Amyris Reports Third Quarter 2012 Financial Results EMERYVILLE, Calif., Nov. 6, 2012 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), a leading renewable chemicals and fuels company, today announced financial results for the third quarter ended September 30, 2012. "During the third quarter, we realized the benefits of our focused strategy with lower operating costs and increased sales of our renewable products. Our technology improvements continue and our commercialization activities remain on track," said John Melo, President & CEO of Amyris. "Amyris's industrial-scale farnesene production facility at Paraíso is in the final stages of a successful commissioning and we remain confident about commercial production in early 2013," Melo concluded. FINANCIAL RESULTS Aggregate revenues for the quarter ended September 30, 2012 were $19.1 million versus $36.3 million in the third quarter of 2011. The decline in revenue was due to the Company's planned transition out of the ethanol and ethanol-blended gasoline business, which is now complete. Partially offsetting this decline were increased revenues from renewable products sales and collaborations, primarily related to the amendment of the Company's collaboration agreement with Total. Total research & development and sales, general & administrative expenses declined 26% to $33.1 million for the quarter from the same quarter the prior year primarily due to lower compensation and benefits expense. GAAP net loss attributable to common stockholders for the quarter was $20.3 million ($0.34 per share) compared to a loss of $43.7 million ($0.97 per share) in the same quarter of 2011. On a non-GAAP basis, excluding non-cash items such as stock-based compensation, the net loss attributable to common stockholders was $12.9 million ($0.22 per share) compared to $36.8 million ($0.82 per share) in the prior year. A reconciliation of GAAP to non-GAAP results is included in this release. The Company's balance of cash, cash equivalents and short-term investments at the end of the third quarter was $44.4 million. CONFERENCE CALL Amyris will discuss these results and provide a business update, including funding requirements, in a conference call scheduled for today at 5:00 pm ET (2:00 pm PT). Investors may access a live audio webcast of this conference call and the earnings call presentation in the investor relations section of the Company's website at http://investors.amyris.com. A replay of the webcast will be available on the investor relations section of the Company's website approximately two hours after the conclusion of the call and remain available for approximately 60 calendar days. About Amyris Amyris is an integrated renewable products company focused on providing sustainable alternatives to a broad range of petroleum-sourced products. Amyris uses its industrial synthetic biology platform to convert plant sugars into a variety of molecules -- flexible building blocks that can be used in a wide range of products. Amyris's initial portfolio of commercial products is based on Biofene®, Amyris's brand of renewable farnesene, a long-chain hydrocarbon. Amyris is commercializing these products both as No Compromise® renewable ingredients in cosmetics, flavors and fragrances, polymers, lubricants and consumer products, and also as No Compromise renewable diesel and jet fuel. Amyris Brasil Ltda., a subsidiary of Amyris, oversees the establishment and expansion of Amyris's production in Brazil. More information about Amyris is available at www.amyris.com. The Amyris, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12462 Forward-Looking Statements This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as commercialization activities, commissioning of a planned production facility, and commercial production commencement) that involve risks and uncertainties. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including those associated with any delays or failures in development, production and commercialization of products, liquidity and ability to fund capital expenditures, Amyris's reliance on third parties to achieve its goals, and other risks detailed in the "Risk Factors" section of Amyris's quarterly report on Form 10-Q filed on August 8, 2012. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise. Non-GAAP Financial Information Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. The non-GAAP financial measures exclude non-cash items such as stock-based compensation. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. These non-GAAP financial measures also facilitate management's internal comparisons to Amyris's historical performance as well as comparisons to the operating results of other companies. In addition, Amyris believes these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Amyris's operating performance. Reconciliation between GAAP and non-GAAP financial information is provided in the financial statement tables below. Amyris, the Amyris logo, Biofene and No Compromise are trademarks or registered trademarks of Amyris, Inc. Amyris, Inc. Condensed Consolidated Statement of Operations (Unaudited) (In thousands, except per share data) ThreeMonthsEnded NineMonthsEnded September 30, September 30, 2012 2011 2012 2011 Revenues Product sales $4,728 $31,162 $46,615 $92,998 Grants and collaborations 14,380 5,114 21,225 12,454 revenue Total revenues 19,108 36,276 67,840 105,452 Costs and operating expenses Cost of products sold 4,444 35,729 71,891 99,247 Loss on purchase commitments and write off ofproduction 1,438 -- 38,090 -- assets Research and development (1) 15,736 23,441 55,580 66,622 Sales, general and 17,355 21,174 61,301 59,401 administrative (1) Total costs and operating 38,973 80,344 226,862 225,270 expenses Loss from operations (19,865) (44,068) (159,022) (119,818) Other income (expense): Interest income 297 609 1,406 1,250 Interest expense (1,224) (291) (3,538) (1,172) Other income (expense), net 664 310 (512) 160 Total other income (expense) (263) 628 (2,644) 238 Loss before income taxes (20,128) (43,440) (161,666) (119,580) Provision for income taxes (260) (474) (753) (299) Net loss $(20,388) $ (43,914) $ (162,419) $(119,879) Net loss attributable to 95 224 772 437 noncontrolling interest Net loss attributable to Amyris, Inc. common $(20,293) $ (43,690) $ (161,647) $(119,442) stockholders Net loss per share attributable to common $(0.34) $(0.97) $(2.91) $(2.68) stockholders, basic and diluted Weighted-average shares of common stock outstanding used in computing net loss per 58,964,226 45,031,613 55,552,949 44,507,686 share of common stock, basic and diluted (1) Includes stock-based compensation expense of the following for the periods presented: Research and development $1,450 $1,711 $4,521 $4,697 Sales, general and 4,515 5,162 16,879 14,139 administrative $5,965 $6,873 $21,400 $18,836 Amyris, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands) September 30, December 31, 2012 2011 Assets Current assets: Cash, cash equivalents and short-term investments $44,429 $103,592 Accounts receivable, net 3,807 6,936 Inventories, net 8,311 9,070 Prepaid expenses and other current assets 9,995 19,873 Total current assets 66,542 139,471 Property and equipment, net 164,703 128,101 Restricted cash 954 -- Other assets 20,133 43,001 Goodwill and intangible assets 9,248 9,538 Total assets $261,580 $320,111 Liabilities and Equity Current liabilities: Accounts payable $18,374 $26,379 Deferred revenue 1,532 3,139 Accrued and other current liabilities 24,061 30,982 Capital lease obligation, current portion 1,871 3,717 Debt, current portion 2,121 28,049 Total current liabilities 47,959 92,266 Capital lease obligation, net of current portion 1,495 2,619 Long-term debt, net of current portion 103,289 13,275 Deferred rent, net of current portion 8,886 9,957 Deferred revenue, net of current portion 4,396 4,097 Other liabilities 18,893 37,085 Total liabilities 184,918 159,299 Amyris, Inc. stockholders' equity 77,465 161,052 Noncontrolling interest (803) (240) Total stockholders' equity 76,662 160,812 Total liabilities and stockholders' equity $261,580 $320,111 Amyris, Inc. Supplemental Consolidated Financial Information (Unaudited) (In thousands, except per share data) ThreeMonthsEnded Nine MonthsEnded September September 30, 30, 2012 2011 2012 2011 Other Selected Financial Information: Capital expenditures and deposits on property and $5,541 $40,769 $50,906 $71,248 equipment Depreciation and $3,179 $2,897 $10,686 $7,728 amortization Product sales Ethanol and $1,657 $31,096 $38,836 $92,900 Ethanol-blended Gasoline Renewables 3,071 66 7,779 98 Total product sales $4,728 $31,162 $46,615 $92,998 Reconciliationof GAAP to Non-GAAP Net Loss Per Share: Net loss attributable to Amyris Inc., common $(20,293) $(43,690) $(161,647) $(119,442) stockholders (GAAP) Stock-based compensation 5,965 6,873 21,400 18,836 expense Loss on purchase commitments and write off 1,438 -- 38,090 -- of production assets Net loss attributable to Amyris Inc., common $(12,890) $(36,817) $(102,157) $(100,606) stockholders (Non- GAAP) Net loss per share attributed to common stockholders basic and diluted (GAAP) $(0.34) $(0.97) $(2.91) $(2.68) Stock-based compensation 0.10 0.15 0.39 0.42 expense Loss on purchase commitments and write off 0.02 -- 0.68 -- of production assets Net loss per share attributed to common $(0.22) $(0.82) $(1.84) $(2.26) stockholders, basic and diluted (Non-GAAP) CONTACT: Amyris, Inc. (510) 740-7481 email@example.com company logo
Amyris Reports Third Quarter 2012 Financial Results
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