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Metabolix Announces Third Quarter 2013 Financial Results
Date:11/5/2013

trains for production of biobased chemicals based on the successful conversion of second generation, or cellulosic, sugars to PHA precursors for C3 (bio-acrylic) and C4 chemicals," added Mr. Eno.THIRD QUARTER AND NINE MONTHS 2013 FINANCIAL OVERVIEWMetabolix manages its finances with an emphasis on cash flow. The Company has maintained this focus and ended the third quarter with $25.7 million in unrestricted cash and investments. The Company's net cash used for operating activities during the third quarter of 2013 was $5.9 million, which decreased from the net cash used of $6.3 million for the comparable quarter in 2012. Metabolix continues to have no debt.

Total revenue in the third quarter of 2013 was $0.9 million, compared to $0.7 million for the comparable quarter in 2012. The third quarter revenue consisted primarily of revenue from work performed on government research grants and product sales. Grant revenue of $0.6 million remained consistent over the same quarter of 2012, primarily as a result of work performed on the Company's $6.0 million DOE grant. Biopolymer product orders of $0.2 million were shipped and billed during the Company's third quarter of 2013. Revenue recognition was deferred for the majority of these shipments in accordance with the Company's policy to defer product revenue for the greater of 60 days or until receipt of customer payment. During the third quarter, $0.3 million in product revenue was recognized, which is a $0.2 million increase over the comparable quarter of 2012, primarily attributable to the Company's implementation of the current product revenue recognition policy during the third quarter of 2012 which resulted in limited revenue recognized during Q3 2012.

Cost of product revenue recognized was $0.5 million during the quarter ended September 30, 2013, compared to $0.3 million for the comparable period in 2012. The increase of $0.2 million was primarily attributable to an increase in associated product revenue
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