GEVO - Gevo Reports First Quarter 2013 Financial Results
In March, Gevo entered into a contract with the Defense Logistics Agency to supply the U.S. Army with 3,650 gallons of renewable jet fuel to be delivered by the second quarter of 2013. This initial order may be increased by 12,500 gallons. All shipments will be at a fixed price of $59 per gallon during the initial testing phase. These shipments are in addition to the renewable jet fuel supplied to the U.S. Air Force (USAF) and the U.S. Navy (USN).
Reports EPS of ($0.45) including $1.3 million non-cash loss from the change in fair value of embedded derivatives contained in Gevo's (GEVO) convertible notes Ended the quarter with cash and cash equivalents of $54 million Net cash used of $12.6 million in first quarter of 2013 compared to net cash used of $25.3 million in fourth quarter of 2012 Maintains expectation to begin to produce isobutanol in 2013 at Luverne, Minn. plant
U.S. District Court for the District of Delaware entered a final judgment in favor of Gevo and against Butamax Advanced Biofuels, LLC, (Butamax, a 50/50 joint venture between E.I. DuPont de Nemours and Co. and and BP p.l.c.) ending the trial court proceedings on Butamax's Patent Nos. 7,851,188 and 7,993,889 Filed S-3 Registration Statement as part of long-term financing strategy
Signed contract with Defense Logistics Agency to supply the U.S. Army renewable jet fuel Added Dr. Stephen Toon to executive team as executive responsible for Luverne facility ENGLEWOOD, Colo., April 30, 2013 (GLOBE NEWSWIRE) -- Gevo, Inc. today announced its financial results for the three months ended March 31, 2013.
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