Syntroleum has reported a net income of $0.06 per share versus a loss of $0.98 per share for the year ended December 31, 2006. The company’s cash balance at December 31, 2007, was $18.4 million, down from $33.4 million from the 2006 year-end.
This $18.4 million does not include the $5.8 million payment received on March 3, 2008, representing the final payment from the sale of Syntroleum International’s Nigerian business. Two $5 million performance-based payments remain outstanding from first production of the Aje and Ajapa Blocks offshore Nigeria. Also not included in the $18.4 million, the company received gross proceeds of $1.3 million from the sale of its former office complex in March 2008 for a total cash receipt of $7.1 million in early 2008.
For the fourth quarter ended December 31, 2007, the company reported net income of $1.6 million, or $0.03 per share, compared to a net loss of $13 million, or $0.23 per share, for the fourth quarter of 2006. Revenues for the fourth quarter of 2007 were $1.2 million, compared to $0.12 million for the fourth quarter of 2006.
