Operating Expenses (excluding cost of product revenue)
Excluding cost of product revenues, total operating expenses related to continuing operations decreased $4.3 million to $25.1 million (including share-based compensation of $0.8 million) for the nine months ended September 30, 2010 from $29.4 million (including share-based compensation of $3.9 million) for the same period in the prior year. Excluding the impact of share-based compensation, total operating expenses decreased $1.2 million primarily due to $2.1 million of debt issuance costs during the third quarter of 2009 related to our 2007 Notes exchange and 2008 Notes amendment, partially offset by $1.4 million in bonus payments expensed during the third quarter of 2010.
Net Loss from Continuing Operations
Net loss from continuing operations for the nine months ended September 30, 2010 was $11.9 million compared to a net loss of $5.7 million for the same period in 2009, on a GAAP accounting basis. Adjusted for the non-cash impact of the tax benefit from income from discontinued operations, gains on debt extinguishment and amendments, and gains and losses for fair value remeasurements related to the 8% and 9% convertible notes, the Company's non-GAAP pro-forma net loss from continuing operations for the nine months ended September 30, 2010 was $16 million compared to $23.4 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.
Net Income (Loss) from Discontinued Operations
For the nine months ended September 30, 2010, net income from discontinued operations was $9.8 million and included a $46.9 million gain on sale of the cellulosic biofuels business (net of tax p
|SOURCE Verenium Corporation|
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