Syntroleum suffers $1.9 million quarterly loss
BY ROD WALTON World Staff Writer
Thursday, May 03, 2012
Operating expenses overshot revenues as Tulsa-based biofuels firm Syntroleum Corp. sustained a $1.9 million net loss for the first quarter, the company reported Thursday.
Most of the $1.3 million in quarterly revenues were generated by engineering services for the Dynamic Fuels renewable fuels plant in Geismar, La., and other customers.
Dynamic Fuels is a joint venture with Tyson Foods Inc. to produce biodiesel from animal fats and greases.
The Dynamic Fuels segment, reporting at a three-month lag for the quarter ending Dec. 31, had an $830,000 loss. The plant sold 11 million gallons of renewable fuels during the fourth quarter.
Operating expenses totaled $2 million for Syntroleum’s first quarter.
Syntroleum previously was hit with a $16.9 million loss for all of 2011. The Tulsa biofuels firm has reported annual net losses for three of the past five years.