Syntroleum Announces Third Quarter 2013 Results

Syntroleum Announces Third Quarter 2013 Results

TULSA, Okla., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Syntroleum Corporation
(Nasdaq:SYNM) a renewable and synthetic fuels technology company, today
announced financial results for the nine months ended September 30, 2013.

Financial Highlights

For the nine months ended September 30, 2013, the Company reported operating
losses of $6.2 million resulting from total revenues of $1.7 million and
operating expenses of $7.9 million. Revenues relate to engineering services
provided to Dynamic Fuels and others for process design and research support.

For the nine months ended September 30, 2013, we reported earnings from
Dynamic Fuels of $2.0 million. This compares to a loss of $5.7 million for the
nine months ended September 30, 2012.

We report Dynamic Fuels on a three month lag and the income reflected in our
income statement from Dynamic Fuels represents the income incurred for the
period ending June 30, 2013.During the nine months ended June 30, 2013,
Dynamic Fuels recognized revenue of $26.8 million from the re-instatement of
the tax credits for the production of renewable diesel and qualified
alternative fuels. Our 10Q filing includes Dynamic Fuels financials for
their nine months ended June 30, 2013.

For the nine months ended September 30, 2013, we reported income from
discontinued operations of $6.4 million related to the sale of our two b/d
pilot plant.

Syntroleum's net loss was $6.0 million or $0.60 per share for the three months
ended September 30, 2013 and net income was $3.7 million or $0.38 per share,
for the nine months ended September 30, 2013.This compares to a net loss of
$1.0 million or $0.11 per share and net income of $4.0 million or $0.41 per
share for the respective corresponding periods in 2012.

As of September 30, 2013, Syntroleum's available cash position was $16.5
million.

Conference Call

The conference call will be held on Friday, November 8, 2013, at 2:00 p.m.
Central time (3:00 p.m. Eastern).A webcast of the call will be available via
the Internet by accessing www.syntroleum.com.Listeners should allow a few
minutes for registration into the web site.To participate in the
teleconference, investors should dial 1-877-300-8521 about 10 minutes before
the start time and reference the Syntroleum conference call.International
callers should dial 1-412-317-6026.A replay of this conference call will be
available on the web site under the Syntroleum Investor Relations tab.

For additional information see the Company's Form 10-Q for the nine months
ended September30, 2013, filed with the SEC on Thursday, November 7,
2013.The 10-Q is available through the Investor Relations section of the
Company's Web site, www.syntroleum.com.

About Syntroleum (Nasdaq / SYNM)

Syntroleum Corporation owns the Syntroleum® Process for Fischer-Tropsch (FT)
conversion of synthesis gas into liquid hydrocarbons, the Synfining® Process
for upgrading FT liquid hydrocarbons into refined petroleum products, and the
Bio-Synfining® technology for converting renewable feedstocks into drop-in
fuels.For additional information, visit the Company's web site at
www.syntroleum.com.

This document may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, as well as historical facts.
These forward-looking statements include statements relating to the
Fischer-Tropsch ("FT") process, Syntroleum ® Process, Synfining ® Process, and
related technologies including, gas-to-liquids ("GTL"), coal-to-liquids
("CTL") and biomass-to-liquids ("BTL"), our renewable fuels Bio-Synfining ®
Technology (hereinafter "Technologies"), plants based on these Technologies,
anticipated cost and schedule to design, construct and operate plants,
expected production of fuel, obtaining required financing for these plants and
other activities, the value and markets for products, testing, certification,
characteristics and use of plant products, the continued development of our
Technologies, use of proceeds from our equity offerings, anticipated revenues,
availability of catalyst, our support of and relationship with our licensees,
and any other forward-looking statements including future growth, cash needs,
capital availability, operations, business plans and financial results. When
used in this document, the words "anticipate," "believe," "estimate,"
"expect," "intend," "may," "plan," "project," "should" and similar expressions
are intended to be among the statements that identify forward-looking
statements. Although we believe that the expectations reflected in these
forward-looking statements are reasonable, these kinds of statements involve
risks and uncertainties. Actual results may not be consistent with these
forward-looking statements. Syntroleum undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating results over
time. Important factors that could cause actual results to differ from these
forward-looking statements are described under "Item 1A. Risk Factors" and
elsewhere in our 2012 Annual Report on Form 10K.

® "Syntroleum", "Synfining", and "Bio-Synfining" are registered as trademarks
and service marks in the U.S. Patent and Trademark Office.

SYNTROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
                                                                
                                                   September30, December 31,
                                                   2013          2012
ASSETS                                             (Unaudited) 
CURRENT ASSETS:                                                  
Cash and cash equivalents                           $16,544     $15,909
Restricted cash                                     --            725
Accounts receivable                                 88            134
Taxes receivable                                   697           --
Accounts receivable from Dynamic Fuels, LLC         6             252
Other current assets                                71            237
Total current assets                                17,406        17,257
                                                                
                                                                
PROPERTY AND EQUIPMENT – at cost, net               84            58
INVESTMENT IN AND LOANS TO DYNAMIC FUELS, LLC       40,365        38,407
OTHER ASSETS, net                                   1,069         1,023
                                                   $58,924       $56,745
                                                                
LIABILITIES AND STOCKHOLDERS' EQUITY                             
CURRENT LIABILITIES:                                             
Accounts payable                                    $703          $312
Accrued employee costs                              593           71
Deposits                                           --           725
Total current liabilities                           1,296         1,108
                                                                
NONCURRENT LIABILITIES OF DISCONTINUED OPERATIONS   --            603
DEFERRED REVENUE                                    14,023        15,612
COMMITMENTS AND CONTINGENCIES                       --           --
                                                                
STOCKHOLDERS' EQUITY:                                            
Preferred stock, $0.01 par value, 5,000 shares      --           --
authorized, no shares issued
Common stock, $0.01 par value, 150,000 shares
authorized, 9,936 and 9,829 shares issued and       99            98
outstanding at September 30, 2013 and December 31,
2012,respectively
Additional paid-in capital                          400,230       399,788
Accumulated deficit                                 (356,724)    (360,464)
Total stockholders' equity                         43,605        39,422
                                                   $58,924       $56,745
                                                                

SYNTROLEUM CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

                               For the Three months Ended For the Nine Months
                                September 30,              Ended September 30,
                               2013          2012         2013      2012
REVENUES:                                                         
Technology                      $--         $3,150      $100     $9,450
Technical services              349           516          1,111     1,470
Technical services from Dynamic 24            372          469       4,803
Fuels, LLC
Royalties from Dynamic Fuels,   --            304          --        679
LLC plant production
Total revenues                  373           4,342        1,680     16,402
                                                                 
COSTS AND EXPENSES:                                               
Engineering                     601           710          1,720     1,900
Depreciation and amortization   44            42           131       143
General, administrative and
other (including non-cash
equity compensation of $30 and
$61 for the three months ended
September 30, 2013 and 2012,    2,211         1,553        6,040    4,345
respectively, and $443 and $476
for the nine months ended
September 30, 2013 and 2012,
respectively.)
                                                                 
OPERATING INCOME (LOSS)         (2,483)       2,037        (6,211)   10,014
                                                                 
INTEREST INCOME                 2             4            7         18
EQUITY IN EARNINGS (LOSS) OF    (3,252)       (2,752)      1,957     (5,737)
DYNAMIC FUELS, LLC
OTHER INCOME                    1             1            7         5
FOREIGN CURRENCY EXCHANGE       (267)        (327)        1,589     (304)
                                                                 
INCOME (LOSS) FROM CONTINUING   (5,999)       (1,037)      (2,651)   3,996
OPERATIONS
                                                                 
INCOME (LOSS) FROM DISCONTINUED --            (9)          6,391     (28)
OPERATIONS
                                                                 
NET INCOME (LOSS)               $ (5,999)    $(1,046)    $3,740   $ 3,968
                                                                 
BASIC NET INCOME (LOSS) PER                                       
SHARE:
Income (loss) from continuing   $(0.60)      $(0.11)     $(0.26)  $0.41
operations
Income from discontinued        --            --           0.64     --
operations
Net income (loss)               $(0.60)      $(0.11)     $0.38    $0.41
                                                                 
DILUTED NET INCOME (LOSS) PER                                     
SHARE:
Income (loss) from continuing   $(0.60)      $(0.11)     $(0.26)  $0.40
operations
Income from discontinued        --            --           0.64     --
operations
Net income (loss)               $(0.60)      $(0.11)     $0.38    $0.40
                                                                 
WEIGHTED AVERAGE COMMON SHARES                                    
OUTSTANDING:
Basic                           9,936         9,825        9,928     9,838
Diluted                         9,936         9,825        9,928     9,949

SYNTROLEUM CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

                                      For the Nine Months Ended September 30,
                                      2013                2012
CASH FLOWS FROM OPERATING ACTIVITIES:                     
Net income                             $3,740          $3,968
Income (loss) from discontinued        6,391               (28)
operations
Net income (loss) from continuing      (2,651)             3,996
operations
Adjustments to reconcile net loss to
net cash provided by (used in)                            
operating activities:
Depreciation and amortization          131                 143
Foreign currency exchange              (1,589)             304
Non-cash compensation expense          443                 476
Non-cash (income) loss in equity       (1,957)             5,737
method investee
Non-cash technical services revenue    --                  (3,714)
from Dynamic Fuels, LLC
Changes in assets and liabilities:                        
Accounts receivable                    46                  (86)
Accounts receivable from Dynamic       246                 (509)
Fuels, LLC
Other assets                           13                  208
Accounts payable                       391                 141
Accrued employee costs                 522                 457
Deferred revenue                       --                  (9,000)
Net cash used in continuing operations (4,405)             (1,847)
Net cash used in discontinued          (10)                (28)
operations
Net cash used in operating activities  (4,415)             (1,875)
                                                         
CASH FLOWS FROM INVESTING ACTIVITIES:                     
Purchase of property and equipment     (50)               (11)
Investment in and loans to Dynamic     (698)               (3,000)
Fuels, LLC, net
Net cash used in continuing operations (748)               (3,011)
Net cash provided by discontinued      5,798               --
operations
Net cash provided by (used in)         5,050               (3,011)
investing activities
                                                         
CASH FLOWS FROM FINANCING ACTIVITIES:                     
Proceeds from sale of common stock,    --                  63
warrants and option exercises
Purchase and retirement of restricted  --                  (199)
stock
Net cash provided by financing         --                  (136)
activities
                                                         
NET CHANGE IN CASH AND CASH            635                 (5,022)
EQUIVALENTS
CASH AND CASH EQUIVALENTS, beginning   15,909              22,601
of period
CASH AND CASH EQUIVALENTS, end of      $16,544         $17,579
period
                                                         
NON-CASH INVESTING ACTIVITIES:                            
Common stock warrants                  $--             $ 166
Accounts receivable reduction in
Dynamic Fuels, LLC working capital     $697               $--
loan
Investment in and Loans to Dynamic     $--             $ 2,896
Fuels, LLC

CONTACT: Ron Stinebaugh
         Syntroleum Corporation
         (281) 224-9862
         www.syntroleum.com

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