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Amyris Reports Fourth Quarter and 2012 Year-End Financial Results



Amyris Reports Fourth Quarter and 2012 Year-End Financial Results

EMERYVILLE, Calif., Feb. 19, 2013 (GLOBE NEWSWIRE) -- Amyris, Inc.
(Nasdaq:AMRS), a leading renewable chemicals and fuels company, today
announced financial results for the fourth quarter and year ended December 31,
2012.

"In the final quarter of 2012, we completed commissioning and began commercial
production of our industrial-scale farnesene production plant in Brazil. Also,
we secured additional capital from some of our largest shareholders," said
John Melo, President & CEO of Amyris. "Amyris is focused on continued
execution of our business strategy with the goal of achieving positive cash
flow in 2014, underpinned by a reduced operating expense profile, strong
product and collaboration revenues, and ongoing support from our investors,"
Melo concluded.

FINANCIAL RESULTS

Quarter Ended December 31, 2012

Aggregate revenues for the quarter ended December 31, 2012 were $5.9 million
versus $41.5 million in the fourth 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 was completed in the third quarter of 2012. Of the
$5.9 million in aggregate revenues during the quarter ended December 31, 2012,
$3.0 million related to renewable product sales compared to $0.7 million for
the same period in the prior year.

Total research & development and sales, general & administrative expenses
declined 20.3% to $35.5 million from $44.5 million in the same quarter of the
prior year, primarily due to reductions in personnel related costs and overall
lower spending.

GAAP net loss attributable to common stockholders for the quarter was $43.5
million ($0.72 per share) compared to a loss of $59.4 million ($1.30 per
share) in the same quarter of 2011. On a non-GAAP basis, excluding stock-based
compensation of $6.1 million and a loss on firm commitments related to
contract manufacturing operations of $7.8 million, the net loss attributable
to common stockholders was $29.7 million ($0.49 per share) compared to $52.8
million ($1.15 per share) in the prior year. A reconciliation of GAAP to
non-GAAP results is included in this release.

Year Ended December 31, 2012

Aggregate revenues for the year ended December 31, 2012 were $73.7 million
versus $147.0 million in the prior year. The decline in revenue was due to the
Company's planned transition out of the ethanol and ethanol-blended gasoline
business, which was completed in the third quarter of 2012. Renewable product
sales were $10.8 million for the year compared to $0.8 million for the prior
year.

Total research & development and sales, general & administrative expenses
declined 10.7% to $152.3 million from $170.5 million in 2011, primarily due to
reductions in personnel related costs and overall lower spending.

The 2012 GAAP net loss attributable to common stockholders was $205.1 million
($3.62 per share) compared to a loss of $178.9 million ($3.99 per share) in
the prior year. On a non-GAAP basis, excluding stock-based compensation
expense, loss on purchase commitments, and write off of production assets, the
net loss attributable to common stockholders was $131.8 million ($2.32 per
share) compared to $153.4 million ($3.42 per share) in the prior year.

The Company's balance of cash, cash equivalents and marketable securities at
the end of the fourth quarter was $30.7 million. In December 2012, the Company
sold 14,177,849 shares of common stock in a private placement to existing
Amyris investors. The transaction included $37.25 million in cash proceeds
($22.25 million was received in December 2012; $15.0 million was received in
January 2013), and the conversion by Total Gas & Power USA, SAS of $5.0
million from an outstanding senior unsecured convertible promissory note.

CONFERENCE CALL

Amyris will discuss these results and provide a business update 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 will remain available for approximately
60 calendar days.

INVESTOR CONFERENCE

Amyris will participate in the Morgan Stanley Technology, Media & Telecom
Conference in San Francisco on Wednesday, February 27, 2013. CEO John Melo
will make remarks at 5:30 pm ET (2:30 pm PT). A live audio webcast and replay
of the presentation will be available at http://investors.amyris.com.

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 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 expectations for achieving
positive cash flow in 2014, reductions in operating expenses and strong
revenues from product sales and collaborations) 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 10Q filed on November 9, 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)
 
                             Three Months Ended      Twelve Months Ended
                             December 31,            December 31,
                             2012        2011        2012         2011
Revenues                                                           
Product sales                 $ 3,023     $ 36,839    $ 49,638     $ 129,837
Grants and collaborations     2,831       4,700       24,056       17,154
revenue
Total revenues                5,854       41,539      73,694       146,991
Costs and operating expenses                                       
Cost of products sold         5,423       56,368      77,314       155,615
Loss on purchase commitments
and write off of production   7,764       --          45,854       -- 
assets
Research and development (1)  18,050      20,695      73,630       87,317
Sales, general and            17,417      23,830      78,718       83,231
administrative (1)
Total costs and operating     48,654      100,893     275,516      326,163
expenses
Loss from operations          (42,800)    (59,354)    (201,822)    (179,172)
Other income (expense):                                            
Interest income               66          292         1,472        1,542
Interest expense              (1,388)     (371)       (4,926)      (1,543)
Other income (expense), net   736         54          224          214
Total other income (expense)  (586)       (25)        (3,230)      213
Loss before income taxes      (43,386)    (59,379)    (205,052)    (178,959)
Provision for income taxes    (228)       (253)       (981)        (552)
Net loss                      $ (43,614)  $ (59,632)  $ (206,033)  $ (179,511)
Net loss attributable to      122         204         894          641
noncontrolling interest
Net loss attributable to
Amyris, Inc. common           $ (43,492)  $ (59,428)  $ (205,139)  $ (178,870)
stockholders
Net loss per share
attributable to common        $ (0.72)    $ (1.30)    $ (3.62)     $ (3.99)
stockholders, basic and
diluted
Weighted-average shares of
common stock outstanding
used in computing net loss   60,187,256  45,663,667  56,717,869   44,799,056
per share of common stock,
basic and diluted
                                                                   
                                                                   
(1) Includes stock-based
compensation expense of the                                        
following for the periods
presented:
                                                                   
Research and development      $ 1,930     $ 1,648     $ 6,451      $ 6,345
Sales, general and            4,143       5,008       21,022       19,147
administrative
                              $ 6,073     $ 6,656     $ 27,473     $ 25,492
                                                                   

Amyris, Inc. 
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
                                                                
                                                  December 31, December 31,
                                                  2012         2011
                                                                
Assets                                                          
Current assets:                                                 
Cash, cash equivalents and short-term investments  $ 30,689     $ 103,592
Accounts receivable, net                          3,846        6,936
Inventories, net                                  6,034        9,070
Prepaid expenses and other current assets         8,925        19,873
Total current assets                              49,494       139,471
Property and equipment, net                       163,121      128,101
Restricted cash                                    955          -- 
Other assets                                      20,112       43,001
Goodwill and intangible assets                    9,152        9,538
Total assets                                       $ 242,834    $ 320,111
                                                                
Liabilities and Equity                                          
Current liabilities:                                            
Accounts payable                                   $ 15,392     $ 26,379
Deferred revenue                                   1,333        3,139
Accrued and other current liabilities              24,410       30,982
Capital lease obligation, current portion          1,366        3,717
Debt, current portion                              3,325        28,049
Total current liabilities                          45,826       92,266
Capital lease obligation, net of current portion   1,244        2,619
Long-term debt, net of current portion             100,839      13,275
Deferred rent, net of current portion              8,508        9,957
Deferred revenue, net of current portion           4,255        4,097
Other liabilities                                  15,933       37,085
Total liabilities                                  176,605      159,299
                                                                
Amyris, Inc. stockholders' equity                  67,106       161,052
Noncontrolling interest                            (877)        (240)
Total stockholders' equity                         66,229       160,812
                                                                
Total liabilities and stockholders' equity         $ 242,834    $ 320,111
                                                                

Amyris, Inc. 
Supplemental Consolidated Financial Information 
(Unaudited)
(In thousands, except per share data)
                                                                   
                             Three Months Ended      Twelve Months Ended
                             December 31,            December 31,
                             2012        2011        2012         2011
                                                                   
                                                                   
Other Selected Financial                                           
Information:
Capital expenditures and
deposits on property and      $ 5,952     $ 25,776    $ 56,858     $ 97,024
equipment
Depreciation and              $ 4,255     $ 3,349     $ 14,941     $ 11,077
amortization
                                                                   
Product sales                                                      
Ethanol and Ethanol-blended   $ --        $ 36,174    $ 38,836     $ 129,074
Gasoline
Renewables                    3,023       665         10,802       763
Total product sales           $ 3,023     $ 36,839    $ 49,638     $ 129,837
                                                                   
Reconciliation of GAAP to                                          
Non-GAAP Net Loss Per Share:
                                                                   
Net loss attributable to
Amyris Inc., common           $ (43,492)  $ (59,428)  $ (205,139)  $ (178,870)
stockholders (GAAP)
Stock-based compensation      6,073       6,656       27,473       25,492
expense
Loss on purchase commitments
and write off of production   7,764       --          45,854       -- 
assets
Net loss attributable to
Amyris Inc., common           $ (29,655)  $ (52,772)  $ (131,812)  $ (153,378)
stockholders (Non-GAAP)
                                                                   
                                                                   
Net loss per share
attributed to common          $ (0.72)    $ (1.30)    $ (3.62)     $ (3.99)
stockholders, basic and
diluted (GAAP)
Stock-based compensation      0.10        0.15        0.48         0.57
expense
Loss on purchase commitments
and write off of production   0.13        --          0.82         -- 
assets
Net loss per share
attributed to common          $ (0.49)    $ (1.15)    $ (2.32)     $ (3.42)
stockholders, basic and
diluted (Non-GAAP)

CONTACT: Amyris, Inc.
         (510) 740-7481
         investor@amyris.com

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