U.S. Geothermal (TSX:GTH, StockForum), a Boise Idaho-based firm engaged in the acquisition, development and utilization of geothermal resources in the Western US, released financial results today from its year-end 2013.
According to the news release, the company recorded $27.4 million in operating revenue for 2013 versus $9.8 million reported in 2012 while EBITDA came in at $14.5 million over a loss of $0.5 million filed in 2012. Net income totaled $4.1 million for the year compared to a net loss of $4.3 million reported in 2012.
Company CEO, Dennis Gilles, commented, “We are proud to report that our performance for 2013 exceeded our expectations, with Generation, Revenues, EBITDA, and Net Income all exceeding the high end of the guidance that we had previously provided for calendar year 2013.”
He went on to illustrate, “Wrapping up the year with an especially strong fourth quarter performance allowed us to not only meet, but beat, the guidance we had previously provided. All three facilities are operating with availability percentages in the mid to high 90's.”
Then he concluded, “Our operating team has done an outstanding job of ensuring consistently strong generation from each facility."
U.S. Geothermal was in the news recently when the company announced first distribution of profits from the Neal Hot Springs project at the beginning of March.
Shares rose 12.90% on the news to $1.05 per share.
Currently there are 102.1m outstanding shares with a market cap of $107.2 million.