IRVINE, Calif., April 2, 2012 /PRNewswire/ -- VIASPACE Inc. (OTC
Bulletin Board: VSPC), a clean energy company growing Giant King™
Grass as a low-carbon, renewable biomass crop, today reported
financial results for the fourth-quarter and year ended
December 31, 2011.
2011 Financial Highlights
- Total revenue for 2011 was $6,759,000, compared with total revenue for 2010
of $3,643,000, an increase of
$3,116,000 or 86%.
- Gross profit for 2011 was $2,071,000, compared to gross profit of
$1,009,000 for 2010, an increase of
$1,062,000 or 105%.
- Selling, general and administrative (SG&A) operating
expense was $3,589,000 compared to
$3,650,000 in 2010. Operations
expense was $267,000 compared to
$178,000 in 2010. In 2011, there was
$7,307,000 of goodwill impairment
expense. Total operating expenses for 2011 were $11,163,000 compared to $3,828,000 in 2010.
- Operating loss for 2011 was $9,092,000, compared to an operating loss of
$2,819,000 in 2010.
- Net loss for 2011 was $9,359,000
compared to a net loss in 2010 of $2,961,000. After effect of loss attributed
to noncontrolling interests, net loss attributed to the Company was
$7,482,000 in 2011 compared to net
loss attributed to the Company of $2,833,000 in 2010.
- Net loss per share for 2011 and 2010 were both less than
$0.01 per share
Dr. Kevin L. Schewe, the
newest member of the VIASPACE Board of Directors,
commented on the 2011 financial results, "As a major VSPC
shareholder who is focused on share value and growth, I continue to
view my role on the VIASPACE Board as the presence and voice of our
shareholders. With the exception of the goodwill impairment expense
of $7.3 million which was related to
our Inter-Pacific Arts artwork business and its original valuation
in October 2008, we show progress,
year-over-year from 2010 to 2011. As a VSPC shareholder
and investor, I look at revenues, operating cash flow and corporate
direction for future growth and stock valuation. Comparing 2011 to
2010, we had an 86% increase in revenues, 105% increase in gross
profit and ended the year with $1,141,000 cash in the bank. We have evolved from
a development stage company into a revenue generating company and
we are now riveted on creating future revenue and growth with Giant
King Grass."
Fourth-Quarter 2011 Highlights
- Total revenue for fourth-quarter 2011 was $1,184,000, compared with total revenue for
fourth-quarter 2010 of $1,040,000, an
increase of $144,000 or 14%.
- Gross profit was $363,000,
compared to gross profit of $288,000
for fourth-quarter 2010, an increase of $75,000 or 26%.
- Total operating expenses in 2011 were $8,504,000, including $1,069,000 of selling, general and administrative
(SG&A) expense, $128,000 for
operations and $7,307,000 of goodwill
impairment expense. Total operating expenses for fourth-quarter
2010 were $922,000 and included
$860,000 in SG&A and $62,000 for operations.
- Operating loss was $8,141,000,
compared to an operating loss of $634,000 in fourth-quarter
2010.
- Net loss was $8,298,000 compared
to a net loss in fourth-quarter 2010 of $695,000. After effect of loss attributed
to noncontrolling interests, net loss attributed to the Company was
$6,309,000 in fourth-quarter 2011
compared to net loss attributed to the Company of $657,000 in fourth-quarter 2010.
- Net loss per share for fourth-quarter 2011 and fourth-quarter
2010 were both less than $0.01 per
share
Dr. Schewe continued his comments, "Not all penny stocks are
created equal. VIASPACE is not a "Pink Sheet" stock, we are
a fully-audited and fully-reporting OTC Bulletin Board Company
laid bare to the eyes of the investment community. Our days as a
development stage company have had their toll on our share
price and the market has more than priced that into our current
share value. The market has its way of discerning the future and in
my opinion, our brightest days lie ahead. Smart,
long-term investors make their money on share price
growth. VIASPACE is determined to be an integral part of the growth
of the renewable bioenergy investment sector and I believe our
company value will reflect that growth going forward from
here."
VIASPACE Chief Executive Dr. Carl
Kukkonen stated: "We are currently working with Giant King
Grass clients and potential clients in at least 9 countries on 5
continents. I want to sincerely thank our customers for their faith
in us. We appreciate their business and we will continue to work to
deliver high quality products. I also want to thank our strong base
of loyal shareholders and openly welcome those who are new to
us. We will keep working hard to build shareholder value with each
new opportunity."
About VIASPACE Inc.
VIASPACE is a clean energy company providing products and
technology for renewable and alternative energy that reduce or
eliminate dependence on fossil and high-pollutant energy sources.
Through its majority-owned subsidiary VIASPACE Green Energy Inc.,
the Company grows Giant King Grass
as a low-carbon fuel for electricity generating power plants, as a
feedstock for bio methane production and cellulosic biofuels, and
for other low-carbon, renewable energy products. For more
information, please go to www.viaspace.com or contact Dr.
Jan Vandersande, Director of
Communications, at 800-517-8050 or IR@VIASPACE.com.
Safe Harbor Statement
Information in this news release includes forward-looking
statements. These forward-looking statements relate to future
events or future performance and involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking
statements. Such factors include, without limitation, risks
outlined in our periodic filings with the U.S. Securities and
Exchange Commission, including Annual Report on Form 10-K for the
year ended December 31, 2011, as well
as general economic and business conditions; the ability to acquire
and develop specific products and technologies; changes in consumer
and business demand for the Company's products; competition from
larger companies; changes in demand for alternative and clean
energy; risks associated with international transactions; risks
related to technological change; and other factors over which
VIASPACE has little or no control.
SOURCE VIASPACE Inc.