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BIOX announces third quarter results

^{Published on 2010-08-09 04:17:12 - Market Wire}
 

 - Production of methyl esters was 14.4 million litres in Q3 2010 compared to 12.1 million litres in the third quarter of 2009 (Q3 2009) - Sales were $6,581,000 in Q3 2010, compared to $10,837,000 in Q3 2009, as a result of the expiry of the U.S. federal excise tax incentive and the delayed sale of product into the fourth quarter of fiscal 2010 related to the expanded U.S. Renewable Fuel Standard (RFS2) that commenced on July 1, 2010 - Operating loss was $5,604,000 in Q3 2010 compared to $1,167,000 in Q3 2009 - Operating loss prior to non-cash items(1) was $4,546,000 in Q3 2010 compared to $189,000 in Q3 2009 - Net loss was $6,024,000 in Q3 2010 compared to $1,547,000 in Q3 2009 - Loss per share was $0.13 in Q3 2010 compared to $0.07 in Q3 2009 - On July 1, 2010 the expanded U.S. RFS2 commenced on schedule establishing a minimum volume requirement of 800 million U.S. gallons of Biomass-based diesel for 2011, for which BIOX is registered and eligible to supply. - BIOX received notification from Natural Resources Canada (NRCan) that its application under the ecoENERGY for Biofuels program for a second 67 million litre nameplate capacity facility in Hamilton has progressed to a full merit-based assessment based on its advanced state of readiness. 

 BIOX Corporation Consolidated statements of operations and comprehensive loss (All dollar amounts are expressed in thousands, except share and per share amounts) (unaudited) Three months ended Nine months ended June 30 June 30 ----------------------- ----------------------- 2010 2009 2010 2009 ------------------------------------------------------------------------- $ $ $ $ Sales 6,581 10,837 32,989 32,750 ------------------------------------------------------------------------- Cost of sales Direct expenses 9,426 9,900 32,590 30,644 Production facility depreciation and amortization 985 956 2,934 2,856 ------------------------------------------------------------------------- 10,411 10,856 35,524 33,500 ------------------------------------------------------------------------- Gross margin (3,830) (19) (2,535) (750) ------------------------------------------------------------------------- Operating expenses General and administrative 1,701 1,126 4,435 3,702 Amortization of furniture, equipment and intangible assets 73 22 219 348 ------------------------------------------------------------------------- 1,774 1,148 4,654 4,050 ------------------------------------------------------------------------- Operating loss 5,604 1,167 7,189 4,800 ------------------------------------------------------------------------- Other expenses Stock-based compensation 60 72 80 647 Interest and fees on loans 160 204 511 821 Financing and accretion 13 10 48 151 Expansion planning and development 100 - 466 - Disposal of property, plant and equipment 103 - 145 - Loss (gain) on foreign exchange 26 96 175 (160) Valuation of warrants - - 3,861 - Costs related to the qualifying transaction 6 - 634 - ------------------------------------------------------------------------- 468 382 5,920 1,459 ------------------------------------------------------------------------- Net loss before interest income 6,072 1,549 13,109 6,259 Interest income (48) (2) (64) (9) ------------------------------------------------------------------------- Net loss and comprehensive loss for the period 6,024 1,547 13,045 6,250 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Basic and diluted loss per common share 0.13 0.07 0.40 0.29 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Weighted average number of common shares 45,748,690 21,747,066 32,461,400 21,747,066 ------------------------------------------------------------------------- ------------------------------------------------------------------------- BIOX Corporation Consolidated statements of deficit (All dollar amounts are expressed in thousands) (unaudited) Three months ended Nine months ended June 30 June 30 ----------------------- ----------------------- 2010 2009 2010 2009 ------------------------------------------------------------------------- $ $ $ $ Deficit, beginning of period 82,358 74,395 75,337 69,692 Net loss for the period 6,024 1,547 13,045 6,250 ------------------------------------------------------------------------- Deficit, end of period 88,382 75,942 88,382 75,942 ------------------------------------------------------------------------- ------------------------------------------------------------------------- BIOX Corporation Consolidated balance sheets (All dollar amounts are expressed in thousands) (unaudited) At At June 30 September 30 2010 2009 ------------------------------------------------------------------------- $ $ Assets Current Cash and cash equivalents 31,632 202 Accounts receivable 4,267 9,094 Prepaid expenses and sundry assets 1,124 556 Inventory 6,971 3,729 ------------------------------------------------------------------------- 43,994 13,581 Restricted cash 1,173 1,173 Property, plant and equipment, net 58,211 58,728 Intangible assets, net 1,341 1,440 ------------------------------------------------------------------------- 104,719 74,922 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Liabilities Current Accounts payable and accrued liabilities 6,653 10,452 Demand loan 980 1,545 Current portion of long-term debt 1,380 1,380 ------------------------------------------------------------------------- 9,013 13,377 Long-term debt 10,001 11,059 Asset retirement obligation 2,012 1,872 ------------------------------------------------------------------------- 21,026 26,308 ------------------------------------------------------------------------- Shareholders' equity Capital stock 167,787 122,668 Warrants 3,152 - Contributed surplus 1,136 1,283 Deficit (88,382) (75,337) ------------------------------------------------------------------------- 83,693 48,614 ------------------------------------------------------------------------- 104,719 74,922 ------------------------------------------------------------------------- ------------------------------------------------------------------------- BIOX Corporation Consolidated statements of cash flows (All dollar amounts are expressed in thousands) (unaudited) Three months ended Nine months ended June 30 June 30 ----------------------- ----------------------- 2010 2009 2010 2009 ------------------------------------------------------------------------- $ $ $ $ Cash provided by (used in): Operating activities Net loss for the period (6,024) (1,547) (13,045) (6,250) Add items not involving cash Amortization of property, plant and equipment and intangible assets 1,058 978 3,153 3,204 Amortization of deferred financing charges 10 10 31 73 Debenture accretion - - - 78 Stock-based compensation 60 72 80 647 Accretion of asset retirement obligation 47 43 140 128 Interest on debt financing 52 56 52 56 Valuation of warrants - - 3,861 - Non-cash disposal of property, plant and equipment 103 - 145 - ------------------------------------------------------------------------- (4,694) (388) (5,583) (2,064) Net change in non-cash working capital balances related to operations (3,459) (71) (1,803) 259 ------------------------------------------------------------------------- (8,153) (459) (7,386) (1,805) ------------------------------------------------------------------------- Investing activities Purchase of property, plant and equipment, net (2,376) (800) (3,766) (1,846) Increase in restricted cash - (1,173) - (1,173) ------------------------------------------------------------------------- (2,376) (1,973) (3,766) (3,019) ------------------------------------------------------------------------- Financing activities Proceeds from debt financing - - 1,380 13,800 Repayment of secured debentures - - - (13,600) Repayment of debt financing (345) (345) (2,415) (690) Proceeds from (repayment on) demand loan 10 2,590 (565) 2,590 Financing charges - - - (411) Proceeds from issuance of common shares - - 46,700 6 Share issuance costs - - (2,518) - ------------------------------------------------------------------------- (335) 2,245 42,582 1,695 ------------------------------------------------------------------------- Net (decrease) increase in cash and cash equivalents during the period (10,864) (187) 31,430 (3,129) Cash and cash equivalents, beginning of period 42,496 475 202 3,417 ------------------------------------------------------------------------- Cash and cash equivalents, end of period 31,632 288 31,632 288 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Supplemental cash flow information Interest paid 180 196 607 725 ------------------------------------------------------------------------- -------------------------------------------------------------------------