|By PR Newswire||
|November 14, 2012 04:15 PM EST||
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.
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."
- 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
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