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Codexis Reports First Quarter 2011 Results
Date:5/5/2011

nths EndedMarch 31,Calculation of Adjusted EBITDA20112010Net loss

$
(3,471)$   (1,369)Adjustments:Minus: Interest income

(49)(28)Plus: Interest expense

-298Plus: Income taxes

158(61)Plus: Depreciation and amortization

2,8361,838Plus: Stock-based compensation

2,2861,713Plus: Preferred stock warrant fair market valuation adjustment

-396   Adjusted EBITDA$
,760$
2,787Adjusted EBITDA has limitations as an analytical tool. Some of these limitations are:

  • Adjusted EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
  • Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements; and
  • Non-cash compensation is and will remain a key element of our overall long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period.

  • Because of these limitations, Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA only supplementally.

    Contacts:  Investors:   Henk Adriaenssens, ir@codexis.com, 650-421-8331
    Media: Lyn Christenson, lyn.christenson@codexis.com, 650-421-8144 or Saskia Sidenfaden, ssidenfaden@mww.com, 212-827-3771.


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    SOURCE Codexis, Inc.
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