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Methes Energies Reports Fiscal Year 2012 Results


Methes Energies Reports Fiscal Year 2012 Results

LAS VEGAS, NV -- (Marketwire) -- 02/26/13 -- Methes Energies International Ltd. (NASDAQ: MEIL), a renewable energy company that offers an array of products and services to a network of biodiesel fuel producers, on February 25, 2012 reported its operating results for the year ended November 30, 2012.

Revenue totaled approximately $6.5 million for the year ended November 30, 2012 compared to $11.8 million in the year ended November 30, 2011. Net loss was approximately $3.97 million or $0.67 per common share in 2012, compared to a net loss of approximately $811,000 or $0.15 per common share in 2011.

2012 and Recent Highlights


 
--  Installed two Denami 3000 biodiesel processors at the Sombra facility
    for a total capacity of 13 million gallons per year.
--  Successfully completed an IPO with a listing on NASDAQ Capital Market.
--  The Sombra facility received approval from the EPA and became an
    approved foreign biodiesel producing facility.
--  Increased our work force from 12 employees to over 30 employees.
--  Increased our rail car fleet from 18 to 28 rail cars.
--  Successfully completed a Private Placement raising net proceeds of
    approximately $ 1.5 million.
--  Signed contract for delivery of 50 rail cars in early 2013.

Michel G. Laporte, Methes Energies' Chairman and CEO, said, "We accomplished a lot during fiscal year 2012 with a number of initiatives going on. The most important milestones were the commissioning of our Sombra facility and the approval by the EPA as a Foreign Biodiesel Producer for biodiesel produced in Sombra, although we did not begin full scale production at Sombra in fiscal 2012. We are now well positioned to take full advantage of a strong biodiesel market so far in 2013."


 
                                                                            
                                                                            
                                                                            
                     METHES ENERGIES INTERNATIONAL LTD.                     
                        Consolidated Balance Sheets                         
                                                                            
(Expressed in US dollars)                      As at             As at      
                                            November 30,      November 30,  
                                                2011              2012      
                                                                            
                                          ---------------   --------------- 
ASSETS                                                                      
                                                                            
Current assets                                                              
  Cash and cash equivalents              $      1,693,301  $        402,724 
  Accounts receivable, net                      1,122,323           303,418 
  Inventories                                   1,187,442         1,196,798 
  Prepaid expenses and deposits                    13,163           100,972 
  Deferred financing fees                               -            26,334 
                                          ---------------   --------------- 
Total current assets                            4,016,229         2,030,246 
                                                                            
Deposits                                          860,923            13,813 
Property, plant and equipment, net              2,968,699         8,231,826 
Intangible assets, net                            400,358           413,027 
                                          ---------------   --------------- 
Total assets                             $      8,246,209  $     10,688,912 
                                          ---------------   --------------- 
                                                                            
LIABILITIES AND STOCKHOLDERS' EQUITY                                        
                                                                            
Current liabilities                                                         
  Accounts payable and accrued                                              
   liabilities                           $      2,441,493  $      1,762,666 
  Short-term loan                                       -         1,509,600 
  Payable to related parties                      520,881         1,617,999 
                                          ---------------   --------------- 
Total liabilities                               2,962,374         4,890,265 
                                          ---------------   --------------- 
                                                                            
Stockholders' equity                                                        
  Preferred stock, $0.001 par value,                                        
   10,000,000 shares authorized; no                                         
   shares issued or outstanding at                                          
   November 30, 2011 and 2012,                                              
   respectively                                         -                 - 
  Common stock, $0.001 par value,                                           
   75,000,000 shares authorized;                                            
   5,734,447 and 6,553,169 shares issued                                    
   and outstanding at November 30, 2011                                     
   and 2012, respectively                           5,734             6,553 
  Additional paid-in capital                   11,598,421        16,033,123 
  Subscription receivable                         (46,056)                - 
  Accumulated deficit                          (6,274,264)      (10,241,029)
                                          ---------------   --------------- 
Total stockholders' equity                      5,283,835         5,798,647 
                                          ---------------   --------------- 
Total liabilities and stockholders'                                         
 equity                                  $      8,246,209  $     10,688,912 
                                          ===============   =============== 
                                                                            
                                                                            
                                                                            
                     METHES ENERGIES INTERNATIONAL LTD.                     
                   Consolidated Statements of Operations                    
                                                                            
(Expressed in US dollars)                                                   
                                                                            
                                         For the Year        For the Year   
                                            Ended               Ended       
                                      November 30, 2011   November 30, 2012 
                                      -----------------   ----------------- 
                                                                            
Revenue                                                                     
 Biodiesel sales                     $        9,731,355  $        5,801,146 
 Feedstock sales                                838,994             393,208 
 Glycerin sales                                 132,526              49,894 
 Government incentives                          518,872             299,540 
 Equipment sales                                256,342            (241,342)
 Royalties                                      107,148              66,445 
 Others                                         200,616             180,857 
                                      -----------------   ----------------- 
                                             11,785,853           6,549,748 
Cost of goods sold                           10,120,570           5,998,728 
                                      -----------------   ----------------- 
Gross profit                                  1,665,283             551,020 
                                                                            
Operating expenses                                                          
                                                                            
 Selling, general and administrative                                        
  expenses                                    2,436,615           4,270,773 
                                      -----------------   ----------------- 
Loss before interest and taxes                 (771,332)         (3,719,753)
                                                                            
Other income (expenses)                                                     
 Interest expense                               (39,750)           (250,146)
 Interest income                                    132               3,134 
                                      -----------------   ----------------- 
Loss before income taxes                       (810,950)         (3,966,765)
                                                                            
Income taxes                                          -                   - 
                                      -----------------   ----------------- 
Net loss for the year                $         (810,950) $       (3,966,765)
                                      =================   ================= 
                                                                            
Net Loss Per Common Share - Basic                                           
 and Diluted                         $            (0.15) $            (0.67)
                                      =================   ================= 
                                                                            
Weighted average number of common                                           
 shares - Basic and Diluted                   5,269,183           5,961,659 
                                      =================   ================= 
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                   METHES ENERGIES INTERNATIONAL LTD.                       
                 Consolidated Statements of Cash Flows                      
                                                                            
(Expressed in US dollars)                                                   
                                         For the Year        For the Year   
                                            Ended               Ended       
                                      November 30, 2011   November 30, 2012 
                                      -----------------   ----------------- 
Cash flow from operating activities:                                        
  Net loss for the year              $         (810,950) $       (3,966,765)
  Adjustments to reconcile net loss                                         
   to net cash used in operations                                           
    Depreciation and amortization               174,279             258,414 
    Non-cash stock compensation                  99,233             246,949 
    Unrealized foreign exchange loss                  -              44,700 
    Penalty share expense                             -             399,998 
  Changes in operating assets and                                           
   liabilities:                                                             
    Accounts receivable                        (741,968)            818,905 
    Inventories                                (943,620)             (9,356)
    Prepaid expenses and deposits                  (855)            (87,809)
    Accounts payable and accrued                                            
     liabilities                              1,011,793            (678,827)
    Customer deposits                          (119,854)                  - 
                                      -----------------  ------------------ 
  Net cash used in operating                                                
   activities                                (1,331,942)         (2,973,791)
                                      -----------------  ------------------ 
                                                                            
  Cash flows from investing                                                 
   activities:                                                              
    Additions to property, plant and                                        
     equipment                                 (550,704)         (4,657,100)
    Purchase of intangibles                     (60,735)            (30,000)
    Deposits for equipment                     (860,923)                  - 
                                      -----------------   ----------------- 
  Net cash used in investing                                                
   activities                                (1,472,362)         (4,687,100)
                                      -----------------   ----------------- 
                                                                            
  Cash flows from financing                                                 
   activities:                                                              
    Payable to related parties                  185,989           1,097,118 
    Short-term loan                                   -           1,464,900 
    Deferred financing fees                           -             (26,334)
    Issuance of Common Stock/Units            4,113,540           3,834,630 
                                      -----------------   ----------------- 
  Net cash provided by financing                                            
   activities                                 4,299,529           6,370,314 
                                      -----------------   ----------------- 
                                                                            
NET INCREASE (DECREASE) IN CASH AND                                         
 CASH EQUIVALENTS                             1,495,225          (1,290,577)
Cash and cash equivalents, beginning                                        
 of year                                        198,076           1,693,301 
                                      -----------------   ----------------- 
                                                                            
CASH AND CASH EQUIVALENTS, END OF                                           
 YEAR                                $        1,693,301  $          402,724 
                                      =================   ================= 

About Methes Energies International Ltd. Methes Energies International Ltd. is a renewable energy company that offers a variety of products and services to biodiesel fuel producers. Methes also offers biodiesel processors that are unique, truly compact, fully automated state-of-the-art and continuous flow that can run on a wide variety of feedstocks. Methes markets and sells biodiesel fuel produced at its showcase production facility in Mississauga, Ontario, Canada and at its recently commissioned 13 MGY facility in Sombra, Ontario, to customers in the U.S. and Canada, as well as providing multiple biodiesel fuel solutions to its clientele. Among its services are selling commodities to its network of biodiesel producers, selling their biodiesel production and providing clients with proprietary software to operate and control their processors. Methes also remotely monitors the quality and characteristics of its clients' production, upgrades and repairs their processors and advises clients on adjusting their processes to use varying feedstock to improve the quality of their biodiesel. For more information, please visit www.methes.com.

This press release contains forward-looking statements regarding future events and financial performance. In some cases, you can identify these statements by words such as "may," "might," "will," "should," "except," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of these terms and other comparable terminology. These statements involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. There are or may be important factors that could cause our actual results to materially differ from our historical results or from any future results expressed or implied by such forward looking statements. These factors include, but are not limited to, risks and uncertainties discussed under the section entitled "Risk Factors" in our Registration Statement on Form S-1, filed June 22, 2012, as amended, and the Company's filings with Securities and Exchange Commission from time to time which are available at the U.S. Securities and Exchange Commission website at www.sec.gov. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

Contacts: Methes Energies International Ltd. Michel G. Laporte Chairman and CEO 702-932-9964

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