BOISE, IDAHO--(Marketwired - May 14, 2014) - U.S. Geothermal Inc. (NYSE MKT:HTM)(TSX:GTH) -
| Summary of First Quarter 2014 Financial Results: |
Three Months Ended March 31 |
| (in millions, except per share amounts) |
|
2014 |
|
2013 |
| |
|
|
|
|
| Operating Revenue |
$ |
8.50 |
$ |
7.09 |
| EBITDA |
$ |
5.09 |
$ |
4.38 |
| Net Income (Loss) |
$ |
2.55 |
$ |
2.24 |
| Net Income (Loss) Attributable to US Geothermal |
$ |
1.34 |
$ |
1.39 |
| Per Share |
$ |
0.01 |
$ |
0.01 |
| |
|
|
|
|
| 2014 Full Year Guidance (in millions): |
|
2014 |
|
|
| |
|
|
|
|
| Operating Revenue |
$ |
27 - 31 |
|
|
| EBITDA |
$ |
13 - 16 |
|
|
| Net Income |
$ |
2.5 - 5.5 |
|
|
U.S. Geothermal Inc. (the "Company") (NYSE MKT:HTM)(TSX:GTH), a leading renewable energy company focused on the development, production, and sale of electricity from geothermal energy, announced today its financial and operating results for the first 3 months ending March 31, 2014 (the "First Quarter"), and confirmed guidance for 2014, along with notable achievements for the quarter. This earnings release should be read in conjunction with U.S. Geothermal's First Quarter financial statement, which is available on the Company's website at www.usgeothermal.com and have been posted on SEDAR at www.sedar.com and at the U.S. Securities and Exchange Commission website at www.sec.gov.
Revenue for the First Quarter of 2014 was $8.50 million, compared to $7.09 million for the prior year period. EBITDA for the First Quarter period was $5.09 million, compared to $4.38 million for the prior year period. Net Income (Loss) for the First Quarter period was $2.55 million, compared to $2.24 million in the prior year period. Net Income (Loss) attributable to U.S. Geothermal for the First Quarter period was $1.34 million, or $0.01 per share, compared to $1.39 million, or $0.01 per share in the prior year period.
"We are proud to report that for First Quarter of 2014 our Generation, Revenues, EBITDA, and Net Income were all at the high end of the figures we used to provide our 2014 guidance." said Dennis Gilles, U.S. Geothermal's Chief Executive Officer. "Starting the year with an especially strong First Quarter performance, which resulted from higher than planned generation, and lower than planned costs, is a great beginning to what we hope will be an outstanding year. All three facilities are operating with availability percentages in the high 90's, as we head into our seasonal maintenance outage quarter. Our operating team continues to do an outstanding job of ensuring consistently strong generation from each of our facilities."
U.S. Geothermal provides 2014 full-year guidance for Operating Revenue estimated between $27 and $31 million, 2014 EBITDA estimated between $13 and $16 million, and provides 2014 full-year guidance for Net Income of between $2.5 and $5.5 million.
Notable Achievements for First Quarter 2014 include:
- Operations:
- Generated fleet wide total 98,884 megawatt-hours in the First Quarter of 2014, as compared to 85,040 megawatt-hours during the same period in 2013
- Delivered First Quarter average availabilities for each plant as follows: Raft River - 99.5%, San Emidio - 99.6%, Neal Hot Springs - 97.7%
- Completed drilling of 9 temperature gradient wells at the El Ceibillo project in Guatemala
- Applied for drilling permits from the US Bureau of Land Management for development of the San Emidio II project
- Finalized the partnership interest at the Neal Hot Springs project with U.S. Geothermal owning 60% and Enbridge having 40% ownership of the partnership
- Cash Management:
Received the first distribution of profits from the Neal Hot Springs project, resulting in a $4.6 million payment to the Company
- Received $6.2 million as a result of the finalized partnership agreement with Enbridge at the Neal Hot Springs project
- Ended the First Quarter with $219.8 million in Total Assets, and Cash and Cash Equivalents of $18.4 million
- M&A Activities:
Subsequent to the end of the First Quarter, completed the acquisition of the Western GeoPower, Etoile, and Skyline entities from Ram Power Corporation, which included the partially completed development of a 26 MW geothermal power plant in the Geysers geothermal area of Northern California
- Subsequent to the end of the First Quarter, completed the acquisition of the collection of Leases associated with the Vale Butte Development Area in SE Oregon
U.S. Geothermal Inc. will host a telephone conference call for investors and analysts on Wednesday, May 15th, 2014 at 11:00 a.m. ET (9:00 a.m. MT) to discuss their 2014 1st Quarter Financials (January 1st - March 31st, 2014), which will be filed after the Market Close on Tuesday, May 14th, 2014.
The conference call may be accessed by dialing (877) 407-8133 in the United States or Canada, or (201) 689-8040 internationally. A simultaneous webcast of the conference call will be provided through: http://www.investorcalendar.com/IC/CEPage.asp?ID=172479
Reconciliation of EBITDA:
EBITDA is calculated as net income before interest, income taxes, depreciation and amortization, and is not a measurement of financial performance or liquidity under generally accepted accounting principles in the United States. EBITDA is presented as a metric commonly used by securities analysts, investors and other interested parties in the evaluation of a company's ability to service and/or incur debt.
| First Quarter 2014 Financial Results |
Three Months Ended Mar 31 |
| |
|
2014 |
|
2013 |
| |
|
|
|
|
| Net Income (Loss) |
$ |
2.55 |
$ |
2.24 |
| Interest |
$ |
0.98 |
$ |
0.48 |
| Income Taxes |
$ |
0.0 |
$ |
0.00 |
| Depreciation & Amortization |
$ |
1.56 |
$ |
1.66 |
| EBITDA |
$ |
5.09 |
$ |
4.38 |
| |
|
|
|
|
| Full Year Guidance |
|
2014 |
|
|
| |
|
|
|
|
| Net Income (Loss) |
$ |
2.5-5.5 |
|
|
| Interest |
$ |
3.9 |
|
|
| Income Taxes |
$ |
0 |
|
|
| Depreciation & Amortization |
$ |
6.6 |
|
|
| EBITDA |
$ |
13-16 |
|
|
| Exploration costs and Stock based compensation |
$ |
1.0 |
|
|
| EBITDA (adjusted) |
$ |
14-17 |
|
|
| |
|
|
|
|
EBITDA (Adjusted) reflects EBITDA adjusted to exclude discretionary exploration costs and non-cash stock compensation as well as the value assigned to stock options granted.
About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy and is operating geothermal power projects Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho. The company is currently developing a project at the Geysers, California, a second phase project at San Emidio Nevada, as well as El Ceibillo, an advanced stage, geothermal prospect located within a 24,710 acre (100sq km) energy rights concession area located 8.5 miles (14 km) from Guatemala City, the largest city in Central America.
The information provided in this news release may contain forward-looking statements within the definition of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Readers are cautioned to review the risk factors identified by the company in its filings with US and Canadian securities agencies. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of U.S. Geothermal, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. These forward-looking statements may include statements regarding perceived merit of properties; interpretation of the results of well tests; project development; resource megawatt capacity; capital expenditures; timelines; strategic plans; or other statements that are not statements of fact. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from U.S. Geothermal's expectations include the uncertainties involving the availability of financing in the debt and capital markets; uncertainties involved in the interpretation of results of well tests; the need for cooperation of government agencies in the development and operation of properties; the need to obtain permits and governmental approvals; risks of construction; unexpected cost increases, which could include significant increases in estimated capital and operating costs; and other risks and uncertainties disclosed in U.S. Geothermal's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the United States Securities and Exchange Commission and Canadian securities regulatory authorities and in other U.S. Geothermal reports and documents filed with applicable securities regulatory authorities from time to time. Forward-looking statements are based on management's expectations, beliefs and opinions on the date the statements are made. U.S. Geothermal Inc. assumes no obligation to update forward-looking statements if management's expectations, beliefs, or opinions, or other factors, should change.
The NYSE MKT and the TSX do not accept responsibility for the adequacy of this release.