Welcome!

Apache Authors: Liz McMillan, Elizabeth White, Janakiram MSV, Gil Allouche, William Schmarzo

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 Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.