Dynamotive Reports 4th Quarter & Year-End 2007 Results
Dynamotive Energy Systems Corporation (OTCBB: DYMTF), a leader in ligno-cellulosic biomass based fuels technology, today reported its fourth quarter and full year 2007 results.
The Company’s Comprehensive Loss (including foreign currency adjustment of $6.2 million), was $8.0 million for the Year 2007. Excluding the foreign currency adjustment, the company’s 2007 Net Loss was $14.2 million, or $0.08 per share, compared with a net loss of $14.3 million, or $0.09 per share, for 2006. Excluding Stock based compensation, the Company’s Net Loss for 2007 was $10.6 million (2006 $9.9 million). (All figures are in US dollars)
For the three months ended December 31, 2007, the company reported a loss of $4.3 million or $0.02 per share, compared with a loss of $4.1 million or $0.02 a share for the same period a year earlier. Net of Non-cash compensation, the Company had a Net Loss of $3.3 million during the forth quarter compared to $3.1 million during the fourth quarter of 2006.
As at December 31, 2007, the Company had cash and cash equivalents of $1.8 million. This reflects the Company’s cash balance at the beginning of 2007 of $9.3 million plus equity issuance of $23.1 million less capital expenditures of $21.0 million and operating expenditures of $9.6 million (which includes changes in working capital balances and miscellaneous non-cash charges).
CEO Commentary
Andrew Kingston, president and chief executive officer, said, “During the year Dynamotive completed construction of a state-of-the-art, modular 200-ton-per-day BioOil plant in Guelph, Ontario and also expanded and upgraded the West Lorne, Ontario plant, which is currently re-starting operations. Additionally, we strengthened Dynamotive’s management team and positioned ourselves to capitalize on world-wide market opportunities, most specifically in Canada, U.S., and Latin America. The Company faced many challenges during 2007, as we worked to bring our biofuel facilities to operating status, as well as expand business operations in North and South America. We fully expect 2008 to be a year of achieving significant milestones.”
2007 Highlights
Financial
- Significant cash infusions from $23.1 million in equity financings and warrant exercises used to fund operations and to complete the Guelph and West Lorne plants.
- Minimal debt
- Invested $2.0 million in R&D ($4.2 million in 2006).
- Incurred $3.6 million in non-cash compensation expenses ($4.3 million in 2006).
Operational
- Launch of higher energy content biofuel – BioOil Plus
- Signed Contract with Ontario Power Authority to Supply Power to Grid
- Established First Resources Corporation to develop partnerships with First Nations
- Signed agreements with provincial government in Argentina to develop up to six biofuel plants
- BioOil production start-up at Guelph 200 tpd plant
- Signed comprehensive Letter of Agreement with Mitsubishi Corporation
- Announced key agreements for our first commercial plant in the USA, in Willow Springs, Missouri.
Attached Files