15.8.2007: Meldung: Xethanol Corp.: Second Quarter 2007 Financial Results
Tuesday August 14, 9:15 am ET
NEW YORK-- Xethanol Corporation, a renewable energy company, today reported financial results for the three and six months ended June 30, 2007.
For the second quarter of 2007, the company reported a net loss of $6.6 million, or ($0.23) per share, as compared to a $5.9 million net loss, or ($0.24) per share, for the same period of the prior year. The increase in the net loss was primarily related to $4.5 million in non-cash charges including a $2.8 million impairment charge on property held for development. For the three months ended June 30, 2007, the weighted average number of shares outstanding was 28.6 million as compared to 24.2 million weighted average shares for the comparable period in 2006.
David Ames, President and CEO of Xethanol, commented, "We remain focused on executing our plans for long-term growth, and are pleased with the progress made during the period as we continue to move ahead with our development and financing plans." Added Mr. Ames, "There are numerous opportunities in the market for alternate energy, and we are excited about our preliminary research projects to develop these energy sources. We look forward to updating the market as the projects progress."
Review of the Quarter
The company reported net sales of $3.3 million for the second quarter of 2007 compared to $3.2 million in net sales in the second quarter of 2006. The increase was primarily due to an increase in the number of gallons of ethanol sold during the quarter, partially offset by a year-over-year reduction in average selling price per gallon. The company"s Blairstown, Iowa plant produced 1.4 million gallons of ethanol during the second quarter of 2007 at an average price of $2.06 per gallon. By-products generated additional revenue of $293,000. This compares to 1.3 million gallons of ethanol sold at an average price of $2.26 per gallon and $189,000 from the sales of by-products for the three months ended June 30, 2006.
Cost of goods sold was $3.4 million in the quarter as compared to $2.4 million in the comparable period in the prior year. The increase was attributable to the higher cost of corn compared to the same period in the prior year.
General and administrative (G&A) costs were $2.2 million in second quarter 2007 as compared to $1.3 million for the comparable period in the prior year. The increase in G&A was primarily due to an increase in legal, accounting and professional fees.
As of June 30, 2007, the company had cash, cash equivalents and marketable securities of $18.1 million and $437,000 of long-term debt.
About Xethanol Corporation
Xethanol Corporation is a renewable energy company focused on alternate energy products and technologies as well as producing ethanol and other co-products. The company is developing and executing a multi-pronged business strategy:
* a technology strategy in which it works with leading scientists to license, acquire and commercialize innovative technologies in alternate energy;
* a production strategy in which it owns and plans to develop ethanol and gasification plants; and
* an investment strategy in which it owns and seeks to acquire majority or minority positions in alternative energy businesses that include Advanced Biomass Gasification Technologies, Inc., which holds patents and know-how related to lignin and biomass gasification, and H2Diesel Holdings, Inc., a development stage company that holds an exclusive license for North America, Central America and the Caribbean to proprietary technology for the manufacture of an alternative biofuel.
For more information about Xethanol, please visit its website at http://www.xethanol.com.
Michael Fox, 203-682-8200
Kathleen Heaney, 203-803-3585
Source: Xethanol Corporation