News Feed Item

U.S. Geothermal Inc. Reports First Quarter 2014 Results, Confirms 2014 Guidance

BOISE, IDAHO -- (Marketwired) -- 05/14/14 -- 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 -
    --  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
--  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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
SYS-CON Events announced today that Enzu will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Qosmos, the market leader for IP traffic classification and network intelligence technology, has announced that it will launch the Launch L7 Viewer at CloudExpo | @ThingsExpo Silicon Valley, being held November 1 – 3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The L7 Viewer is a traffic analysis tool that provides complete visibility of all network traffic that crosses a virtualized infrastructure, up to Layer 7. It facilitates and accelerates common IT tasks such as VM migra...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, will contrast how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He will show the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He will also have live demos of building immutable pipe...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
SYS-CON Events announced today that Cloudbric, a leading website security provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, you'll learn about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how Docke...