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Aemetis, Inc (AMTX) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Aemetis, Inc

CIK: 738214 Ticker: AMTX
  Exhibit 99.1
 
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 Reports 2017 Fourth Quarter and Year-End Results
 
CUPERTINO, Calif. – March 29, 2018 –
Aemetis, Inc. (NASDAQ: AMTX), an advanced renewable fuels and biochemicals company, today announced its financial results for the three and twelve months ended December 31, 2017.
 
“2017 set in place the foundational milestones for significant revenue increases, positive earnings and interest cost reductions for Aemetis,” said Eric McAfee, Chairman and CEO of Aemetis, Inc. “India plant upgrades and the California advanced biofuels project are executing well, along with the marketing in Asia and the Middle East of our $50 million Phase II EB-5 offering.”
 
Company foundational milestones include:
 
Our India biodiesel plant generated $13.4 million of revenues operating at about 10% of its capacity during a period of uncertainty created by the adoption of the Goods and Services Tax system. In February 2018, the Goods and Services Tax rate applied to biodiesel was reduced and, combined with crude oil price increases to more than $60 per barrel, allows for attractive growth in the domestic India market.
 
A low carbon biodiesel supply agreement was signed with BP Singapore in May 2017, establishing a significant international customer for biodiesel produced by our India plant. In March 2018, the construction of the tanks for the advanced pre-treatment unit at the India biodiesel plant was completed for the supply of product under the BP Singapore agreement.
 
Our California cellulosic ethanol project achieved several major milestones, including signing a 55 year lease on the Riverbank site, securing a 20 year feedstock agreement, obtaining multiple environmental permits, and delivering favorable yield data from operation of a demonstration unit satisfying the key requirements for a $125 million USDA loan guarantee to fund the construction of the 12 million gallon per year Riverbank plant.
 
Today, Aemetis will host an earnings review call at 11:00 am 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/27138
 
For details on the call, please visit http://www.aemetis.com/investors/conference-calls/
 
 
 
Financial Results for the Three Months Ended December 31, 2017
 
Revenues were $38.9 million for the fourth quarter of 2017, compared to $37.4 million for the fourth quarter of 2016. The increase in revenue was primarily attributable to increases in ethanol production volume from 14.6 million gallons during the three months ended 2016 to 16.3 million gallons during the three months ended 2017. Gross margin for the fourth quarter of 2017 was $0.3 million, compared to the gross margin of $3.9 million during the fourth quarter of 2016.
 
Gross profit for the three months ended December 31, 2017 was $302 thousand, compared to $3.9 million during the same period in 2016. Gross profit decline was attributable to softening prices for ethanol from $1.90 per gallon during the three months ended December 31, 2016 to $1.65 per gallon during the three months ended December 31, 2017 in a market where the cost of corn remained flat.
 
Selling, general and administrative expenses were $3.5 million during the fourth quarter of 2017, compared to $2.9 million during the fourth quarter of 2016.
 
Operating loss was $3.4 million for the fourth quarter of 2017, compared to operating income of $0.9 million during the fourth quarter of 2016.
 
Net loss was $9.0 million for the fourth quarter of 2017, compared to a net loss of $1.4 million for the fourth quarter of 2016.
 
Cash at the end of the fourth quarter of 2017 was $0.4 million, compared to $1.5 million at the end of the fourth quarter of 2016.
 
Financial Results for the Twelve Months Ended December 31, 2017
 
Revenues increased to $150.2 million for the twelve months ended December 31, 2017, compared to $143.2 million for the same period in 2016. The increase in revenue was primarily attributable to increases in the production of ethanol and wet distillers grains.
 
Gross profit for the twelve months ended December 31, 2017 was $3.4 million, compared to $11.6 million during the same period in 2016. Gross profit decline was attributable to an increase in the cost of corn coupled with softening in the pricing of wet distillers gains for the year ended December 31, 2017 compared to 2016.
 
Selling, general and administrative expenses were $13.2 million during the twelve months ended December 31, 2017, compared to $12.0 million during the same period in 2016. The increase in selling, general and administrative expenses was primarily attributable to an $0.8 million increase in salary and stock compensation, and $0.5 million of increased marketing commissions and professional fees compared to the same period of the prior year.
 
Operating loss was $12.2 million for the twelve months ended December 31, 2017, compared to an operating loss of $0.8 million for the same period in 2016.
 
Net loss attributable to Aemetis was $31.8 million for the twelve months ended December 31, 2017 compared to a net loss of $15.6 million during the same period in 2016.
 
 
 
 
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 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 for growth in India and development of our cellulosic ethanol 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, 2016, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 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.
 (Tables follow)
 
 
 
 
AEMETIS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 
 
 
Three months ended
 
 
Year ended
 
 
 
December 31,
 
 
December 31,
 
 
 
2017
 
 
2016
 
 
2017
 
 
2016
 
Revenues
 $38,884 
 $37,396 
 $150,157 
 $143,158 
Cost of goods sold
  38,582 
  33,493 
  146,782 
  131,559 
Gross profit
  302 
  3,903 
  3,375 
  11,599 
 
    
    
    
    
Research and development expenses
  295 
  79 
  2,367 
  369 
Selling, general and administrative expenses
  3,452 
  2,888 
  13,191 
  12,011 
Operating income/(loss)
  3,445 
  936 
  (12,183)
  (781)
 
    
    
    
    
Interest rate expense
  4,033 
  2,814 
  13,906 
  11,493 
Amortization expense
  1,286 
  1,454 
  5,398 
  5,723 
Loss/(gain) on debt extinguishment
  - 
  (2,033)
  - 
  (2,033)
Loss on impairment of goodwill and intangibles
Other expense/(income)
  -275 
  -146 
  -277 
  -(334) 
Income/(loss) before income taxes
  (9,039)
  (1,445)
  (31,764)
  (15,630)
 
    
    
    
    
Income tax expense
  - 
  - 
  (6)
  (6)
 
    
    
    
    
Net income/(loss)
 $(9,039)
 $(1,445)
 $(31,770)
 $(15,636)
Non controlling interest
  (762)
    
  (1,469)
    
Net loss attributable to Aemetis
 $(8,277)
 $(1,445)
 $(30,301)
 $(15,636)
 
    
    
    
    
Net Income/(loss) per common share
    
    
    
    
Basic
 $(0.41)
 $(0.07)
 $(1.53)
 $(0.79)
Diluted
 $(0.41)
 $(0.07)
 $(1.53)
 $(0.79)
 
    
    
    
    
Weighted average shares outstanding
    
    
    
    
Basic
  19,759 
  19,858 
  19,833 
  19,771 
Diluted
  19,759 
  19,858 
  19,833 
  19,771 
 
 
 
 
AEMETIS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
 
 
 
Year ended December 31,
 
 
 
2017
 
 
2016
 
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 $428 
 $1,486 
Accounts receivable
  2,219 
  1,557 
Inventories
  5,737 
  3,241 
Prepaid and Other Assets
  3,078 
  761 
Total current assets
  11,462 
  7,045 
 
    
    
Property, plant and equipment, net
  78,837 
  66,370 
Other assets
  4,032 
  4,395 
Total assets
 $94,331 
 $77,810 
 
    
    
Liabilities and stockholders' deficit
    
    
Current Liabilities:
    
    
Accounts payable
 $10,457 
 $7,842 
Current portion of long term debt
  2,039 
  2,027 
Short term borrowings
  13,586 
  9,382 
Mandatorily redeemable Series B convertible preferred stock
  2,946 
  2,844 
Accrued property taxes and other liabilities
  6,988 
  5,121 
Total current liabilities
  36,016 
  27,216 
 
    
    
Total long term liabilities
  138,176 
  100,407 
 
    
    
Stockholders' deficit:
    
    
Series B convertible preferred stock
  1 
  1 
Common stock
  20 
  20 
Additional paid-in capital
  84,679 
  83,441 
Accumulated deficit
  (160,188)
  (129,887)
Accumulated other comprehensive loss
  (2,904)
  (3,388)
Total stockholders' deficit
  (78,392)
  (49,813)
 
    
    
Total liabilities and stockholders' deficit
 $94,331 
 $77,810 
 
 
 
 
 
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME / (LOSS)
(In thousands)
 
 
 
Three months ended
December 31,
 
 
Year ended
December 31,
 
 
 
2017
 
 
2016
 
 
2017
 
 
2016
 
Net income/(loss)
 $(9,039)
 $(1,445)
 $(31,770)
 $(15,636)
Adjustments:
    
    
    
    
Interest expense
  4,033 
  2,814 
  13,906 
  11,493 
Amortization expense
  1,286 
  1,454 
  5,398 
  5,723 
Loss on debt extinguishment
  - 
  (2,033)
  - 
  (2,033)
Income tax expense
  - 
  - 
  6 
  6 
Intangibles and other
        amortization expense
  94 
  31 
  392 
  126 
Depreciation expense
  1,151 
  1,147 
  4,622 
  4,670 
Share-based-compensation
  419 
  174 
  1,219 
  747 
Total adjustments
  6,869 
  3,587 
  25,425 
  20,732 
Adjusted EBITDA
 $(2,170)
 $2,142 
 $(6,345)
 $5,096 
 
 
 
    
 
PRODUCTION AND PRICE PERFORMANCE
(unaudited)
 
 
 
Three months ended
 
 
Year ended
 
 
 
December 31,
 
 
December 31,
 
 
 
2017
 
 
2016
 
 
2017
 
 
2016
 
Ethanol
 
 
 
 
 
 
 
 
 
 
 
 
Gallons Sold (in millions)
  16.3 
  14.6 
  60.8 
  55.6 
Average Sales Price/Gallon
 $1.65 
 $1.90 
 $1.75 
 $1.78 
WDG
    
    
    
    
Tons Sold (in thousands)
  107 
  95 
  407 
  372 
Average Sales Price/Ton
 $70 
 $65 
 $65 
 $71 
Delivered Cost of Corn
    
    
    
    
Bushels ground (in millions)
  5.7 
  5.1 
  21.5 
  19.5 
Average delivered cost / bushel
 $4.58 
 $4.59 
 $4.73 
 $4.58 
Biodiesel
    
    
    
    
Metric tons sold (in thousands)
  3.7 
  2.1 
  12.2 
  16.1 
Average Sales Price/Metric ton
 $800 
 $778 
 $851 
 $739 
Refined Glycerin
    
    
    
    
Metric tons sold (in thousands)
  0.7 
  1.8 
  3.8 
  4.4 
Average Sales Price/Metric ton
 $997 
 $567 
 $810 
 $582 
 
 

The following information was filed by Aemetis, Inc (AMTX) on Thursday, March 29, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (loss)
Consolidated Statements Of Stockholders Equity
1. Nature Of Activities And Summary Of Significant Accounting Policies
1. Nature Of Activities And Summary Of Significant Accounting Policies (details)
1. Nature Of Activities And Summary Of Significant Accounting Policies (policies)
1. Nature Of Activities And Summary Of Significant Accounting Policies (tables)
10. Agreements
10. Agreements (details)
10. Agreements (tables)
11. Segment Information
11. Segment Information (details)
11. Segment Information (tables)
12. Related Party Transactions
12. Related Party Transactions (details Narrative)
13. Income Tax
13. Income Tax (details 1)
13. Income Tax (details 2)
13. Income Tax (details Narrative)
13. Income Tax (details)
13. Income Tax (tables)
14. Parent Company Financial Statements (details 1)
14. Parent Company Financial Statements (details 2)
14. Parent Company Financial Statements (tables)
14. Parent Company Financial Statements (unaudited)
14. Parent Company Financial Statements (unaudited) (details)
15. Subsequent Events
16. Management's Plan
2. Inventories
2. Inventories (details)
2. Inventories (tables)
3. Property, Plant And Equipment
3. Property, Plant And Equipment (details 1)
3. Property, Plant And Equipment (details Narrative)
3. Property, Plant And Equipment (details)
3. Property, Plant And Equipment (tables)
4. Debt
4. Debt (details 1)
4. Debt (details Narrative)
4. Debt (details)
4. Debt (tables)
5. Commitments And Contingencies
5. Commitments And Contingencies (details Narrative)
5. Commitments And Contingencies (details)
5. Commitments And Contingencies (tables)
6. Variable Interest Entity
6. Variable Interest Entity (details)
6. Variable Interest Entity (tables)
7. Stockholders Equity' (details)
7. Stockholders' Equity
7. Stockholders' Equity (tables)
8. Outstanding Warrants
8. Outstanding Warrants (details 1)
8. Outstanding Warrants (details)
8. Outstanding Warrants (tables)
9. Stock-based Compensation
9. Stock-based Compensation (details 1)
9. Stock-based Compensation (details 2)
9. Stock-based Compensation (details)
9. Stock-based Compensation (tables)
Ticker: AMTX
CIK: 738214
Form Type: 10-K Annual Report
Accession Number: 0001654954-18-003317
Submitted to the SEC: Thu Mar 29 2018 8:41:56 AM EST
Accepted by the SEC: Thu Mar 29 2018
Period: Sunday, December 31, 2017
Industry: Industrial Organic Chemicals

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