Aemetis reports record gross profit in 2013 financial results

By Erin Voegele | March 20, 2014

Aemetis Inc. has released its 2013 financial results, reporting revenues of $177.5 million, down slightly from $189 million in 2012. The reduction is attributed to the temporary idling of the company’s 55 MMgy ethanol plant in Keyes, Calif., in early 2013 to retrofit the facility to process grain sorghum. The plant was restarted in May.

Gross profit for the year was $18.3 million, up from $8.9 million in 2012. According to Aemetis, operating income for 2013 was a record $2.5 million, compared to a loss of $21.2 million in 2012. Net loss for 2013 was $24.4 million compared to a net loss of $4.3 million in 2102.

During the fourth quarter of 2013, Aemetis reported revenues of $54.1 million, up from $47.2 million for the same period of 2012. The company attributes the increase to increased ethanol production achieved by consistently operating the Keyes plant above nameplate capacity.

Gross profits for the fourth quarter was a record $11.3 million, compared to a gross loss of $2.4 million during the same three month period of 2012. Aemetis said the improvement in gross profit was driven by significantly improved production margins.

“Our fourth quarter 2013 results reflect a year of record financial performance and significant progress for Aemetis,” said Eric McAfee, chairman and CEO of Aemetis, in a statement. McAfee also noted that Aemetis diversified its feedstock last year, and processed approximately 84 million pounds of grain sorghum. The Keyes plant was the first U.S. ethanol plant approved by the U.S. EPA to produce advance biofuels and generate D5 renewable identification numbers (RINs), he added.

Aemetis also upgraded its plant in India in 2013 by constructing and commissioning a biodiesel distillation unit. According to Aemetis, the India plant is a 50 MMgy integrated chemical and fuels plant that operates three refining units, including those for biodiesel, glycerin and edible oil.

Information published by Aemetis notes that it sold 42.39 million gallons of ethanol last year at an average price of $2.62 per gallon. During the fourth quarter alone, the company sold nearly 15.93 million gallons of ethanol at an average price of $2.56. In 2012, the company sold 53.04 million gallons of ethanol at an average price of $2.50 per gallon.

Aemetis sold 301,000 tons of wet distillers grains (WDG) last year, down slightly from 380,000 tons in 2012. During the fourth quarter of 2013, the company sold 110,000 tons of WDG, up from 89,000 tons during the same quarter of the previous year.