Syntroleum slips to $3 million quarterly loss
BY ROD WALTON World Staff Writer
Wednesday, March 07, 2012
3/07/12 at 2:07 PM
Tulsa-based biofuels technology firm Syntroleum Corp. reported Wednesday that it suffered fourth-quarter and annual net losses for 2011, although new marketing deals were signed earlier this year.
Syntroleum’s net loss totaled $3 million for the three months ending Dec. 31 and $16.9 million, or 19 cents per share, for the year. The Dynamic Fuels LLC joint venture with Tyson Foods, which Syntroleum reports on a three-month lag, sustained a $1.6 million net loss for the quarter ending Sept. 30 and $13.9 million in annual losses.
Dynamic Fuels is a Geismar, La., plant which produces renewable diesel from animal fats and other greases. The joint venture recently signed a marketing deal with Mansfield Oil Co. and gained railroad operator Norfolk Southern Corp. as a customer last month.
In December, the U.S. Navy announced a deal with Dynamic Fuels to supply 450,000 gallons of renewable jet and marine distillate fuel. The Navy will use the fuels in demonstrating testing for a “Green Strike Group” powered by biofuels.
Syntroleum had revenues of only $4.2 million compared to operating expenses of $7.2 million in 2011. The company has showed annual net losses in three of the past five years.
