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KiOR, Inc. (KIOR)
Q3 2012 Earnings Call
November 8, 2012 10:00 AM ET
Max Kricorian – Director, Finance
Fred Cannon – President and CEO
John Karnes – CFO
Ed Westlake – Credit Suisse
Mahavir Sanghavi – UBS
Mike Ritzenthaler – Piper Jaffray
Vishal Shah – Deutsche Bank
Robert Stone – Cowen & Company
Pavel Molchanov – Raymond James
Brian Lee – Goldman Sachs
Chris Kovaks – Robert Baird
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The telephonic replay will be available approximately two hours after this call is complete and remain available until Thursday, November 13, 2012. The number to call for the replay was included in the earnings release issued earlier this morning. This call is being webcast and will also be available on the company’s website for approximately 90 days in the Investor Relations Section of the site.
I would now like to turn the call over to Max Kricorian, Director of Finance at KiOR.
Good morning. Thank you for joining us to discuss KiOR’s financial and operating results for the third quarter of 2012. With me today are Fred Cannon, President and Chief Executive Officer; and John Karnes, Chief Financial Officer.
I would like to remind everyone that statements will be made during this call that are not historical facts and are forward-looking statements. These statements about the company future expectations, plans and prospects include statements regarding the timing for production from the commissioning the company’s Columbus facility.
The company’s plan to build it next commercial facility in Natchez, Mississippi, achievement of advances in our technology platform on positive sign including the accuracy of our estimates regarding expenses, construction costs, future revenue on capital requirements and other statements containing the words believes, anticipates, plans, expects, intends, and similar expressions. These forward looking statements are based on current expectations and assumptions that are subject to risks and uncertainties.
The company cautions that a number of important factors could cause our actual future results and other future circumstances to differ materially from those expressed in such forward-looking statements. These important factors, and other factors that could potentially affect the company’s financial results are displayed in the section called the brief factors, in the company’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2011 are submitted by the company’s quarterly report from Form 10-Q, for the quarter ended June 30, 2012, and the company’s other filings with the SEC, which are available through the investor relations section of the KiOR website at www.kior.com or on the SEC website at www.sec.gov.
The company may change its intentions, relief or expectations at any time, I mean, I would not just based upon any changes in such factors and the company’s assumptions or otherwise. The company undertakes no obligation through release publicly any relations to any forward-looking statements will affect hence our circumstances after to it through respective currents of our anticipated. Therefore, you should not rely on these forward-looking statements also present in the company views as of any rate subsequently today.
Now I would turn over the call to Fred Cannon.
Thanks, Max. Good morning and thank you for joining us on our conference call. Today, I want to update you on our successful start-up of our Columbus facility and discuss our progress on the R&D front. Starting first with Columbus. Recall on our last earnings call in August, I said, we plan to commence start-up operations at the facility in September and to make our first commercial shipments during the October, November timeframe. In this regard, I’m pleased to report, that we started production at the Columbus facility in October. Our proprietary technology is operating as designed at commercial scale and producing a high quality renewable crude oil, conforming to our design specs. We have also been building our old inventory and anticipating, commencing, upgrading operations in the next week or so.
All of this gives me confidence, that we will share of the world’s first cellulosic gasoline and diesel fuel products on schedule later this month. I will give you a bit more color on the facility start-up and performance, but first, I want to take stock of what we have accomplished getting to this point and what to add then a production at Columbus means for the U.S. generally and the renewable fuel sectors specifically.
Today, much of the renewable discussion revolves around cellulosic fuels, our second generation biofuels. Cellulosic fuels harness the energy in the non-adjustable cell walls of non-food feedstock for transportation fuel. As opposed to plant sugars to primary source of ethanol or a plan, which used in biodiesel.
The world increasingly views cellulosic fuels as a preferred fuel category, because cellulosic fuels used non-food feedstock, allowing significant societal and cost benefits food-based feedstock. And they achieve greater reductions in life cycle greenhouse gas emissions than traditional ethanol or biodiesel. Including in KiOR’s case, over 80% reduction in greenhouse gas emissions compare the fossil fuels.
Cellulosic fuels would appear to be an obvious choice to fill the growing needs of our nation’s growing demand for cleaned energy. Except or just one hitch, to date no one has successfully innovated our second generation fuels process that scales on par with a well established refining processes used in traditional oil.