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Aemetis Reports 2018 Fourth Quarter and Year-End Results

Achieves production record at Keyes plant and 60% year over year revenue growth at India plant

CUPERTINO, CA / ACCESSWIRE / March 14, 2019 / Aemetis, Inc. (AMTX), an advanced renewable fuels and biochemicals company, today announced its financial results for the three and twelve months ended December 31, 2018.

''During 2018, our revenues increased 14% to $172 million as we set a production record at our Keyes plant of 65.6 million gallons and our India plant achieved a 60% increase in revenue compared with 2017,'' said Eric McAfee, Chairman and CEO of Aemetis. ''Progress continued on the foundational milestones for significant revenue increases, positive earnings and interest cost reductions during the year, including fully funding our renewable natural gas project for the first dozen dairies and solid progress toward commencing construction of our Riverbank cellulosic ethanol project. We are excited with the progress and traction we are experiencing and look forward to announcing additional milestones throughout 2019.''

Completed milestones include:

  • India biodiesel plant generated $21.5 million of revenues, representing a 60% increase in revenue over 2017 performance.

  • The Riverbank cellulosic ethanol project received a Conditional Commitment for a $125 million USDA loan guarantee, a $12 million tax waiver, and a $5 million grant.

  • India plant completed capacity expansion to 50 million gallons per year of biodiesel from low cost, high free fatty acid feedstock

  • Funding of a non-dilutive $30 million Series A Preferred investment for our Biogas project to build a biomethane pipeline and dairy digesters to produce below zero carbon renewable natural gas.

  • Approval for $50 million of low cost EB-5 funding by the USCIS for the Riverbank cellulosic ethanol project.

  • Agreement to implement Mitsubishi ZEBREXTM technology to reduce energy use and lower the carbon intensity of biofuel produced at the Keyes plant to increase profitability.

Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT).

Live Participant Dial In (Toll Free): +1-877-407-8035
Live Participant Dial In (International): +1-201-689-8035
Webcast URL: www.investorcalendar.com/event/45300

For details on the call, please visit http://www.aemetis.com/investors/conference-calls/

Financial Results for the Three Months Ended December 31, 2018

Revenues were $38.8 million for the fourth quarter of 2018, compared to $38.9 million for the fourth quarter of 2017.

Gross loss for the three months ended December 31, 2018 was $1.9 million, compared to gross profit of $0.3 million during the same period in 2017. Gross profit decline was attributable to softening prices for ethanol from $1.65 per gallon during the three months ended December 31, 2017 to $1.57 per gallon during the three months ended December 31, 2018 in a market where the cost of delivered corn rose from $4.58 to $4.89 during the same respective periods.

Selling, general and administrative expenses were $4.8 million during the fourth quarter of 2018, compared to $3.5 million during the fourth quarter of 2017, primarily attributable to non-recurring legal fees.

Operating loss was $6.7 million for the fourth quarter of 2018, compared to operating loss of $3.4 million during the fourth quarter of 2017.

Net loss attributable to Aemetis was $11.4 million for the fourth quarter of 2018 with an additional $0.9 million attributable to non-controlling interest for a total net loss of $12.3 million, compared to a net loss attributable to Aemetis of $8.3 million for the fourth quarter of 2017 with an additional $0.8 million attributable to non-controlling interest for a total net loss of $9.0 million.

Cash at the end of the fourth quarter of 2018 was $1.2 million, compared to $0.4 million at the end of the fourth quarter of 2017.

Financial Results for the Twelve Months Ended December 31, 2018

Revenues increased 14% to $171.5 million for the twelve months ended December 31, 2018, compared to $150.2 million for the same period in 2017. The increase in revenue was primarily attributable to increases in the production of ethanol and wet distillers grains as well as a price increase for our distillers grains in North America, and overall volume growth in India.

Gross profit for the twelve months ended December 31, 2018 was $5.4 million, compared to $3.4 million during the same period in 2017. Gross profit increase was attributable to an $11 per ton increase for the pricing of wet distillers gains for the year ended December 31, 2018 compared to 2017.

Selling, general and administrative expenses were $16.1 million during the twelve months ended December 31, 2018, compared to $13.2 million during the same period in 2017. The increase in selling, general and administrative expenses was primarily attributable to professional fees related to closing the CO2 land purchase, financing the Biogas project and litigation.

Operating loss was $10.9 million for the twelve months ended December 31, 2018, compared to an operating loss of $12.2 million for the same period in 2017.

Net loss attributable to Aemetis was $33.0 million for the twelve months ended December 31, 2018 compared to a net loss of $30.3 million during the same period in 2017.

About Aemetis

Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products by the conversion of ethanol and biodiesel plants into advanced biorefineries. Founded in 2006, Aemetis owns and operates a 60 million gallon-per-year ethanol production facility in the California Central Valley near Modesto. Aemetis also owns and operates a 50 million gallon per year renewable chemical and advanced fuel production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India and Europe. Aemetis is building a biogas digester, pipeline and gas cleanup project to convert dairy waste gas into renewable natural gas, and is developing a plant to convert waste orchard wood into cellulosic ethanol. Aemetis holds a portfolio of patents and related technology licenses for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit www.aemetis.com.

Safe Harbor Statement

This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, expectations regarding growth in India, implementation of additional process efficiencies at our plants, our ability to secure and close on reasonably priced financing for our projects and development of our cellulosic ethanol and biogas business in North America. Words or phrases such as ''anticipates,'' ''may,'' ''will,'' ''should,'' ''believes,'' ''estimates,'' ''expects,'' ''intends,'' ''plans,'' ''predicts,'' ''projects,'' ''showing signs,'' ''targets,'' ''view,'' ''will likely result,'' ''will continue'' or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2018 and in our subsequent filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

External Investor Relations Contact:

Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com

Company Contact:

Todd Waltz
Chief Financial Officer
(408) 213-0925
twaltz@aemetis.com

AEMETIS, INC.
CONSOLIDATEDCONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per sharedata)


Three Months Ended



Year Ended



December 31,



December 31,



2018



2017



2018



2017


Revenues


$

38,845



$

38,884



$

171,526



$

150,157


Cost of goods sold



40,742




38,582




166,121




146,782


Gross profit (loss)



(1,897

)



302




5,405




3,375


















Research and development expenses



55




295




246




2,367


Selling, general and administrative expenses



4,796




3,452




16,085




13,191


Operating loss



(6,748

)



(3,445

)



(10,926

)



(12,183

)

















Interest rate expense



4,775




4,033




18,170




13,906


Amortization expense



1,125




1,286




7,520




5,398


Accretion of Series A preferred



44




-




44




-


Loss on impairment of intangibles



865




262




865




262


Other expense/(income)



(1,247

)



13




(1,245

)



15


Loss before income taxes



(12,310

)



(9,039

)



(36,280

)



(31,764

)

















Income tax expense



1




-




(7

)



(6

)

















Net loss


$

(12,311

)


$

(9,039

)


$

(36,287

)


$

(31,770

)

Non controlling interest



(885

)



(762

)



(3,271

)



(1,469

)

Net loss attributable to Aemetis


$

(11,426

)


$

(8,277

)


$

(33,016

)


$

(30,301

)

















Net loss per common share

















Basic


$

(0.56

)


$

(0.41

)


$

(1.63

)


$

(1.53

)

Diluted


$

(0.56

)


$

(0.41

)


$

(1.63

)


$

(1.53

)

















Weighted average shares outstanding

















Basic



20,346




19,959




20,252




19,833


Diluted



20,346




19,959




20,252




19,833



AEMETIS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)


Year Ended
December 31,



2018



2017


Assets







Current assets:







Cash and cash equivalents


$

1,188



$

428


Accounts receivable



1,096




2,219


Inventories



6,129




5,737


Prepaid and Other Assets



1,898




3,078


Total current assets



10,311




11,462










Property, plant and equipment, net



78,492




78,837


Other assets



3,018




4,032


Total assets

$

91,821

$

94,331









Liabilities and stockholders' deficit









Current Liabilities:









Accounts payable


$

13,500



$

10,457


Current portion of long term debt



2,396




2,039


Short term borrowings



14,902




13,586


Mandatorily redeemable Series B convertible preferred stock



3,048




2,946


Accrued property taxes and other liabilities



8,733




6,988


Total current liabilities



42,579




36,016










Total long term liabilities



164,824




138,176










Stockholders' deficit:









Series B convertible preferred stock



1




1


Common stock



20




20


Additional paid-in capital



85,917




84,679


Accumulated deficit



(193,204

)



(160,188

)

Accumulated other comprehensive loss



(3,576

)



(2,904

)

Total stockholders' deficit attributable to Aemetis, Inc.



(100,842

)



(78,392

)

Non-controlling interests



(4,740

)



(1,469

)

Total liabilities and stockholders' deficit

$

91,821

$

94,331


RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME /(LOSS)
(In thousands)


Three Months Ended
December 31,



Year Ended
December 31,



2018



2017



2018



2017


Net loss attributable to Aemetis, Inc.


$

(11,426

)


$

(8,277

)


$

(33,016

)


$

(30,301

)

Adjustments:

















Interest expense



4,944




4,610




22,135




17,805


Depreciation expense



1,123




1,151




4,580




4,622


Share-based-compensation



198




419




1,003




1,219


Intangibles and other amortization expense



900




94




1,005




392


Income tax expense



1




-




7




6


Total adjustments



7,166




6,274




28,730




24,044


Adjusted EBITDA


$

(4,260

)


$

(2,003

)


$

(4,286

)


$

(6,257

)


PRODUCTION AND PRICE PERFORMANCE
(unaudited)


Three Months Ended



Year Ended



December 31,



December 31,



2018



2017



2018



2017


Ethanol













Gallons Sold (in millions)



16.5




16.3




65.6




60.8


Average Sales Price/Gallon


$

1.57



$

1.65



$

1.74



$

1.75


WDG

















Tons Sold (in thousands)



108




107




424




407


Average Sales Price/Ton


$

74



$

70



$

76



$

65


Delivered Cost of Corn

















Bushels ground (in millions)



5.8




5.7




22.9




21.5


Average delivered cost / bushel


$

4.89



$

4.58



$

4.91



$

4.73


Biodiesel

















Metric tons sold (in thousands)



4.2




3.7




19.8




12.2


Average Sales Price/Metric ton


$

811



$

800



$

857



$

851


Refined Glycerin

















Metric tons sold (in thousands)



1.0




0.7




4.7




3.8


Average Sales Price/Metric ton


$

692



$

997



$

941



$

810



SOURCE: Aemetis, Inc.



View source version on accesswire.com:
https://www.accesswire.com/538804/Aemetis-Reports-2018-Fourth-Quarter-and-Year-End-Results