CADIZ Inc. (CDZI, Financial) filed Quarterly Report for the period ended 2010-09-30.
Cadiz Inc. has a market cap of $162.1 million; its shares were traded at around $11.85 with and P/S ratio of 202.6. CDZI is in the portfolios of Mario Gabelli of GAMCO Investors.
Compensation costs from stock and option awards for the three months ended September 30, 2010, were $478 thousand, compared with $440 thousand for the three months ended September 30, 2009. The expense reflects the vesting schedules of the stock and option awards under the 2007 and 2009 equity incentive plans. Of these amounts, $120 thousand in 2010 and $289 thousand in 2009 relate to Milestone-Based Deferred Stock, none of which were ultimately issued. Shares and options issued under the Plans vest over varying periods from the date of issue to January 2012. See Notes to the Consolidated Financial Statements: Note 5 – Stock Based Compensation Plans and Warrants.
We had revenues of $281 thousand for the nine months ended September 30, 2010, and $186 thousand for the nine months ended September 30, 2009. We incurred a net loss of $11.5 million in the nine months ended September 30, 2010, compared with a $10.9 million net loss during the nine months ended September 30, 2009. The higher 2010 loss was primarily due to higher stock based compensation costs related to shares and options issued under the 2009 Equity Incentive Plan.
Compensation costs from stock and option awards for the nine months ended September 30, 2010, were $3.2 million compared with $1.8 million for the nine months ended September 30, 2009. The expense reflects the vesting schedules of the stock and option awards under the 2007 and 2009 equity incentive plans. Of these amounts, $360 thousand in 2010 and $868 thousand in 2009 relate to Milestone-Based Deferred Stock, none of which were ultimately issued. Shares and options issued under the Plans vest over varying periods from the date of issue to January 2012. See Notes to the Consolidated Financial Statements: Note 5 – Stock Based Compensation Plans and Warrants.
On October 19, 2010, we closed a new $10 million working capital facility with our existing Lenders. Under the terms of the new $10 million facility, we drew the first $5 million on the Closing Date (“First Tranche”). At our option, we may draw up to an additional $5 million over the 12 months following the Closing Date (“Second Tranche”). All interest on outstanding balances will accrue at 6%, with no principal or interest payments required before the new facility s June 29, 2013 maturity date, consistent with our existing term debt facility. The First Tranche (including accrued interest) is convertible at any time into our common stock at a price of $13.50 per share, and the Second Tranche (including accrued interest), if drawn, would be convertible into our common stock at $12.50 per share.
Also on the Closing Date, our existing debt facility with the Lenders, which as of September 30, 2010, had $45.65 million outstanding, was modified as to certain of its conversion features. $20.62 million of the existing convertible debt has been changed to allow for up to $2.5 million of this amount to be converted at any time into our common stock at the price of $13.50 per share, with the remaining amount becoming non-convertible. If the Second Tranche is drawn, approximately $20 million of additional existing debt would be changed to allow for up to $5 million of this amount to be converted at any time into our common stock at $12.50 per share, with the remaining amount becoming non-convertible. The final $4.55 million of the existing debt continues to be convertible at $7 per share.
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Cadiz Inc. has a market cap of $162.1 million; its shares were traded at around $11.85 with and P/S ratio of 202.6. CDZI is in the portfolios of Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
We have not received significant revenues from our water resource activity to date. As a result, we have historically incurred a net loss from operations. We had revenues of $274 thousand for the three months ended September 30, 2010, and $138 thousand for the three months ended September 30, 2009. We incurred a net loss of $3.2 million in the three months ended September 30, 2010, compared with a $3.1 million net loss during the three months ended September 30, 2009.Compensation costs from stock and option awards for the three months ended September 30, 2010, were $478 thousand, compared with $440 thousand for the three months ended September 30, 2009. The expense reflects the vesting schedules of the stock and option awards under the 2007 and 2009 equity incentive plans. Of these amounts, $120 thousand in 2010 and $289 thousand in 2009 relate to Milestone-Based Deferred Stock, none of which were ultimately issued. Shares and options issued under the Plans vest over varying periods from the date of issue to January 2012. See Notes to the Consolidated Financial Statements: Note 5 – Stock Based Compensation Plans and Warrants.
We had revenues of $281 thousand for the nine months ended September 30, 2010, and $186 thousand for the nine months ended September 30, 2009. We incurred a net loss of $11.5 million in the nine months ended September 30, 2010, compared with a $10.9 million net loss during the nine months ended September 30, 2009. The higher 2010 loss was primarily due to higher stock based compensation costs related to shares and options issued under the 2009 Equity Incentive Plan.
Compensation costs from stock and option awards for the nine months ended September 30, 2010, were $3.2 million compared with $1.8 million for the nine months ended September 30, 2009. The expense reflects the vesting schedules of the stock and option awards under the 2007 and 2009 equity incentive plans. Of these amounts, $360 thousand in 2010 and $868 thousand in 2009 relate to Milestone-Based Deferred Stock, none of which were ultimately issued. Shares and options issued under the Plans vest over varying periods from the date of issue to January 2012. See Notes to the Consolidated Financial Statements: Note 5 – Stock Based Compensation Plans and Warrants.
On October 19, 2010, we closed a new $10 million working capital facility with our existing Lenders. Under the terms of the new $10 million facility, we drew the first $5 million on the Closing Date (“First Tranche”). At our option, we may draw up to an additional $5 million over the 12 months following the Closing Date (“Second Tranche”). All interest on outstanding balances will accrue at 6%, with no principal or interest payments required before the new facility s June 29, 2013 maturity date, consistent with our existing term debt facility. The First Tranche (including accrued interest) is convertible at any time into our common stock at a price of $13.50 per share, and the Second Tranche (including accrued interest), if drawn, would be convertible into our common stock at $12.50 per share.
Also on the Closing Date, our existing debt facility with the Lenders, which as of September 30, 2010, had $45.65 million outstanding, was modified as to certain of its conversion features. $20.62 million of the existing convertible debt has been changed to allow for up to $2.5 million of this amount to be converted at any time into our common stock at the price of $13.50 per share, with the remaining amount becoming non-convertible. If the Second Tranche is drawn, approximately $20 million of additional existing debt would be changed to allow for up to $5 million of this amount to be converted at any time into our common stock at $12.50 per share, with the remaining amount becoming non-convertible. The final $4.55 million of the existing debt continues to be convertible at $7 per share.
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