August 9, 2013 10:31:26 AM
William Browning - email@example.com
KiOR on Thursday reported a second quarter 2013 net loss of $38.5 million, or 36 cents per share. This is a 7.2 million increase in net loss from the year's first quarter.
The second quarter ended June 30.
The Texas-based alternative fuel company, which has a plant in Columbus, reported a net loss of $31.3 million, or 30 cents per share, during this year's first quarter.
The company held a conference call Thursday to announce the year's second quarter financial results.
KiOR's plant in Columbus is a Biomass Fluid Catalytic Cracking unit. The plant converts biomass into renewable crude oil to produce vehicle oil that can be used in cars while reducing greenhouse emissions by 80 percent when compared to fossil fuels, according to the company's president and CEO Fred Cannon.
During the second quarter of 2013, the company's total revenues were $239,000. All of that related to production from the company's production facility in Columbus. Total revenues for the first quarter of the year were $71,000, according to KiOR.
Cannon said the Columbus plant has made "significant operational progress."
"In addition to making our first shipment of cellulosic gasoline in the second quarter," he said, "we more than doubled the run time of our core technology, the Biomass Fluid Catalytic Cracking Unit, to 43 percent in the quarter, up from 20 percent in the first quarter."
KiOR shipped 75,000 gallons of cellulosic fuel from Columbus, Cannon said.
"Over the next few months, we will focus on further building that progress and we look to push the facility closer to its capacity," Cannon said.