Mission NewEnergy Limited (Mission NewEnergy) is a producer of biodiesel that integrates biodiesel feedstock cultivation, biodiesel production and wholesale biodiesel distribution. The Company has three segments: biodiesel refining in Malaysia; jatropha in India, and power generation in India. Its biodiesel production facilities are comprised of two separate transesterification refineries that convert feedstock oil to biodiesel located at Port Kuantan, Malaysia. Its feedstock business is engaged in growing and selling jatropha saplings from its nurseries to contract farmers. Mission NewEnergy has two wind mills, which had generated and delivered 6,082,344 kilowatt hour of total electricity as of June 30, 2011. The electricity is supplied to the Maharashtra State Electricity Distribution Company Limited under a power purchase agreement that expires in 2021. In April 2011, the Company conducted its initial public offering in the United States and listed on the NASDAQ Global Market.
Mission NewEnergy Limited is a global provider of sustainable, renewable energy. Operating in Asia, India, Australia, Europe and North America, Mission NewEnergy is a biodiesel producer and one of the world's largest Jatropha plantation companies. At full capacity we can produce 105 million gallons of biodiesel and have over 234,000 acres of plantation representing a sustainable non-edible oil supply of an estimated 27 million barrels. Jatropha Curcas, an inedible biofuel feedstock, is being cultivated by Mission's contract farmers on arid, marginal lands. Through the realization of Jatropha by-product value Mission is working towards a zero cost of sustainable non-edible fuel source. To learn more, visit www.missionnewenergy.com .
Share Sturcture
OS: 8.63M shares
Float: 4.79M
2011 Q3: | - | Total revenue up 297% over same period last year to $18.1 million |
| - | Net profit up 269% over same period last year to $8.4 million |
| - | Buyback of $15 million 2012 convertible note debt |
Subiaco Western Australia, November 10, 2011 -- Mission NewEnergy Limited (Nasdaq: MNEL, ASX:MBT), a global provider of environmentally sustainable biofuels, today announced its unaudited financial results for the first quarter of the 2012 fiscal year, ended September 30, 2011.
"We are delighted to kick off the fiscal year with a strong financial quarter. Our biodiesel refining operations continue to deliver positive cashflow to our company as we build our Jatropha supply, with sales into the European and Malaysian markets. During the quarter, we have also significantly strengthened our balance sheet by buying back our 2012 convertible notes at a significant discount," said Nathan Mahalingam CEO, Mission NewEnergy Limited. "Our Jatropha operations continue to develop towards providing a captive supply of low cost material for biofuels that we expect to be cost competitive with petroleum products at US$52 per barrel."
All numbers presented are unaudited and presented in Australian dollars, unless stated otherwise.
Unaudited Results for First Quarter Fiscal Year 2012 - the three months ending September 30, 2011.
| - | Total Revenue: $18.1 million é (increased 297% vs. last year) |
| - | Net Profit: $ 8.4 million é (increased 269% vs. last year) |
| - | Cash Loss: $ 2.0 million é (decreased 26% vs. last year) |
Cash Position - $12.7 million.
As of September 30, 2011 the group cash position was $12.7 million. Financial Results
Total revenue for the first quarter of the 2012 fiscal year was $18.1 million, compared to $4.6 million for the first quarter of the 2011 fiscal year, an increase of $13.5 million or 297 percent. The increase in revenue relates primarily to increased revenue from biofuel product sales and recognition of biological asset revenue from the Company's Jatropha business of $3.2 million and the recognition of a gain from the buyback of the Company's 2012 convertible notes of $10.3 million.
Gross profit for the first quarter of the 2012 fiscal year was $12.3 million (excluding the convertible note gain which totalled $2.0 million) compared to a gross profit of $0.05 million for the first quarter of the 2011 fiscal year.
Operating expenditure for the first quarter of the 2012 fiscal year was $2.0 million, with the same cost incurred in the first quarter of the 2011 fiscal year. Foreign currency revaluations for the first quarter of the 2012 fiscal year was a gain of $0.4 million, and a loss of $1.2 million for the first quarter of the 2011 fiscal year. Non cash related expenditure increased by $1.1 million to $1.3 million in the first quarter of the 2012 fiscal year, from $0.2 million over the first quarter of the 2011 fiscal year, primarily as a result of the increase in sales of Jatropha saplings and the associated provision for bad debts of $0.8 million and impairment of assets.
Net profit for the first quarter of the 2012 fiscal year was $8.4 million compared to a net loss of $5.0 million for the first quarter of the 2011 fiscal year, representing a 269% improvement. This improvement is primarily a result of the $10.3 million gain on the settlement of the 2012 convertible notes and operating performance.
Net cash loss in the first quarter of the 2012 fiscal year was $2.0 million, compared to net cash loss of $2.7 million for the first quarter of the 2011 fiscal year.
As of September 30, 2011, Mission held a cash position of $12.7 million. Effective cash as of June 30, 2011, was $20.5 million, the reduction in cash is attributed to the $5 million dollar buyback of the $15 million convertible note debt and $2 million dollar cash loss for the quarter attributable to operations. Other current assets total $19.9 million and the Company's current liabilities total $4.7 million.
"Sales in Malaysia for the quarter resulted in a sharp revenue uptick relative to last year. We are delighted to be in a position to sell into multiple global markets, so despite negative commodity spreads for much of the quarter, our refining operation provided a positive cash contribution to our company, bringing us closer to our own captive supply of low cost feedstock," Mahalingam added.
**All numbers presented are unaudited and presented in Australian dollars, unless stated otherwise.
Business highlights for the quarter ended September 30, 2011
| - | Commenced sales into the Malaysian biodiesel mandate |
| - | Executed term deal for European biodiesel sales commencing January 2012 |
| - | Petitioned the US Environmental Protection Agency for approval of g-Palm |
| - | Buyback of $15 million in convertible note debt due in May 2012 |
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$40 millions contract for 2012 Q1 and Q2 http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8350020