Biox announces third quarter financials, discusses US expansion

By Erin Voegele | August 10, 2011

Canadian biodiesel producer Biox Corp. has reported its financial results for its 2011 third quarter (Q3), which ended June 30. According to the company’s CEO Kevin Norton, the value of biodiesel is increasing, as evidenced by growing Q3 sales. He said that the price of the fuel is responding to demand from U.S. refiners and importers that are obligated to meet the volume requirements established by the renewable fuels standard (RFS2).

Information released by Biox shows that the company’s production for Q3 2011 increased when compared to the same period last year, from 14.4 million liters (3.8 million gallons) last year to 15.2 million liters (4.02 million gallons) this year. Sales increased significantly as well. According to Biox, sales for Q3 2011 were $24.5 million, compared to $6.58 during Q3 2010. The company’s operating loss fell from $5.6 in Q3 2010 to $431,000 in Q3 2001.

“The underlying fundamentals of the North American biodiesel market continue to improve,” Norton said. “The relevant U.S. authority has recommended increasing the current minimum volume of biomass-based diesel by 63 percent by 2013. Canada has joined the U.S. in establishing a mandated renewable fuels market for diesel. These positive developments support our planned expansion. As such, we have identified the site of our next proposed facility, which is located in the U.S., and we are working to finalize commercial terms for the land lease and required infrastructure.”

Norton also discussed his company’s expansion plans. According to information released by Biox, the company has identified a site for a second proposed production facility, which would be located in the U.S. Primary site due diligence and site planning have been completed. Biox has also executed a nonbinding memorandum of understanding with the owner of the site and is working to finalize commercial terms for the land lease, long-term tank rentals, terminal services and infrastructure requirements. 

 

 
 
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