GTL Resources PLC Full Year Financial Results Beat Market Expectations
CHICAGO, June 15, 2011 /PRNewswire/ — GTL Resources PLC (AIM: GTL) today announced that results for fiscal year 2011 included revenue of $261.4 million, a 21% increase, attributable to improved ethanol manufacturing operations, higher ethanol volumes produced and sold, and increased unit pricing.
The company delivered basic earnings per share of $0.19 from EBITDA of $30.4 million after recording a non-cash income tax provision of $4.1 million. Interest-bearing debt was reduced by $20 million. “We are pleased with our performance in a difficult commodity market and that we were able to deliver above market expectations,” stated Richard Ruebe, chief executive officer of GTL. “This was the second year of substantial cash generation for GTL since our plant doubled capacity in 2009. Continual process improvements have led to excellent operating performance.”
The 15% increase in the FY 2011 average selling price of ethanol (FY 2011 of $1.97/gallon versus FY 2010 average of $1.71/gallon) was more than offset by the 26% increase in the average cost of corn (FY 2011 cost of $4.61/bushel versus FY 2010 cost of $3.65/bushel). “While market margins were often weak and sometimes negative, GTL throughout the year consistently delivered better margins than were generally available in the market,” Ruebe added.
For the year ended, GTL sold 110.4 million gallons of ethanol which is a 7.2% increase from the previous year. The company sold 297 thousand tons of dried distiller grains with solubles (DDGS) which is a 5% year over year increase. DDGS are a byproduct of ethanol manufacturing and are used for animal feed.
In advancing its diversified bio refinery strategy, GTL also announced it is now in its second year of development with Prairie Gold, Inc. to ultimately commercialize a patented process for extracting zein protein from corn flour. Zein protein is high-value product that has potential applications in food and pharmaceuticals as an edible, biodegradable coating and encapsulant.
To access the full earnings released issued in London, click on the link: http://www.gtlresources.com/previous-company-announcements
Contact: Richard Ruebe, CEO Jeff Lemajeur, CFO 630.773.1226
SOURCE GTL Resources PLC