Net loss for New Generation

US-based technology company New Generation's 2010 financial results show that the company lost a total of $11.6 million (€8.2 million) last year, as ethanol production declined.

Throughout 2010 New Generation produced 21,000 gallons of biofuel – a significant decrease compared to the 209,000 gallons the company produced in 2009.

2010's net operating expenses were also lower than in 2009, at $1.8 million.
With $9,095 in revenues and $4.5 million in net losses during Q4 2010 alone, these figures are lower than those reported for the same period in 2009. Q4 2009 financial results saw New Generation achieve $101,890 in revenues and a net loss of $4.1 million.

New Generation's output capacity for biofuels was 8,000 gallons in Q4 2010, compared to the 88,000 gallons which it produced during the same period in 2009.

'2010 was a challenging year for New Generation Biofuels,' comments John Mack, chairman of New Generation. 'The difficulties in not closing a strategic joint venture transaction, coupled with senior management departures, resulted in a decline in market value and difficulty in funding our operations and ultimately our departure from NASDAQ.
'We have recently appointed David Goebel, our chief operating officer, as principal executive officer... In addition to addressing our capital needs, our operational focus will be the development and commercialisation of a fuel product utilising pyrolysis oil as the feedstock. We believe that the successful development of a pyrolysis-based product will allow us to offer biofuel that is renewable, emission reducing and economically viable with or without government incentives. We also believe this will give us a unique position within the alternative fuel industry,' says Mack.