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
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
18th Cloud Expo, taking place June 7-9, 2016, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some...
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
We’ve been doing it for years, decades for some. How many websites have you created accounts on? Your bank, your credit card companies, social media sites, hotels and travel sites, online shopping sites, and that’s just the start. We do it often without even thinking about it, quickly entering our personal information, our data, in a plethora of systems. Sometimes we’re not even aware of the information we are providing. It could be very personal information (think of the security questions you ...
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...