Aemetis Inc (NASDAQ:AMTX) Q1 2019 Earnings Conference Call Transcript

May 09, 2019 • 02:00 pm ET

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Aemetis Inc (NASDAQ:AMTX) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Welcome to the Aemetis First Quarter 2019 Earnings Review Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Todd Waltz, Executive Vice President and Chief Financial Officer of Aemetis. Mr. Waltz, you may begin.

Executive
Todd Waltz

Thank you, Rob. Welcome to the Aemetis First Quarter 2019 Earnings Review Conference Call. We suggest visiting our website at aemetis.com to review today's earnings press release, updated corporate presentations, filing with the Securities and Exchange Commission, recent press releases and previous earning conference calls. This presentation is available for review or download on the aemetis.com homepage. Before we begin our discussion today, I'd like to read the following disclaimer statement.

During today's call, we'll be making forward-looking statements, including without limitations statements with respect to our future stock performance, plans, opportunities and expectations with respect to financing activities and the execution of our business plan. These statements must be considered in conjunction with the disclosure and cautionary warnings that appear in our SEC filings. Investors are cautioned that all forward-looking statements made on this call involve risk and uncertainty and that future events may differ materially from the statements made. For additional information, please refer to the company's Security and Exchange Commission filings, which are posted on our website and are available from the company without charge.

Our discussion on this call will include a review of non-GAAP measures as a supplement to financial results, based on GAAP. A reconciliation of the non-GAAP measures to the most recent directly comparable GAAP measures is included in our earnings release for the quarter ended on March 31, 2019, which is available on our website.

Adjusted EBITDA is defined as net income or loss plus to the extent deduced in calculating such net income, interest expense, loss on extinguishment, income tax expense in tangible and other amortization expense, accretion expense, depreciation expense and share-based compensation expense.

Now, I'd like to review the financial results for the first quarter of 2019. Revenues during the first quarter of 2019 were $41.9 compared to $43 million for the first quarter of 2018. North America increased the volume of ethanol sold from 16.1 million gallons to 16.2 million gallons which was offset by a softening price from $1.76 per gallon to $1.68 per gallon. While India's biodiesel price was $851 per metric ton compared to $839 per metric ton, with ton sold at 5,286 tons compared to 5,182 tons.

Gross profit for the first quarter of 2019 decreased by $2.2 million to $400,000 loss compared to a gross profit of $1.9 million during the first quarter of 2018. Selling, general and administrative expenses were $4.2 million during the first quarter of 2019 compared to $3.8 million in the first quarter of 2018, primarily driven by an increase in professional fees.

Operating loss was $4.6 million for the first quarter of 2019, compared to