Metabolix Reports First Quarter Financial Results and Provides Business Update
The Company reported a net loss of $9.6 million or $0.36 per share for the first quarter of 2011 compared to a net loss of $9.8 million or $0.37 per share for the first quarter of 2010.
The Company's net cash used for operating activities during the first
quarter of 2011 was $9.4 million, unchanged from the comparable quarter
in 2010. Unrestricted cash and short-term investments at
FIRST QUARTER 2011 FINANCIAL OVERVIEW
Metabolix currently manages its finances with an emphasis on cash flow. Metabolix used $9.4 million of cash in operating activities for the first quarter 2011, which is consistent with the comparable quarter in 2010. Net cash used in operating activities reflects the Company's sales and marketing activities as well as research and product development.
Total revenue in the first quarter of 2011 was $0.3 million, compared
to $0.2 million for the respective period in 2010. During the three
months ended
For the three months ended
Research and development expenses were
Selling, general and administrative expenses were
BUSINESS UPDATE
The Company noted that it has continued to make progress in each of its business and scientific initiatives during the first quarter.
The Company commented that it had continued to develop its portfolio of new customers for Mirel™ bioplastic through the Telles business, including two European producers of compostable bags and a supplier to the marine/aquatic market segment. The Company also disclosed that, due in part to supply constraints for a third party formulation ingredient for certain films, it now expects to reach its Commercial Phase milestone in the second half of fiscal 2011. The Company believes that this supply issue is short-term in nature and its customer development plans remain otherwise unchanged.
The Company also continued to make progress in its crop science
research. The Company had previously noted that it has completed its
first field trial of its oilseeds program with its targeted crop,
Camelina. It has now begun the harvest of its second field trial crop of
Camelina in
Conference Call Information
About Metabolix
Founded in 1992, Metabolix, Inc. is an innovation-driven bioscience
company focused on providing sustainable solutions for the world's needs
for plastics, chemicals and energy. The Company is taking a systems
approach, from gene to end product, integrating sophisticated
biotechnology with advanced industrial practice. Metabolix is now
developing and commercializing Mirel(TM), a family of high performance
bioplastics which are biobased and biodegradable alternatives to many
petroleum-based plastics through Telles, a joint venture between
For more information, please visit www.metabolix.com. (MBLX-E)
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which are made
pursuant to the safe harbor provisions of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. The forward-looking statements in this release do
not constitute guarantees of future performance. Investors are cautioned
that statements in this press release which are not strictly historical
statements, including, without limitation, statements regarding expected
timing of the commercial phase of the ADM collaboration, resolution of
raw material supply constraints, and Telles customer sales cycles;
expectations for the commercialization of the Company's industrial
chemicals and projected crop science program results; and future
research and development, constitute forward-looking statements. Such
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially from
those anticipated and are detailed in
| METABOLIX, INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||
| UNAUDITED | ||||||||
| (in thousands, except share and per share data) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2011 | 2010 | |||||||
| Revenue: | ||||||||
| License fee and royalty revenue from related parties | $ | 301 | $ | 30 | ||||
| Grant revenue | 25 | - | ||||||
| Research and development revenue | - | 150 | ||||||
| Total revenue | 326 | 180 | ||||||
| Operating expense: | ||||||||
| Research and development expenses, including cost of revenue | 6,199 | 6,168 | ||||||
| Selling, general, and administrative expenses | 3,787 | 3,869 | ||||||
| Total operating expenses | 9,986 | 10,037 | ||||||
| Loss from operations | (9,660) | (9,857) | ||||||
| Other income: | ||||||||
| Interest income, net | 20 | 55 | ||||||
| Net loss | $ | (9,640) | $ | (9,802) | ||||
| Net loss per share: | ||||||||
| Basic and Diluted | $ | (0.36) | $ | (0.37) | ||||
| Number of shares used in per share calculations: | ||||||||
| Basic and Diluted | 26,904,606 | 26,536,924 | ||||||
| METABOLIX, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||
| UNAUDITED | ||||||||
| (in thousands) | ||||||||
| March 31, | December 31, | |||||||
| 2011 | 2010 | |||||||
| Assets | ||||||||
| Cash, cash equivalents and short-term investments | $ | 51,947 | $ | 61,574 | ||||
| Other current assets | 1,817 | 1,682 | ||||||
| Restricted cash | 622 | 622 | ||||||
| Property and equipment, net | 2,707 | 2,776 | ||||||
| Other assets | 118 | 117 | ||||||
| Total assets | $ | 57,211 | $ | 66,771 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Accounts payable and accrued liabilities | $ | 2,769 | $ | 4,324 | ||||
| Short-term deferred revenue | 1,989 | 1,906 | ||||||
| Current portion of deferred rent | 165 | 165 | ||||||
| Long-term deferred revenue | 36,373 | 36,207 | ||||||
| Other long-term liabilities | 455 | 493 | ||||||
| Total liabilities | 41,751 | 43,095 | ||||||
| Total stockholders' equity | 15,460 | 23,676 | ||||||
| Total liabilities and stockholders' equity | $ | 57,211 | $ | 66,771 | ||||
| METABOLIX, INC. | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| UNAUDITED | ||||||||
| (in thousands) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2011 | 2010 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (9,640) | $ | (9,802) | ||||
| Adjustments to reconcile net loss to cash used in operating activities: | ||||||||
| Depreciation | 384 | 435 | ||||||
| Charge for 401(k) company common stock match | 242 | 133 | ||||||
| Stock-based compensation | 1,233 | 1,110 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Other operating assets and liabilities | (1,877) | (1,554) | ||||||
| Deferred revenue | 296 | 239 | ||||||
| Net cash used in operating activities | (9,362) | (9,439) | ||||||
| Cash flows from investing activities | ||||||||
| Purchase of property and equipment | (315) | (94) | ||||||
| Change in restricted cash | - | (29) | ||||||
| Purchase of short-term investments | (8,502) | (7,541) | ||||||
| Proceeds the from sale and maturity of short-term investments | 25,663 | 19,879 | ||||||
| Net cash provided by investing activities | 16,846 | 12,215 | ||||||
| Cash flows from financing activities | ||||||||
| Proceeds from options exercised | 36 | 212 | ||||||
| Net cash provided by financing activities | 36 | 212 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 1 | - | ||||||
| Net increase in cash and cash equivalents | 7,521 | 2,988 | ||||||
| Cash and cash equivalents at beginning of period | 12,526 | 10,814 | ||||||
| Cash and cash equivalents at end of period | $ | 20,047 | $ | 13,802 | ||||
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