Nova Biosource Fuels reports first quarter loss

By Anna Austin | March 09, 2009
Web exclusive posted March 24, 2009, at 4:58 p.m. CST

In a preliminary financial report for the first quarter of 2009, Montana-based biodiesel producer Nova Biosource Fuels Inc. states it has experienced a net loss of approximately 11.15 million. As of Jan. 31, company assets totaled approximately $109.6 million; liabilities totaled approximately $110.5 million.

Additional information will be provided in the company's Form 10-Q for the first quarter, which has not been filed yet due to staffing and financial limitations. The company reported it intends to file the Form 10-Q on or before April 15.

Nova Biosource owns a 60 MMgy biodiesel production facility in Seneca, Ill., and a 10 MMgy plant in Clinton, Iowa. Recently, the company's board of directors authorized management to idle its Seneca plant, and to suspend plans to restart its idled Clinton refinery. (Read "Nova Biosource Fuels to idle biodiesel plants.")
 
 
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