AMTX 8-K
Aemetis, Inc (AMTX)
8-K
2020-03-12
For: 2020-03-12
View Original
Added on
April 11, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported):
March 12,
2020
Aemetis, Inc.
(Exact name of
registrant as specified in its charter)
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Nevada
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000-51354
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26-1407544
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(State or
other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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20400 Stevens
Creek Blvd., Suite 700
Cupertino, CA
95014
(Address
of principal executive offices) (Zip Code)
Registrant's telephone number, including area
code:
(408)
213-0940
(Former name
or former address, if changed since last
report.)
Securities
registered pursuant to Section 12(b) of the
Act:
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Title of each
class
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Trading
Symbol(s)
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Name of each
exchange on which registered
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Common Stock,
par value $0.001
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AMTX
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NASDAQ Stock
Market
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Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
☐ Written communications pursuant to Rule 425
under the Securities Act (17 CFR
230.425)
☐ Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR
240.14a-12)
☐ Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
☐ Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
☐ Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities
Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 ( 240.12b-2 of this
chapter)
☐ If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange
Act.
Item 2.02 Results of Operations and
Financial Condition.
On March 12,
2020, Aemetis, Inc. (the “Company”) issued a press
release announcing its earnings for the three and twelve months
ended December 31, 2019.
The press
release is being furnished as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated herein by
reference.
This
Form 8-K and Exhibit 99.1 hereto shall be deemed
“furnished” and not “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended,
and shall not be incorporated by reference into any registration
statement of the issuer.
Item 7.01 Regulation FD
Material.
On March 12,
2020, the Company issued a press release, posted to its web site at
www.aemetis.com, announcing its earnings for the three and twelve
months ended December 31, 2019, a copy of which is furnished as
Exhibit 99.1 hereto and incorporated herein by
reference.
Item 9.01. Financial Statements and
Exhibits.
(d)
Exhibits.
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EXHIBIT NUMBER
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DESCRIPTION
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Earnings
Release dated March 12, 2020
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2
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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AEMETIS, INC.
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By:
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/s/ Eric A.
McAfee
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Name:
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Eric A.
McAfee
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Title:
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Chief
Executive Officer
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March 12,
2020
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(Principal Executive
Officer)
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3
Exhibit 99.1
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External Investor Relations Contact:
Kirin
Smith
PCG
Advisory Group
(646) 863-6519
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Company Contact:
Todd
Waltz
Chief
Financial Officer
(408)
213-0925
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Aemetis Reports 2019 Fourth Quarter and Year-End
Results
Achieves 123% year over year revenue growth at India
plant
CUPERTINO,
Calif. – March 12, 2020 – 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, 2019.
“During
2019, our revenues increased 18% to $202 million as we set a sales
volume record at our India plant of 47.0 thousand metric tons
resulting in a revenue increase from $21.5 million during 2018 to
$47.9 million in revenues during 2019 while achieving consistent
operational and revenue performance at our Keyes plant,” said
Eric McAfee, Chairman and CEO of Aemetis. “Progress continued
on the carbon reduction and revenue expansion projects to drive
significant revenue increases and positive earnings, including
completing the first phase of a $50+ million renewable natural gas
project to collect and upgrade biogas from about a dozen dairies
near the Keyes plant, completion of the carbon dioxide capture
system at our Keyes plant, and solid progress toward commencing
construction of our ultra-low carbon content California waste wood
ethanol biorefinery. We are excited with the progress and traction
we are achieving and look forward to announcing the completion of
important milestones throughout 2020.”
Today,
Aemetis will host an earnings review call at 11:00 a.m. Pacific
time (PT).
Live
Participant Dial In (Toll Free): +1-844-602-0380
Live
Participant Dial In (International): +1-862-298-0970
Webcast URL: https://www.webcaster4.com/Webcast/Page/2211/33520
For
details on the call, please visit http://www.aemetis.com/investors/conference-calls/
1
Financial Results for the Three Months Ended December 31,
2019
Revenues
were $52.1 million for the fourth quarter of 2019, compared to
$38.8 million for the fourth quarter of 2018.
Gross
profit for the three months ended December 31, 2019 was $5.8
million, compared to a gross loss of $1.9 million during the same
period in 2018. The gross profit improvement was attributable to
increased sales volumes at the India plant along with prices for
ethanol increasing from $1.57 per gallon during the three months
ended December 31, 2018 to $1.82 per gallon during the three months
ended December 31, 2019 in a market where the cost of delivered
corn rose slightly from $4.89 to $5.02 during the same respective
periods.
Selling,
general and administrative expenses were $4.7 million during the
fourth quarter of 2019, compared to $4.8 million during the fourth
quarter of 2018.
Operating
profit was $1.0 million for the fourth quarter of 2019, compared to
an operating loss of $6.7 million during the fourth quarter of
2018.
Profits
at the India plant resulted in an income tax expense of $1.1
million during the fourth quarter of 2019 compared to negligible
income tax expense during the fourth quarter of 2018.
Net
loss attributable to Aemetis was $6.7 million for the fourth
quarter of 2019 with an additional $0.9 million attributable to
non-controlling interests for a total net loss of $7.7 million,
compared to a net loss attributable to Aemetis of $11.4 million for
the fourth quarter of 2018 with an additional $0.9 million
attributable to non-controlling interests for a total net loss of
$12.3 million.
Cash
at the end of the fourth quarter of 2019 was $656 thousand,
compared to $1.2 million at the end of the fourth quarter of
2018.
Financial Results for the Twelve Months Ended December 31,
2019
Revenues
increased 18% to $202 million for the twelve months ended December
31, 2019, compared to $171.5 million for the same period in 2018.
The increase in revenue was primarily attributable to increases in
the production and sales of biodiesel and glycerin in
India.
Gross
profit for the twelve months ended December 31, 2019 increased
significantly to $12.7 million, compared to $5.4 million during the
same period in 2018. Gross profit increase was attributable to
higher quantity and margin from biodiesel sales in
India.
Selling,
general and administrative expenses were $17.4 million during the
twelve months ended December 31, 2019, compared to $16.1 million
during the same period in 2018. The increase in selling, general
and administrative expenses was primarily attributable to
operational support fees and professional fees that were partially
offset by grant receipts for expense reimbursement.
Operating
loss was $4.9 million for the twelve months ended December 31,
2019, compared to an operating loss of $10.9 million for the same
period in 2018.
2
Profits
at the India plant resulted in an income tax expense of $1.1
million during 2019 compared to negligible income tax expense
during the year of 2018.
Net
loss attributable to Aemetis was $35.7 million for the twelve
months ended December 31, 2019 with an additional $3.8 million
attributable to non-controlling interests for a total net loss of
$39.5 million, compared to a net loss attributable to Aemetis of
$33.0 million during the same period in 2018 with an additional
$3.3 million attributable to non-controlling interests for a total
net loss of $36.3 million.
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 is
building a biogas digester, pipeline and gas cleanup project to
convert dairy waste gas into renewable natural gas, and is
developing a plant to convert waste orchard wood into cellulosic
ethanol. 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 regarding development of our waste wood ethanol and
biogas businesses 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, 2019 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)
3
AEMETIS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
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Three months
ended
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Year
ended
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December
31,
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December
31,
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2019
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2018
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2019
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2018
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Revenues
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$52,102
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$38,845
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$201,998
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$171,526
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Cost of goods
sold
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46,308
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40,742
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189,300
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166,121
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Gross profit
(loss)
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5,794
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(1,897)
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12,698
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5,405
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Research and
development expenses
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45
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55
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205
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246
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Selling, general
and administrative expenses
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4,709
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4,796
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17,424
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16,085
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Operating profit
(loss)
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1,040
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(6,748)
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(4,931)
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(10,926)
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Interest rate
expense
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5,517
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4,775
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21,089
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18,170
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Amortization
expense
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1,101
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1,125
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4,666
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7,520
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Accretion of Series
A preferred
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748
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44
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2,257
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44
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Loss on impairment
of intangibles
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-
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865
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-
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865
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Loss contingency on
litigation
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-
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-
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6,200
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-
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Other
expense/(income)
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204
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(1,247)
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(797)
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(1,245)
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Loss before income
taxes
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(6,530)
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(12,310)
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(38,346)
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(36,280)
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Income tax
expense
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1,124
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1
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1,131
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7
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Net
loss
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$(7,654)
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$(12,311)
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$(39,477)
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$(36,287)
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Non controlling
interest
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(929)
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(885)
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(3,761)
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(3,271)
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Net loss
attributable to Aemetis
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$(6,725)
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$(11,426)
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$(35,716)
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$(33,016)
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Net loss per common
share
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Basic
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$(0.33)
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$(0.56)
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$(1.75)
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$(1.63)
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Diluted
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$(0.33)
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$(0.56)
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$(1.75)
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$(1.63)
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Weighted average
shares outstanding
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Basic
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20,570
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20,346
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20,467
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20,252
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Diluted
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20,570
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20,346
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20,467
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20,252
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4
AEMETIS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
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Year ended December
31,
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2019
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2018
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Assets
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Current
assets:
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Cash and cash
equivalents
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$656
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$1,188
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Accounts
receivable
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2,036
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1,096
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Inventories
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6,518
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6,129
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Prepaid and other
current assets
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3,366
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1,898
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Total current
assets
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12,576
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10,311
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Property, plant and
equipment, net
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84,226
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78,492
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Other
assets
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3,094
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3,018
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Total
assets
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$99,896
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$91,821
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Liabilities
and stockholders' deficit
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Current
liabilities:
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Accounts
payable
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$15,968
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$13,500
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Current portion of
long term debt
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5,792
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2,396
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Short term
borrowings
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16,948
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14,902
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Mandatorily
redeemable Series B convertible preferred stock
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3,149
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3,048
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Accrued property
taxes and other liabilities
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15,962
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8,733
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Total current
liabilities
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57,819
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42,579
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Total long term
liabilities
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196,449
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164,824
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Stockholders'
deficit:
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Series B
convertible preferred stock
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1
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1
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Common
stock
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21
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20
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Additional paid-in
capital
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86,852
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85,917
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Accumulated
deficit
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(237,421)
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(193,204)
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Accumulated other
comprehensive loss
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(3,825)
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(3,576)
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Total stockholders'
deficit attributable to Aemetis, Inc.
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(154,372)
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(110,842)
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Non-controlling interests
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-
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(4,740)
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Total
liabilities and stockholders' deficit
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$99,896
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$91,821
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5
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME /
(LOSS)
(In thousands)
|
|
Three months
ended
December
31,
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Year
ended
December
31,
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2019
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2018
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2019
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2018
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Net loss
attributable to Aemetis, Inc.
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$(6,725)
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$(11,426)
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$(35,716)
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$(33,016)
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Adjustments:
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Interest
expense
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5,800
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4,944
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22,420
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22,135
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Depreciation
expense
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1,097
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1,123
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4,434
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4,580
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Accretion of Series
A preferred
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748
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-
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2,257
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-
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Share-based-compensation
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144
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198
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774
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1,003
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Intangibles and
other expense
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12
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900
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48
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1,005
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Loss contingency on
litigation
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-
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-
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6,200
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-
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Income tax
expense
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1,124
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1
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1,131
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7
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Total
adjustments
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8,925
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7,166
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37,264
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28,730
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Adjusted
EBITDA
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$2,200
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$(4,260)
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$1,548
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$(4,286)
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PRODUCTION AND PRICE PERFORMANCE
(unaudited)
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Three months
ended
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Year
ended
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December
31,
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December
31,
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2019
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2018
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2019
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2018
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Ethanol
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Gallons Sold (in
millions)
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16.6
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16.5
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64.7
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65.6
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Average Sales
Price/Gallon
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$1.82
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$1.57
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$1.77
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$1.74
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Percent of
nameplate capacity
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120%
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120%
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118%
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119%
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WDG
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Tons Sold (in
thousands)
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108
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108
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428
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424
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Average Sales
Price/Ton
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$78
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$74
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$81
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$76
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Delivered
Cost of Corn
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Bushels ground (in
millions)
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5.8
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5.8
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22.7
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22.9
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Average delivered
cost / bushel
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$5.02
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$4.89
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$5.28
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$4.91
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Biodiesel
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Metric tons sold
(in thousands)
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11.9
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4.3
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47.0
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19.8
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Average Sales
Price/Metric ton
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$861
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$811
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$904
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$857
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Percent of
Nameplate Capacity
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32%
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11%
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31%
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13%
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Refined
Glycerin
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|
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Metric tons sold
(in thousands)
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1.2
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1.0
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5.2
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4.7
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Average Sales
Price/Metric ton
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$508
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$692
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$543
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$941
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6