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Today's news alerts include: Syntroleum Announces First Quarter 2009 Financial Results Conference Call Scheduled for April 27th, 2009
TULSA, Okla. -- Syntroleum Corporation (Nasdaq:SYNM) announced financial results for the quarter ended March 31, 2009.
* Cash position of $16.7 million compared to a cash position of $10.1 million at December 31, 2008.
* Net cash provided by operating activities was $7.5 million for the first quarter of 2009 compared to net cash used in operating activities of $1.5 million for the same period last year.
* Total revenue of $20.2 million for the first quarter of 2009 compared to $1.6 million for the same period last year.
* Total net income of $11.2 million for the first quarter of 2009 compared to a loss of $2.2 million.
* Net income per share of $ 0.18 versus a loss of $0.04 for the quarters ended March 31, 2009 and 2008, respectively.
* Dynamic Fuels joint venture with Tyson Foods proceeding on schedule and on budget, with completion of plant construction scheduled for the end of 2009.
We generated $7.5 million in cash flow from our operating activities for the three months ended March 31, 2009 compared to using $1.5 million in cash flow for operations for the same period last year. Our operating activities have generated cash flows from the execution of key business transactions. Our current receivable balance is $12.8 million from current executed contracts and delivery of technology. Due to the generation of cash flows from operating activities we will fund our remaining investment in Dynamic Fuels from our current and expected cash flows. We will invest $6.0 million on May 1, 2009 and expect to invest the remaining $5.0 million, if needed in the fourth quarter of 2009.
For the three months ended March 31, 2009, the Company reported net income of $11.2 million, or income of $0.18 per share, compared to a net loss of $2.2 million, or $0.04 cents per share, for the same period last year.
For additional information, see the Company's Form 10-Q for the March 31, 2009 period, which has been filed with the SEC. The 10-K is available through the Investor Relations section of the Company's Web site, www.syntroleum.com.
Conference Call Syntroleum management plans to hold a conference call with the investment community on Monday, April 27, 2009, at 2:00 p.m. Central time (3:00 p.m. Eastern). To participate in the teleconference, investors should dial 877-261-8990 about 10 minutes before the start time and reference the Syntroleum conference call. International callers should dial 847-619-6441.
About Syntroleum
Syntroleum Corporation owns the Syntroleum(r) Process for Fischer-Tropsch (FT) conversion of synthesis gas derived from biomass, coal, natural gas and other carbon-based feedstocks into liquid hydrocarbons, the Synfining(r) Process for upgrading FT liquid hydrocarbons into middle distillate products such as synthetic diesel and jet fuels, and the Biofining(tm) technology for converting animal fat and vegetable oil feedstocks into middle distillate products such as renewable diesel and jet fuel using inedible fats and greases as feedstock. The 50/50 venture - known as Dynamic Fuels - was formed to construct and operate multiple renewable synthetic fuels facilities, with production on the first site beginning in 2010. The Company plans to use its portfolio of technologies to develop and participate in synthetic and renewable fuel projects. For additional information, visit the Company's web site at www.syntroleum.com
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