BOISE, IDAHO--(Marketwired - March 26, 2014) - U.S. Geothermal Inc. (the "Company") (NYSE MKT:HTM) (TSX:GTH)
Summary of Year End Financial Results:
(in millions, except per share amounts) |
12 Months Ended Dec 31 |
|
| |
2013 |
|
2012 |
|
| |
|
|
|
|
|
|
| Operating Revenue |
$ |
27.4 |
|
$ |
9.8 |
|
| EBITDA |
$ |
14.5 |
|
$ |
(0.5 |
) |
| Net Income (Loss) |
$ |
4.1 |
|
$ |
(4.3 |
) |
| Net Income (Loss) Attributable to US Geothermal |
$ |
1.9 |
|
$ |
(3.0 |
) |
| |
Per Share |
$ |
0.02 |
|
$ |
(0.03 |
) |
| |
|
|
|
|
|
|
| 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 12 months ending December 31, 2013 (the "Year End"), and provided updated guidance for 2014, along with notable achievements for 2013. This earnings release should be read in conjunction with U.S. Geothermal's financial statements, and management's discussion and analysis ("MD&A"), which are 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 Year End period was $27.4 million, compared to $9.8 million for the prior year period. EBITDA for the Year End period was $14.5 million, compared to ($0.5) million for the prior year period. Net Income (Loss) for the Year End period was $4.1 million, compared to ($4.3) million in the prior year period. Net Income (Loss) attributable to U.S. Geothermal for the Year End period was $1.9 million, or $0.02 per share, compared to ($3.0) million, or ($0.03) per share in the prior year period.
"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." said Dennis Gilles, U.S. Geothermal's Chief Executive Officer. "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. Our operating team has done an outstanding job of ensuring consistently strong generation from each facility."
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 2013 include:
- Operations:
- Generated fleet wide total 309,687 megawatt-hours in 2013, as compared to 127,875 megawatt-hours in 2012, a 142% increase
- Delivered annual average availabilities for each plant as follows: Raft River - 96.5%, San Emidio - 94.5%, Neal Hot Springs - 83.1%
- Achieved final completion of the Neal Hot Springs project
- El Ceibillo project received its License to Construct and Operate 25 MW Phase I project
- Commenced drilling at the El Ceibillo project in Guatemala
- Commenced drilling at the San Emidio II project
- Subsequent to year end, 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 $32.7 million Section 1603 Investment Tax Credit cash grant at Neal Hot Springs
- Received the final $1.05 million of the $11.75 million Section 1603 Investment Tax Credit cash grant at San Emidio
- Received and successfully sold the Oregon Business Energy Tax Credit at the Neal Hot Springs project; providing the project with approximately $7 million
- Received a $30.7 million long term loan from Prudential Capital Group for San Emidio project
- Subsequent to year end, received the first distribution of profits from the Neal Hot Springs project, resulting in a $4.6 million payment to the Company
- Subsequent to year end, the Company received $6.2 million as a result of the finalized partnership agreement with Enbridge at the Neal Hot Springs project
- Ended the year with $232.8 million in Total Assets, and Cash and Cash Equivalents of $28.7 million
U.S. Geothermal Inc. will host a telephone conference call for investors and analysts on Wednesday, March 26th, 2014 at 11:00 a.m. ET (9:00 a.m. MT) to discuss their 2013 Year End results, which will be filed after the Market Close on Tuesday March 25th, 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.
| Year End Financial Results |
Twelve Months Ended Dec 31 |
|
| |
2013 |
|
2012 |
|
| |
|
|
|
|
|
| Net Income (Loss) |
$ |
4.1 |
|
$ |
(4.3 |
) |
| Interest |
$ |
3.9 |
|
$ |
0.20 |
|
| Income Taxes |
$ |
0.0 |
|
$ |
0.00 |
|
| Depreciation & Amortization |
$ |
6.5 |
|
$ |
3.6 |
|
| EBITDA |
$ |
14.5 |
|
$ |
(0.5 |
) |
| |
|
|
|
|
|
|
| |
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.
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.