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Xethanol Announces 2006 Financial Resultsadvertisement

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All BusinessWire NewsXethanol Corporation XNL, a renewable energy company producing ethanol and its co-products, today reported financial results for the year ended December 31, 2006.

Financial Results


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The company reported net sales of $11.0 million for 2006, a 159 percent increase from net sales of $4.3 million for the prior year. The increase in net sales was primarily due to a full year of ethanol sales and related products at the Xethanol BioFuels plant in Blairstown, Iowa, compared to only six months in 2005. During 2006, BioFuels sold 5.2 million gallons of ethanol at an average price of $1.99 per gallon and generated additional revenue of $663,572 from the sale of by-products.

For the year ended December 31, 2006, the company reported a net loss of $20.2 million, or ($0.93) per share as compared to an $11.4 million net loss, or ($0.84) per share for the prior year. The increase was primarily the result of an increase of general and administration and other expenses, research and development expenses as well as an impairment loss on fixed assets. Included in the net loss for the year ended December 31, 2006 were non-cash charges totaling $14.4 million. These non-cash charges included charges related to the issuance of stock options and warrants, impairment losses on investment and fixed assets, and depreciation and amortization. As of December 31, 2006, the company had cash of $24.2 million.

About Xethanol Corporation

Xethanol Corporation is a renewable energy company producing ethanol and its co-products. The company owns an ethanol plant in Iowa that is currently producing ethanol, using corn as its feedstock. The company's goal is to develop or acquire methods of converting waste biomass raw materials into ethanol. It is executing a two-pronged business strategy: a technology strategy in which it works with leading scientists affiliated with national research laboratories and universities to license, acquire and commercialize innovative technologies; and a production strategy in which it plans to develop operating facilities located at or near the source of waste biomass and in proximity to high demand ethanol markets. For more information about Xethanol, please visit its website at http://www.xethanol.com.

XETHANOL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS

Years Ended December 31,
---------------------------
2006 2005
------------- -------------


Net sales $ 11,028,671 $ 4,264,732

Cost of sales, including depreciation of
$450,536 and $263,651 for 2006 and 2005 10,090,727 4,878,152
------------- -------------
Gross profit (loss) 937,944 (613,420)
------------- -------------


Operating expenses:
General and administrative expenses, incl.
depreciation and amortization of $340,790
and $275,280 for 2006 and 2005 15,294,463 6,359,771
Research and development 851,830 133,420
Impairment loss - fixed assets 513,942 -
Write-off of net intangible assets and
goodwill - 3,635,416
------------- -------------
16,660,235 10,128,607
------------- -------------

Loss from operations before other income
(expense) (15,722,291) (10,742,027)
------------- -------------

Other income (expense):
Interest income 1,184,161 68,755
Organization expense - (300,000)
Loss on royalty note conversion (1,966,712) -
Interest expense (216,831) (659,030)
Impairment loss - investment in H2Diesel
Holdings, Inc. (2,321,514) -
Loss on equity of H2Diesel Holdings, Inc. (1,626,603) -
Other income 491,061 255,227
------------- -------------
Total other income (expense) (4,456,438) (635,048)
------------- -------------

Net loss $(20,178,729) $(11,377,075)
============= =============

Basic and diluted net loss per share (2005
Restated) $ (0.93) $ (0.84)
============= =============


Weighted average number of shares
outstanding (2005 Restated) 21,604,355 13,475,166
============= =============
XETHANOL CORPORATION
CONSOLIDATED BALANCE SHEETS

December 31, December 31,
2006 2005
------------- -------------

ASSETS
Current assets:
Cash and cash equivalents $ 24,183,165 $ 802,664
Receivables 581,762 565,041
Inventories 290,747 196,132
Other current assets 846,097 172,168
------------- -------------
Total current assets 25,901,771 1,736,005

Property and equipment, net 8,595,708 6,682,433
Property held for development 12,552,877 -
Investment in and advances to H2Diesel
Holdings, Inc. 1,963,481 -
Research and license agreements, net of
amortization of $136,291 895,359 -
Other assets 1,537,123 686,955
------------- -------------
TOTAL ASSETS $ 51,446,319 $ 9,105,393
============= =============


LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 1,228,898 $ 1,065,249
Accounts payable - related parties 317,727 56,080
Mortgage payable - 1,125,000
------------- -------------
Total current liabilities 1,546,625 2,246,329

Senior secured notes payable - 6,600,000
Note payable 309,914 -
Minority interest 115,617 -
Capitalized lease obligation 22,557 30,388
------------- -------------
Total liabilities 1,994,713 8,876,717
------------- -------------

Commitments and contingencies

Stockholders' equity:
Preferred stock, $0.01 par value, 1,000,000
shares authorized; 0 shares issued and
outstanding - -
Common stock, $0.001 par value, 100,000,000
shares authorized; 28,497,648 and
15,011,219 shares issued and outstanding
in 2006 and 2005, respectively 28,497 15,011
Additional paid-in-capital 84,974,205 15,586,032
Accumulated deficit (35,551,096) (15,372,367)
------------- -------------
Total stockholders' equity 49,451,606 228,676
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 51,446,319 $ 9,105,393