Highlights:
Cash position of $16.7 million compared to a cash position of $10.1 million at December 31, 2008.
Net cash provided by operating activities was $7.5 million for the first quarter of 2009 compared to net cash used in operating activities of $1.5 million in the year-ago quarter.
Dynamic Fuels joint venture with Tyson Foods proceeding on schedule and on budget, with completion of plant construction scheduled for the end of 2009.
Syntroleum generated $7.5 million in cash flow from its operating activities for the three months ended March 31, 2009 compared to using $1.5 million in cash flow for operations for the same period last year. The company’s operating activities have generated cash flows from the execution of key business transactions. Syntroleum’s current receivable balance is $12.8 million from current executed contracts and delivery of technology. Due to the generation of cash flows from operating activities the company will fund its remaining investment in Dynamic Fuels from the company’s current and expected cash flows. Syntroleum will invest $6 million on May 1, 2009 and expect to invest the remaining $5 million, if needed in the fourth quarter of 2009.
