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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EXHIBIT NUMBER
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DESCRIPTION
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Exhibit 99.1
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Earnings Release dated March 24, 2016
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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 24, 2016
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(Principal Executive Officer
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Investor Relations/Company/Media Contact:
Satya Chillara
(408) 213-0939
schillara@aemetis.com
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●
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Revenues of $147 million in 2015, down from $208 million in 2014
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●
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Adjusted EBITDA of $(3) million in 2015, down from $30 million in 2014
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●
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$22 million of EB-5 funding released to the company from escrow during 2015
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Three months ended
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Year ended
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|||||||||||||||
December 31
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December 31
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|||||||||||||||
2015
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2014
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2015
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2014
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|||||||||||||
Revenues
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$ | 35,346 | $ | 41,475 | $ | 146,649 | $ | 207,683 | ||||||||
Cost of goods sold
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33,902 | 39,023 | 142,450 | 170,539 | ||||||||||||
Gross profit
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1,444 | 2,452 | 4,199 | 37,144 | ||||||||||||
Research and development expenses
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117 | 117 | 447 | 459 | ||||||||||||
Selling, general and administrative expenses
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2,805 | 3,332 | 12,361 | 12,595 | ||||||||||||
Operating income/(loss)
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(1,478 | ) | (997 | ) | (8,609 | ) | 24,090 | |||||||||
Interest rate expense
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(2,523 | ) | (2,315 | ) | (10,164 | ) | (10,052 | ) | ||||||||
Amortization expense
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(1,329 | ) | (677 | ) | (6,715 | ) | (6,038 | ) | ||||||||
Loss on debt extinguishment
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0 | 0 | (330 | ) | (1,346 | ) | ||||||||||
Other income/(expense)
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(79 | ) | 249 | (270 | ) | 485 | ||||||||||
Income/(loss) before income taxes
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(6,453 | ) | (3,740 | ) | (27,132 | ) | 7,139 | |||||||||
Income tax expense
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0 | 0 | $ | (6 | ) | $ | (6 | ) | ||||||||
Net income/(loss)
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$ | (6,453 | ) | $ | (3,740 | ) | $ | (27,138 | ) | $ | 7,133 | |||||
Net Income/(loss) per common share*
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||||||||||||||||
Basic
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$ | (0.33 | ) | $ | (0.18 | ) | $ | (1.37 | ) | $ | 0.35 | |||||
Diluted
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(0.33 | ) | (0.18 | ) | (1.37 | ) | 0.34 | |||||||||
Weighted average shares outstanding*
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||||||||||||||||
Basic
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19,598 | 20,630 | 19,823 | 20,371 | ||||||||||||
Diluted
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19,598 | 20,630 | 19,823 | 21,047 |
Year ended
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||||||||
December 31
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||||||||
2015
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2014
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|||||||
Assets
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||||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 283 | $ | 332 | ||||
Accounts receivable
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1,166 | 1,262 | ||||||
Inventories
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4,804 | 4,491 | ||||||
Prepaid and other expenses
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1,749 | 1,848 | ||||||
Total current assets
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8,002 | 7,933 | ||||||
Property, plant and equipment, net
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70,718 | 75,810 | ||||||
Goodwill, intangibles and other assets
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4,421 | 5,433 | ||||||
Total assets
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$ | 83,141 | $ | 89,176 | ||||
Liabilities and stockholders' deficit
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$ | 10,183 | $ | 8,339 | ||||
Current portion of long term debt, notes and working capital
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11,947 | 12,746 | ||||||
Mandatorily redeemable Series B convertible preferred stock
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2,742 | 2,641 | ||||||
Other current liabilities
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4,425 | 3,590 | ||||||
Total current liabilities
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29,297 | 27,316 | ||||||
Total long term liabilities
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89,138 | 64,832 | ||||||
Stockholders' deficit:
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||||||||
Series B convertible preferred stock
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1 | 2 | ||||||
Common stock
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20 | 21 | ||||||
Additional paid-in capital
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82,115 | 87,080 | ||||||
Accumulated deficit
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(114,251 | ) | (87,113 | ) | ||||
Accumulated other comprehensive loss
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(3,179 | ) | (2,962 | ) | ||||
Total stockholders' deficit
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$ | (35,294 | ) | $ | (2,972 | ) | ||
Total liabilities and stockholders' deficit
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$ | 83,141 | $ | 89,176 |
Three months ended December 31
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Year endedDecember 31 | |||||||||||||||
2015
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2014
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2015
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2014
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|||||||||||||
Net income/(loss)
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$ | (6,453 | ) | $ | (3,740 | ) | $ | (27,138 | ) | $ | 7,133 | |||||
Adjustments:
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||||||||||||||||
Interest expense
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2,523 | 2,315 | 10,164 | 10,052 | ||||||||||||
Amortization expense
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1,329 | 677 | 6,715 | 6,038 | ||||||||||||
Loss on debt extinguishment
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- | - | 330 | 1,346 | ||||||||||||
Income tax expense
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6 | 6 | ||||||||||||||
Intangibles and other amortization expense
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32 | 31 | 129 | 126 | ||||||||||||
Loss on impairment of intangibles
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1,044 | 0 | 1,044 | 0 | ||||||||||||
Depreciation expense
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1,024 | 1,195 | 4,730 | 4,681 | ||||||||||||
Share-based-compensation
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241 | 177 | 938 | 624 | ||||||||||||
Total adjustments
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6,193 | 4,395 | 24,056 | 22,873 | ||||||||||||
Adjusted EBITDA
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$ | (260 | ) | $ | 655 | $ | (3,082 | ) | $ | 30,006 |
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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2015
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2014
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2015
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2014
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Ethanol
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Gallons Sold (in 000s)
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13,187 | 14,463 | 55,787 | 60,197 | ||||||||||||
Average Sales Price/Gallon
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$ | 1.74 | $ | 2.19 | $ | 1.74 | $ | 2.54 | ||||||||
Wet Distiller’s Grains
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Tons Sold (in 000s)
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84 | 98 | 360 | 408 | ||||||||||||
Average Sales Price/Ton
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$ | 71 | $ | 67 | $ | 80 | $ | 92 | ||||||||
Biodiesel
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Metric tons sold
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7,442 | 1,437 | 19,523 | 9,036 | ||||||||||||
Average Sales Price/Metric ton
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$ | 707 | $ | 892 | $ | 724 | $ | 985 | ||||||||
Refined Glycerin
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Metric tons sold
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693 | 655 | 4,653 | 2,236 | ||||||||||||
Average Sales Price/Metric ton
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$ | 671 | $ | 778 | $ | 668 | $ | 933 |