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Verenium Reports Financial Results For The Second Quarter And Six Months Ended June 30, 2012
Date:8/6/2012

rations for the six months ended June 30, 2012 was $27.7 million compared to $2.3 million for the same period in 2011, on a GAAP accounting basis. Adjusted for the impact of restructuring expenses, non-cash items related to the Company's convertible debt and gain on sale of its oilseed processing business, the Company's non-GAAP pro-forma net loss from continuing operations for the six months ended June 30, 2012 was $2.8 million compared to $4.8 million for the same period in the prior year. The Company believes that excluding the impact of these items provides a more consistent measure of operating results. 

Balance Sheet

The Company ended the quarter with $14.4 million in cash and cash equivalents and $5.7 million in total restricted cash.  On April 2, 2012, the Company repurchased the remaining $34.9 million in principal amount of its outstanding 5.5% convertible notes.  To effect these repurchases, the Company paid a total of $35.8 million in cash to its noteholders, including accrued and unpaid interest.  The Company has no remaining debt as of June 30, 2012.

"Despite adverse conditions in the corn ethanol industry, we are pleased overall with our financial results for the first half of 2012," said Jeffrey Black, Senior Vice President and Chief Financial Officer.  "As we aggressively push to increase customer adoption rates, grow our top line and improve product gross margins, we continue to maintain our focus on prudent cost management and cash conservation."

Conference Call and Webcast The Company will host a conference call with live webcast on Monday, August 6 at 5:00 p.m. ET.  The call may be accessed by dialing 877-755-7422 (domestic) or 678-894-3067 (international) five minutes prior to start time and providing the passcode 11868063.  A link to the live webcast and the slides included in the webcast may also be accessed by visiting the "Investors" section of the Company's website at
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SOURCE Verenium Corporation
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