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Dynamotive Reports Q3 Operating Results

Posted by Dana in December 10th 2009

Dynamotive Energy Systems Corporation (OTCBB: DYMTF) commented on its 3rd Quarter results and announced investor conference call for Monday 14th December 2009, 10:00 AM Eastern Standard Time.

Increased sales of BioOil during the quarter, combined with the Company’s aggressive cost cutting measures (previously disclosed) have resulted in significant reduction in losses.

Losses for the Quarter ended September 30, 2009 were reduced to $1.1 million, or $0.004 per share, compared with net loss of $2.8 million or $0.01 per share in the third quarter of 2008. Dynamotive’s net loss for the nine months ended September 30, 2009 was $4.3 million, or $0.02 per share, compared with a net loss of $7.1 million, or $0.03 per share for the nine months ended September 30, 2008.

Excluding stock-based compensation, the net loss for the third quarter ended September 30, 2009 was $0.9 million, compared with a net loss of $2.4 million for the same quarter in 2008. Dynamotive’s net loss for the nine months ended September 30, 2009 was $3.5 million, compared with a net loss of $5.4 million for the same period in 2008.

Total non-cash expenses for the third quarter were $0.2 million in 2009 ($0.4 million in 2008) and for the nine months ended were $0.8 million ($1.7 million in 2008), resulting from non-cash compensation and other non-cash charges.

During the 3rd Quarter, the Company continued its development activities in BioOil upgrading and advanced discussions with strategic partners in regard to joint development and marketing of its BioOil production and upgrading processes.

Independent tests continued on upgraded BioOil A and B further confirming the capacity to upgrade pyrolysis oil to synthetic hydrocarbons.