ended September 30, 2013, $4.1 million was related to renewable product sales and $2.9 million was related to collaboration and grant revenue. This compares with $3.0 million in renewable product sales and $14.4 million in collaboration and grant revenue for the same period in the prior year. The $14.4 million in grants and collaboration revenue in the prior year's quarter included $9.8 million in revenue related to a July 2012 amendment of the Company's collaboration agreement with Total.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

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