Click here to close now.




















Welcome!

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 -
        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.

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
ElasticBox, the agile application delivery manager, announced freely available public boxes for the DevOps community. ElasticBox works with enterprises to help them deploy any application to any cloud. Public boxes are curated reference boxes that represent some of the most popular applications and tools for orchestrating deployments at scale. Boxes are an adaptive way to represent reusable infrastructure as components of code. Boxes contain scripts, variables, and metadata to automate proces...
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
To assist customers with legacy Windows Server 2003 that is no longer supported by Microsoft, Racemi has introduced fixed price packages for upgrading and migrating Windows Server 2003 servers to either Windows 2008 R2 or Windows 2012 R2 and the choice of Amazon Web Services (AWS) or SoftLayer cloud. "We're extending a lifeline by upgrading the legacy servers to more modern Windows Server platforms while taking advantage of cloud computing," said James Strayer, vice president of product managem...
To support developers and operations professionals in their push to implement DevOps principles for their infrastructure environments, ProfitBricks, a provider of cloud infrastructure, is adding support for DevOps tools Ansible and Chef. Ansible is a platform for configuring and managing data center infrastructure that combines multi-node software deployment, ad hoc task execution, and configuration management, and is used by DevOps professionals as they use its playbooks functionality to autom...
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, will discuss how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the ...
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and e...
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...