Columbus Transitioning to Steady State BFCC on Record Run Cornerstone Financial Commitments for Columbus II
PASADENA, Texas, Nov. 7, 2013 (GLOBE NEWSWIRE) -- KiOR, Inc. (Nasdaq:KiOR), announced today its financial results for the third quarter ended September 30, 2013.
"I am happy to report again that we are seeing significant operational progress at our Columbus facility and we believe that we are turning the corner toward steady state operations," said Fred Cannon, KiOR's President and Chief Executive Officer. "We produced 323,841 gallons of fuel in the quarter, which brought us to a total production of 508,975 gallons of cellulosic fuel through the end of the third quarter.""Just as importantly," Cannon continued, "Columbus is on a run which began in mid-September, and we are continuing to ramp up throughput at the facility. Our fourth quarter has gotten off to a good start and we saw total production in October of 167,087 gallons of fuel, our highest month to date. As a result, we believe that with stable production over the balance of the year, our full year production levels will exceed 1 million gallons. These achievements support our strategy to pursue Columbus II as the company's next project and the $100 million in financing commitments we received are serving as the cornerstone investments for that facility." Financial Results For the third quarter 2013 the company recorded a net loss of $43.1 million, or $0.40 per share, compared to a net loss of $38.5 million, or $0.36 per share, for the second quarter of 2013. The third quarter loss included an unfavorable adjustment of $2.1 million for higher than expected franchise taxes primarily related to prior periods. Net loss for the third quarter of 2012 totaled $27.0 million, or $0.26 per share. During the third quarter of 2013 total revenues were $720 thousand, attributable to higher sales volume produced from our initial-scale commercial production facility in Columbus, Mississippi. Total revenues for the second quarter of 2013 were $239 thousand compared to none in the third quarter of 2012.