16.5.2007: Meldung: Xethanol Corp.. First Quarter 2007 Financial Results
Tuesday May 15, 8:35 am ET
NEW YORK-- Xethanol Corporation, a renewable biofuels company, today reported financial results for the three months ended March 31, 2007. For the first quarter of 2007, the company reported a net loss of $5.5 million, or ($0.19) per share, as compared to a $2.2 million net loss, or ($0.15) per share, for the prior year. The increase in the net loss was primarily the result of an increase in general and administration expenses as well as $2.4 million in non-cash charges. For the three months ended March 31, 2007, the weighted average number of shares outstanding was 28.5 million as compared to 15.3 million weighted average shares for the comparable period in 2006.
David Ames, President and CEO of Xethanol, commented, "Xethanol has several opportunities it can pursue in the development of the production of ethanol. The market opportunities are abundant, and we intend to move ahead with our development and financing plans and the production of ethanol from corn as well as several waste sources."
Review of the Quarter
The company reported net sales of $2.4 million for the first quarter of 2007 compared to $2.5 million in net sales for the comparable period in 2006. The decrease was primarily due to a temporary production stoppage at the company"s BioFuels facility in Blairstown, Iowa caused by power outages resulting from severe weather during the quarter. Production from BioFuels during the first quarter 2007 was 1.1 million gallons of ethanol at an average price of $1.95 per gallon. By-products generated additional revenue of $210,000. This compares to 1.4 million gallons of ethanol sold at an average price of $1.58 per gallon and $221,000 from the sales of by-products for the three months ended March 31, 2006.
Cost of goods sold was $2.9 million in the quarter as compared to $2.6 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, offset by a decrease in labor and energy costs.
General and administrative (G&A) costs were $2.7 million in first 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 March 31, 2007, the company had cash and equivalents of $20.8 million and $443,000 of long-term debt.
About Xethanol Corporation
Xethanol Corporation is a renewable energy company focused on the production of ethanol and co-products. The company is developing and executing a two-pronged business strategy - a technology strategy in which it works with leading scientists to license, acquire and commercialize innovative technologies; and a production strategy in which it plans to develop operating facilities located at or near the source of waste biomass and in proximity to high demand ethanol markets. For more information about Xethanol, please visit its website at http://www.xethanol.com.
ICR - Kathleen Heaney
Source: Xethanol Corporation