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:
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Richard Ruebe, CEO
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Jeff Lemajeur, CFO
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630.773.1226
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SOURCE GTL Resources PLC