Click here to close now.




















Welcome!

Apache Authors: Dana Gardner, Liz McMillan, Mohamed El-Refaey, Ajay Budhraja, Don MacVittie

News Feed Item

ThermoEnergy Corporation Announces Third Quarter 2012 Results

Third Quarter Revenue Increases 70% Year-Over-Year

WORCESTER, Mass., Nov. 14, 2012 /PRNewswire/ -- ThermoEnergy Corporation (OTCBB: TMEN), a diversified technologies company engaged in the development and sale of patented and/or proprietary wastewater treatment solutions and power generation technologies in global markets, today announced revenue increased 70% to $2.0 million for the three month period ended September 30, 2012 and 57% to $5.6 million for the nine-month period ended September 30, 2012.

(Logo: http://photos.prnewswire.com/prnh/20100816/CL50460LOGO )

Mr. Cary Bullock, Chairman and Chief Executive Officer of ThermoEnergy commented, "The Company continues to achieve key milestones in both the water treatment and power generation businesses. During the quarter, we made key inroads into the oil & gas industry with the sale of our first FracGen™ water production system and the launch of our TurboFrac™ produced water treatment system. We recently signed a $1.1 million contract with Paiton Energy, owner of the largest power plant in Indonesia, to recover ammonia in the plant's condensate polishing system. The company also delivered and began operating our first Thermo ARP ammonia recovery unit at a biogas plant in Europe."

Mr. Bullock continued, "On the power generation technology side, we kicked off our Department of Energy grant project to model, design, build, and test a bench scale flameless combustion system for pressurized oxy-combustion power generation. Management expects the progress made in both our wastewater and power generation business strategies will lead to significant long-term growth for our shareholders."

Company Highlights:

  • Third quarter 2012 revenue increased to $2.0M compared to $1.2M during the same period in 2011.
  • Nine-month revenue increased to $5.6M compared to $3.6M during the same period in 2011.
  • Booked a $1.1 million ARP system order for Paiton Energy in Jakarta, Indonesia.
  • Signed and delivered ThermoEnergy's first commercial FracGen™ water production system to an oil and gas services company and began offering its TurboFrac™ produced water treatment system. 
  • The Company shipped and installed its ThermoEnergy ARP™ (Ammonia Recovery Process) pilot system at a major biogas production plant near Amsterdam, the Netherlands.
    • The ARP system will be owned by ThermoEnergy and operated by its partner in the Netherlands, ProfiNutrients BV.
  • Completed building a CAST® based brine concentration system for a division of a major international mining supply company.  We expect this will be shipped in Q1 2013.
  • ThermoEnergy's Unity Power Alliance (UPA) joint venture with ITEA was awarded a U.S. Department of Energy (DOE) grant to model, design, build, and test the company's patented pressurized oxy-combustion technologies for the production of clean electric power from coal. Success on this grant has the potential to lead to a $10 to $20 million grant in 2013.
  • Obtained $3.1 million of equity financing and $0.7M in project financing in 2012 to advance company objectives and fund working capital needs.

Three Month Financial Results for the Period Ended September 30, 2012

Revenues totaled $2,032,000 for the third quarter of 2012, an increase of 70% compared to $1,193,000 for the third quarter of 2011.  Revenues in the third quarter of 2012 were primarily driven by revenues from our New York City Department of Environmental Protection ("NYCDEP") contract as well as our first sale of a mobile FracGen water production system to the oil and gas industry.

Gross profit for the third quarter of 2012 was $1,000 compared to gross profit of $120,000 in the third quarter of 2011.  The decrease in gross profit is attributable to lower margins on our first mobile FracGen water production system due to higher than expected production costs on the first unit as well as a stop work order issued in August 2012 from New York City's Department of Environmental Protection (NYCDEP) contract.

Due to the stop work order, we incurred ongoing production related costs that could not be charged to the project in the quarter.  On November 13, 2012, the NYCDEP notified the Company that it is terminating the contract which may negatively affect fourth quarter and early 2013 revenues and gross margins.  However, given our new focus on the oil & gas and biogas industries, we expect the short-term negative effect of the termination of the NYCDEP contract will be offset over the long term by new business from implementing our strategy.  

General and administrative expenses were $1,035,000 for the third quarter of 2012 and $897,000 for the third quarter of 2011. The increase in expenses were primarily due to increased legal costs attributable to our third quarter financings and patent applications.

Sales and marketing expenses were $598,000 for the third quarter of 2012 compared to $561,000 in the third quarter of 2011. The Company's sales and marketing efforts in the third quarter of 2012 were redirected and increased to focus on the oil & gas and biogas industries over municipal and other traditional markets in the prior year.

The Company reported a net loss for the three month period ended September 30, 2012, of $1.9 million, or $0.02 per share, compared to $6.5 million, or $0.11 per share for the same period in 2011.

Nine Month Financial Results for the Period Ended September 30, 2012

Revenues totaled $5,620,000 for the first nine months of 2012 compared to $3,575,000 for the first nine months of 2011, an increase of $2,045,000 or 57%.  Gross profit for the first nine months of 2012 was $382,000 (7% of revenues), an increase of $128,000 compared to $254,000 (7% of revenues) in the first nine months of 2011. 

General and administrative expenses were $3,951,000 in the nine-month period ended September 30, 2012 compared to $3,592,000 for the same 2011 period. Sales and marketing expenses were $2,188,000 in the nine-month period ended September 30, 2012 compared to $1,699,000 in the same 2011 period. 

The Company reported a net loss for the nine month period ended September 30, 2012, of $5.9 million, or $0.06 per share, compared to $15.3 million, or $0.27 per share for the same period in 2011.

In September of 2012, the company reduced its operating costs through a reduction in workforce and the elimination of certain sales and administrative costs, the benefit of which will begin to take effect in our fourth quarter's financial results.

As of September 30, 2012 the Company had cash on hand at of $528,000.

Please see our Form 10-Q filed with the SEC today for additional details.  

Investor Conference Call

The conference call will be on Wednesday, November 14th at 4:30 PM Eastern Time. Management will make a brief presentation focusing on the company's results, strategies and operating plans. Those wishing to dial in to the call via telephone can do so at Toll Free: 1-877-941-1429.  Toll/International: 1-480-629-9666 Conference ID: 4572448.

A live webcast will be available at: http://public.viavid.com/index.php?id=102244

This event is optimized for Windows Media Player Version 9.  A recording of the call will be available at the above link 15 minutes after the conclusion of the event.

About ThermoEnergy Corp.

Founded in 1988, ThermoEnergy is a diversified technologies company engaged in the worldwide development, sales and commercialization of patented and/or proprietary wastewater treatment and power generation technologies. The company has been a pioneer in the development of sustainable water treatment technologies that help clients operate more efficiently, save money, reduce their carbon footprints, and meet sustainability goals. Additional information on the Company and its technologies can be found on its website at www.thermoenergy.com

THIS PRESS RELEASE INCLUDES STATEMENTS THAT MAY CONSTITUTE "FORWARD LOOKING" STATEMENTS, USUALLY CONTAINING THE WORDS "ESTIMATE", "PROJECT", "EXPECT" OR SIMILAR EXPRESSIONS. FORWARD LOOKING STATEMENTS INHERENTLY INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM CURRENT EXPECTATIONS. BY MAKING THESE FORWARD LOOKING STATEMENTS, THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THESE STATEMENTS FOR REVISIONS OR CHANGES.

SOURCE ThermoEnergy Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.