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SYNM, Earnings release...Herber, what do you think?

Syntroleum Corp (NASDAQ: SYNM) reported Q1 EPS of $1.15, versus $0.20 reported last year.

TULSA, Okla., May 3, 2013 (GLOBE NEWSWIRE) -- Syntroleum Corporation (Nasdaq:SYNM) today announced
financial results for the three months ended March 31, 2013.
Highlights
Syntroleum's net income was $11.0 million or $1.15 per share for the three months ended March 31,
2013, compared to a net loss of $1.9 million or $0.20 per share for the corresponding period in
2012.
The financial statements for all prior periods have been retroactively adjusted to reflect the
April 11, 2013 one-for-ten reverse stock split of the Company's common stock which allowed the
Company to regain compliance with NASDAQ's minimum price Marketplace Rule as of April 26, 2013.
For the quarter ended March 31, 2013, the Company reported an operating loss of $2.0 million
resulting from total revenues of $899 thousand and operating expenses of $2.9 million.
Equity in earnings of Dynamic Fuels for the quarter ended March 31, 2013 is $6.7 million which
includes $12.6 million in gains representing our portion of the retroactive reinstatement of the
$1 tax credit for 2012, partially offset by $5.9 million in losses resulting from our share of
Dynamic Fuels' operating results for its first quarter ended December 31, 2012. Due to the
material impact of the retroactive reinstatement of the $1 tax credit, we are reporting it in the
current quarter rather than on a three month lag basis which is our normal accounting practice.
For Dynamic Fuels' quarter ended December 31, 2011, we reported a loss from Dynamic Fuels of $830
thousand.
Income from Discontinued Operations for the quarter ended March 31, 2013 includes $5.8 million in
proceeds from the sale of our nominal two b/d pilot plant in Tulsa, Oklahoma and $603 thousand
from the previously accrued asset retirement obligations.
As of March 31, 2013 Syntroleum's available cash position was $14.9 million. On April 12, 2013 we
received $9.0 million in refunds from the IRS related to the reinstatement of the $1 tax credit
retroactive to 2012 resulting in total cash of approximately $23.9 million.
During the quarter ended March 31, 2013, Syntroleum and Tyson each made additional equity
contributions of $1.7 million and working capital loans of $4.0 million to Dynamic Fuels to fund
operations to maintain the Geismar Plant in standby mode.
Our conference call will be held on Wednesday, May 8, 2013, at 10:00 a.m. Central time (11:00 a.m.
Eastern). A webcast of the call will be available via the Internet by accessing www.syntroleum.com
http://www.globenewswire.com/newsroom/ctr?d=10031365&l=10&a=www.syntroleum.com&u=http%3A%2F%2Fwww.syntroleum.com%2F
. Listeners should allow a few minutes for registration into the web site. To participate in the
teleconference, investors should dial 1-877-317-6789 about 10 minutes before the start time and
reference the Syntroleum conference call. International callers should dial 1-412-317-6789. A
replay of this conference call will be available on the web site under the Syntroleum Investor
Relations tab.
For additional information see the Company's Form 10-K for the year ended December 31, 2012, filed
with the SEC on Friday, March 15, 2013. The 10-K is available through the Investor Relations
section of the Company's Web site, www.syntroleum.com
http://www.globenewswire.com/newsroom/ctr?d=10031365&l=11&a=www.syntroleum.com&u=http%3A%2F%2Fwww.syntroleum.com%2F
.
About Syntroleum
Syntroleum Corporation owns the Syntroleum 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 Process for upgrading FT liquid hydrocarbons into middle
distillate products such as synthetic diesel and jet fuels, and the Bio-Synfining 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
http://www.globenewswire.com/newsroom/ctr?d=10031365&l=13&a=www.syntroleum.com&u=http%3A%2F%2Fwww.syntroleum.com%2F
Forward-Looking Statements
This document may contain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, as well as historical facts. These forward-looking statements
include statements relating to the Fischer-Tropsch ("FT") process, Syntroleum Process, Synfining
Process, and related technologies including, gas-to-liquids ("GTL"), coal-to-liquids ("CTL") and
biomass-to-liquids ("BTL"), our renewable fuels Bio-Synfining Technology (hereinafter
"Technologies"), plants based on these Technologies, anticipated cost and schedule to design,
construct and operate plants, expected production of fuel, obtaining required financing for these
plants and other activities, the value and markets for products, testing, certification,
characteristics and use of plant products, the continued development of our Technologies, use of
proceeds from our equity offerings, anticipated revenues, availability of catalyst, our support of
and relationship with our licensees, and any other forward-looking statements including future
growth, cash needs, capital availability, operations, business plans and financial results. When
used in this document, the words "anticipate," "believe," "estimate," "expect," "intend," "may,"
"plan," "project," "should" and similar expressions are intended to be among the statements that
identify forward-looking statements. Although we believe that the expectations reflected in these
forward-looking statements are reasonable, these kinds of statements involve risks and
uncertainties. Actual results may not be consistent with these forward-looking statements.
Syntroleum undertakes no obligation to update or revise forward-looking statements to reflect
changed assumptions, the occurrence of unanticipated events or changes to future operating results
over time. Important factors that could cause actual results to differ from these forward-looking
statements are described under "Item 1A. Risk Factors" and elsewhere in our 2012 Annual Report on
Form 10K.
"Syntroleum", "Synfining", and "Bio-Synfining" are registered as trademarks and service marks in
the U.S. Patent and Trademark Office.
SYNTROLEUM CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, December 31,
2013 2012
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 14,935 $ 15,909
Restricted cash 762 725
Accounts receivable 123 134
Taxes receivable 8,986 --
Accounts receivable from Dynamic Fuels, LLC 85 252
Other current assets 213 237
Total current assets 25,104 17,257
PROPERTY AND EQUIPMENT
Property, plant, and equip, 448 446
Accumulated depletion, depreciation and amortization (395) (388)
Total Property & Equipment, net 53 58
INVESTMENT IN AND LOANS TO DYNAMIC FUELS, LLC 41,798 38,407
OTHER ASSETS, net 1,031 1,023
Total Assets $ 67,986 $ 56,745
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
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