Dynamotive Reports 1st Quarter 2008 Results
Dynamotive Energy Systems Corporation (OTCBB: DYMTF), a leader in biomass-to-biofuel technology, today reported its first quarter 2008 results.
For the three months ended March 31, 2008, the company reported a loss of $1.4 million or $0.01 per share, compared with a loss of $3.2 million or $0.02 a share for the same period a year earlier. When stock-based compensation is excluded, Dynamotive’s Q1 2008 net loss was $0.8 million, compared with $2.4 million during 2007. (All figures are in US dollars.)
The lower loss for the quarter is due mainly to the recognition of $500,000 of license revenue from a contract in place since 2006, lower research and development expense and stock based compensation, partially offset by increased activity levels in the Company’s US and Argentine offices. Also included is a reversal in the quarter of certain compensation costs of $1.1 million previously accrued and expensed in fiscal 2007 and which reversal resulted from a voluntary surrender of certain compensation entitlements by senior management.
During the quarter, Dynamotive continued commissioning of a state-of-the-art, modular 200-tonnes-per-day intermediate grade BioOil® plant in Guelph Ontario and completed the upgrade in West Lorne, Ontario. This upgrade expands the West Lorne plants capacity to 130 tonnes per day.
President and CEO, Andrew Kingston, said: “During the first quarter of 2008, we made significant advances at our Guelph and West Lorne plants though we continue to deal with various start up issues as we push to higher capacity levels and longer production runs. We suffered a set back at West Lorne in early April with a small fire, but that damage is being repaired and the plant will be back on line shortly. We have also continued to develop our US and South American projects and will continue to report substantive developments as they occur.”
Dynamotive highlights in the First Quarter of 2008
- Completion and advanced commissioning at Guelph.
- Initial production from the upgraded West Lorne plant.
- Dynamotive completes feedstock supply and other contracts in US (Missouri) and Argentina (Corrientes) in support of project developments.
- Signed a cooperation agreement in Taiwan to potentially develop BioOil plants in the Greater China area
- Advancing additional project opportunities in Europe, Australia, Southeast Asia and elsewhere.
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