Kior net loss expands to USD 23m in Q2 2012

Aug 14, 2012 - US renewable fuels firm Kior Inc (NASDAQ:KIOR) today reported a net loss of USD 23 million (EUR 18.6m) for the second quarter of 2012, a slight widening from the USD-21-million net loss a year earlier.

Net loss per share was USD 0.22, compared with USD 0.43 a year ago. In the first quarter of 2012, Kior posted a net loss of USD 16.8 million, or USD 0.16 per share.

Loss from operations expanded to USD 23 million from USD 15.4 million in the second quarter of 2011, mainly as a result of higher expenses related to the company's first commercial facility in Columbus, Mississippi. Kior did not generate any revenues in the period.

Chief executive Fred Cannon said that the commissioning of the Columbus facility was proceeding on schedule and that the company was on track to bring the plant online in September. He added that the final construction costs for the facility were expected to be some 4% below the company's latest estimate. Cannon also said that Kior's research and development activities had led to improvements to its biomass-to-fuels technology, which, once implemented, were likely to boost the company's nameplate capacity up to 20% and reduce the capital intensity of its facilities.

At the end of June, Kior had USD 107 million of cash and cash equivalents.

(USD 1.0 = EUR 0.810)

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