Marketwire
BOISE, IDAHO--(Marketwired - Nov. 14, 2013) - U.S. Geothermal Inc. (NYSE MKT:HTM)(TSX:GTH)
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| |
| Summary of Third Quarter 2013 Financial Results: |
| (in millions, except per share amounts) |
| |
Three Months Ended Sept 30 |
|
| |
2013 |
|
|
2012 |
|
| |
|
|
|
|
|
| Operating Revenues |
$ |
5.76 |
|
|
$ |
2.02 |
|
| EBITDA |
$ |
2.75 |
|
|
$ |
(0.08 |
) |
| Net Income (Loss) |
$ |
0.19 |
|
|
$ |
(0.84 |
) |
| Net Income (Loss) Attributable to U.S. Geothermal |
$ |
(0.03 |
) |
|
$ |
(0.77 |
) |
| |
Per Share |
$ |
(0.00 |
) |
|
$ |
(0.01 |
) |
| |
|
|
|
|
|
|
|
| |
| |
| |
Nine Months Ended Sept 30 |
|
| |
2013 |
|
|
2012 |
|
| |
|
|
|
|
|
| Operating Revenues |
$ |
17.82 |
|
|
$ |
4.46 |
|
| EBITDA |
$ |
7.92 |
|
|
$ |
(2.92 |
) |
| Net Income (Loss) |
$ |
0.45 |
|
|
$ |
(5.08 |
) |
| Net Income (Loss) Attributable to U.S. Geothermal |
$ |
(0.02 |
) |
|
$ |
(3.34 |
) |
| |
Per Share |
$ |
(0.00 |
) |
|
$ |
(0.04 |
) |
| |
| |
| Full Year Guidance (in millions): |
| |
2013 |
|
2014 |
| |
|
|
|
| Operating Revenue |
$ |
25.9-27.0 |
|
$ |
27-31 |
| EBITDA |
$ |
12.5-13.7 |
|
$ |
12-16 |
| EBITDA (Adjusted) |
$ |
13.8-15.0 |
|
$ |
13-17 |
U.S. Geothermal Inc. (NYSE MKT:HTM)(TSX:GTH) today reported EBITDA for the third quarter of 2013 of $2.75 million, compared to ($0.08) million in the prior year period. EBITDA for the nine month period was $7.92 million, compared to ($2.92) million in the prior year period. Net Income (Loss) for the third quarter was $0.19 million, compared to a Net Income of $(0.84) million in the prior year period. Net Income for the nine month period was $0.45 million, compared to a Net Income of $(5.08) million in the prior year period. Net Income attributable to U.S. Geothermal for the third quarter of 2013 was ($0.03) million, or ($0.00) per share, compared to $(0.77) million, or $(0.01) per share, in the prior year period. Net Income attributable to U.S. Geothermal for the nine month period was $(0.02) million, compared to $(3.34) million in the prior year period.
"Our third quarter operating results are in line with our expectations, and were driven by the improved third quarter availability at all three of our facilities, and lower than planned operating expenses," said Dennis Gilles, U.S. Geothermal's Chief Executive Officer. "All three facilities are now operating as expected and we look forward to continued high availabilities for the balance of the year and beyond. The fourth quarter, which we are now in, is projected to be our highest contributing quarter due to higher generation as a result of the colder weather and the maximum energy prices on average for the year. We continue on track to meet our guidance for the year."
U.S. Geothermal reconfirms 2013 full-year guidance for Operating Revenues of between $25.9 to $27.0 million, our 2013 EBITDA estimate of between $12.5 to $13.7 million, and provides 2014 full-year guidance for our Operating Revenues of between $27 to $31 million, and our EBITDA estimate of between $12 to $16 million.
U.S. Geothermal Inc. will host a telephone conference call for investors and analysts on Friday, November 15th, 2013 at 11:00 a.m. ET (9:00 a.m. MT) to discuss their 2013 3rd Quarter Financials (July 1st - September 30th, 2013), which will be filed after the Market Close on Thursday, November 14th, 2013.
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=171825.
Recent Achievements:
• Operations:
- Generated fleet wide total 62,842 megawatt-hours in the third quarter of 2013
- Delivered quarterly average availabilities of: Raft River - 99.9%, San Emidio - 94.7%, Neal Hot Springs - 87.2%
- Completed deepening of resource confirmation well EC-1 at El Ceibillo project in Guatemala, and began well testing
- Completed drilling of wells OW-12 and OW-10 (61-21) for San Emidio II plant expansion
- Celebrated Grand Opening of Neal Hot Springs project, with U.S. FERC Chairman Jon Wellinghoff attending along with U.S. DOE, State, Local and Tribal representatives
• Cash Management:
- Closed $30 million long term financing with Prudential for San Emidio
- Completed repayment of $25 million short term construction loan with SAIC for San Emidio
- Finalized DOE loan draws for Neal Hot Springs and funded project loan reserve accounts
- Released final settlement payment to TAS Energy for Neal Hot Springs
- Identified a buyer for the sale of the Business Energy Tax Credit (BETC) from the Neal Hot Springs project
- Advanced settlement discussions with Enbridge on final ownership interest at Neal Hot Springs, resolution pending final distribution of project funds from DOE
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.
| |
| |
| Third Quarter Financial Results |
| |
Three Months Ended Sept 30 |
|
| |
2013 |
|
2012 |
|
| |
|
|
|
|
| Net Income (Loss) |
$ |
0.19 |
|
$ |
(0.84 |
) |
| Interest |
$ |
0.99 |
|
$ |
0.00 |
|
| Income Taxes |
$ |
0.00 |
|
$ |
0.00 |
|
| Depreciation & Amortization |
$ |
1.57 |
|
$ |
0.76 |
|
| EBITDA |
$ |
2.75 |
|
$ |
(0.08 |
) |
| |
|
|
|
|
|
|
| |
| |
| |
Nine Months Ended Sept 30 |
|
| |
2013 |
|
2012 |
|
| |
|
|
|
|
| Net Income (Loss) |
$ |
0.45 |
|
$ |
(5.08 |
) |
| Interest |
$ |
2.59 |
|
$ |
0.00 |
|
| Income Taxes |
$ |
0.00 |
|
$ |
0.00 |
|
| Depreciation & Amortization |
$ |
4.88 |
|
$ |
2.16 |
|
| EBITDA |
$ |
7.92 |
|
$ |
(2.92 |
) |
| |
|
|
|
|
|
|
| |
| |
| Full Year Guidance |
| |
| |
2013 |
|
2014 |
| |
|
|
|
| Net Income (Loss) |
$ |
1.8-3.0 |
|
$ |
1-5 |
| Interest |
$ |
3.9 |
|
$ |
4 |
| Income Taxes |
$ |
0 |
|
$ |
0 |
| Depreciation & Amortization |
$ |
6.8 |
|
$ |
7 |
| EBITDA |
$ |
12.5-13.7 |
|
$ |
12-16 |
| Exploration costs and Stock based compensation |
$ |
1.3 |
|
$ |
1 |
| EBITDA (adjusted) |
$ |
13.8-15.0 |
|
$ |
13-17 |
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.
Please visit our Website at: http://www.usgeothermal.com.
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 at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho. The company is currently developing 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. These statements are based on U.S. Geothermal Inc.'s current expectations and beliefs and are subject to a number of risks and uncertainties that can cause actual results to differ materially from those described. Readers are cautioned to review the risk factors identified by the company in its filings with Canadian and US securities agencies. 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.