Syntroleum Corporation (SYNM) announced financial results for the three and nine months ended September 30, 2007.
Syntroleum Corp’s fiscal results have shown:
• Year-to-date earnings per share totaled $0.04, versus a loss of ($0.75) for the same period of 2006
• Cash position of $27.1 million as of September 30, 2007
• Third quarter net cash used in operating activities was $3.7 million
• Dynamic Fuels joint venture with Tyson Foods is ahead of schedule
• The Company received $2 million through the sale of a portion of corporate debt
More specifically, for the third quarter that ended September 30, 2007, the Company reported a net loss of ($3.1 million), or ($0.05) per share, compared to a net loss of ($13.0 million), or ($0.23) per share, for the 2006 third quarter. Syntroleum also posted net income of $2.1 million, or $0.04 per share, compared to a loss of ($41.6) million, or ($0.75) per share, for the same period last year.
This significant increase of net income can be attributed to several factors:
• A one-time non-cash revenue of $13.7 million and a non-cash gain from the extinguishment of debt of $10.7 million related to a Consolidation and License Agreement entered into with Marathon in January 2007
• Decreased expenditures associated with the demonstration plants being placed in standby mode and therefore not incurring significant operating costs
• Significant decreases in general and administrative costs
The Company’s cash balance on September 30, 2007 was $27.1 million, and although this remains unchanged from June 30, 2007, the company did receive $2 million on October 31st from the sale of a portion of the debt from the sale.
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