Synthesis Energy Systems (SYMX) Reports Q3 Loss of $0.05

Synthesis Energy Systems (NASDAQ: SYMX) reported Q3 EPS of ($0.05), versus ($0.06) reported last year. Revenue for the quarter came in at $2.8 million, versus $7.2 million reported last year.

"During this past quarter we have gained good traction in China especially, where three clean coal gasification projects are under construction for Aluminum Corporation of China using seven total SES Gasification Systems. Our China joint venture, Tianwo-SES Clean Energy Technologies, is supplying an expected $23 million of technology, proprietary equipment plus additional equipment related to the three gasification plants to the Innovative Coal Chemical Design Institute, or ICCDI. ICCDI is the turnkey contractor supplying all the engineering, construction and balance of plant equipment for the projects. These industrial syngas supply plants are in what we consider an emerging growth market of replacement gas, and they represent our first win by the Tianwo-SES joint venture. The construction by ICCDI is fast-tracked, in staged progression and two of the projects are expected to be completed during this calendar year, with the third following in early 2016. Tianwo-SES reports a growing pipeline of seven similar prospective projects that may follow-on as the first of these projects start-up with good results. This momentum of continuing growth is positioning our China JV to start fully covering its costs and generating earnings so SES can realize future dividends," said Robert W. Rigdon, President and CEO. "Our operating JV plants in China have also been making good progress during our fiscal third quarter. We are smartly managing the ZZ JV and navigating the current low methanol price environment, and moving towards re-purposing the ZZ JV to better utilize its capability profitably. At the Yima JV, which just this past week started back up after a scheduled maintenance shut-down, we are moving closer to our goal of gaining formal acceptance and then pursuing alternatives for monetizing some or all of the $34.8 million invested."

For earnings history and earnings-related data on Synthesis Energy Systems (SYMX) click here.

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