SAN DIEGO, March 14, 2013 /PRNewswire/ -- Verenium Corporation (the "Company") (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today announced certain preliminary financial results for its year ended December 31, 2012. The Company intends to provide fourth quarter and full year audited 2012 financial results on Wednesday, March 27, 2013 after market close.
Verenium expects to report total revenue in the range of $57.0 million to $57.5 million and product gross profit in the range of $16.5 million to $17.0 million for the year ended December 31, 2012. Verenium also expects to report operating income between $20.8 million and $21.3 million, including a $31.3 million gain on the sale of the Company's oilseed processing business and, excluding this gain, a non-GAAP operating loss between $10.0 million to $10.5 million. The Company believes that excluding the impact of this gain provides a more consistent measure of operating results.
The Company also expects to report capital expenditures in the range of $8.0 million to $8.5 million for the year ended December 31, 2012 and an unrestricted cash balance of approximately $34.9 million as of December 31, 2012.
"The progress we have made during 2012 towards our operational and partnering objectives, together with our solid financial performance, sets a strong foundation for 2013," said James Levine , President and Chief Executive Officer at Verenium. "We remain optimistic about the near-term opportunities for our high-performance industrial enzyme products and the long-term growth prospects for our company. We look forward
|SOURCE Verenium Corporation|
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