Corporate Updates: Gevo, Inc. (NASDAQ:GEVO), Tibco Software Inc. (NASDAQ:TIBX), U.S. Silica Holdings Inc. (NYSE:SLCA)
Dallas, Texas, 09/19/2014 (ustrademedia) – Gevo, Inc. (NASDAQ:GEVO) reported an update for its SBS (Side-by-Side) operational mode of Luverne plant. The company began the co-production of ethanol and iso-butanol back in June 2014, with three fermenters dedicated to ethanol and one fermenter dedicated to iso-butanol production. The company announced the production and shipment of iso-butanol in railcar volumes, following the completion of the final phase of capital for the SBS facility. The company also commissioned distillation equipment on early September that facilitates the extraction of iso-butanol from the plant and improved production results at the plant. This equipment helped double iso-butanol batch sizes and savings on the production costs.
Tibco Software Inc. (NASDAQ:TIBX) reported its 3Q14 results for the quarter ended August 31, 2014 with total revenue of $255.6 million as compared to $270.9 million in 3Q13. However, Tibco’s software revenue decreased to $85.9 million in 3Q14 as compared to $108.0 million in 3Q13. The company reported net income of $2.6 million or $0.02 per diluted share in 3Q14 as compared to $21.3 million or $0.13 per diluted share in 3Q13. Chairman and CEO Vivek Ranadivé said that the company accelerated several strategic and operational changes that facilitated improvement in the Spotfire business and also boosted subscription sales.
U.S. Silica Holdings Inc. (NYSE:SLCA) reported that the demand for sand could rise three times over the coming five years as the use of sand is increasing in hydraulic fracturing by energy companies. CEO Bryan Shinn told that we were experiencing clients those use 10,000 tons of sand to frac just one well. The company sold total 8.2 million tons of sand in 2013, 50 percent of which was shipped to energy companies. The company expects approximately 30 to 35 percent volumes growth this year. U.S. Silica is also considering to ramp up frac sand production capacity to 14 million tons by calendar 2016.