WORCESTER, Mass., May 15, 2013 /PRNewswire/ -- ThermoEnergy
Corporation (TMEN:OTCBB), a diversified technologies company
engaged in the development and sale of patented and/or proprietary
wastewater treatment and the development of combustion technologies
for the power generation industry in global markets, today
announced revenue of $1 million for
the three-month period ended March 31,
2013.
(Logo: http://photos.prnewswire.com/prnh/20100816/CL50460LOGO
)
Mr. James Wood, President and
Chief Executive Officer of ThermoEnergy commented, "Our revenues
this quarter are derived primarily from sales to industrial
customers, reflecting a strategic change in our sales and marketing
efforts. ThermoEnergy began a concerted effort in the quarter to
ramp up its sales and marketing efforts in the Oil and Gas
industry. ThermoEnergy is pleased with the response to the
Company's Turbofrac® and Fracgen® product lines as we continue to
build our sales pipeline in this market. This is the first
quarter that ThermoEnergy's revenues are not driven by its
City of New York ammonia recovery
project. Despite our change in direction away from municipal
ammonia recovery, we have been able to take advantage of
developments from the New York
City project, and the Company is gaining traction in the
industrial and energy markets."
Quarterly Highlights:
- Achieved $1M in revenues from
industrial projects.
- Completed manufacturing and Factory Acceptance Testing of
Ammonia Removal Process ("ARP") system for Paiton Energy. The
system is en route to Indonesia
and scheduled for startup in July
2013.
- Refocused sales and marketing organization to develop sales
pipeline and top line growth opportunities.
- Expanded sales activities in Permian Basin and initiated
activities in Marcellus Shale to
promote Company's proven CAST® technologies for the Oil and Gas
industries.
- Received project definitization for the UPA DOE down-select
grant, allowing for initiation of ThermoEnergy's involvement on
UPA's bench-scale pilot.
Three Month Financial Results for the Period Ended
March 31, 2013
For the three-month period ended March
31, 2013 the Company recorded revenues of $1,009,000, a decrease of 40% compared to the
first quarter of 2012. Revenues in 2013 are no longer derived
from the Company's NYCDEP contract and are attributable to the
manufacture and shipment of industrial systems and work performed
by ThermoEnergy on UPA's DOE contract.
Gross profit for the first quarter of 2013 was negative at
$(166,000). The gross loss is
attributable to the Company's inability to record margins until the
completion of projects and unabsorbed overhead costs resulting from
the termination of the NYCDEP contract.
General and administrative expenses declined as a result of the
Company's continuing cost reduction efforts to $986,000 compared to $1,013,000 in the first quarter of 2012.
Engineering costs increased $86,000 to $195,000
on a year-over-year basis. The increase is due to reduced
utilization of the Company's engineering team on projects during
the period.
Sales and marketing expenses for the first quarter of 2013 was
$382,000, a decrease of 46% compared
to the first quarter of 2012. The Company recorded a loss on
pre-sales test equipment in 2012 that did not repeat in 2013.
ThermoEnergy also made temporary reductions in headcount as the
Company redirected its sales and marketing efforts in 2013.
The Company reported a net loss for the three month period ended
March 31, 2013 of $1.07 million ($0.01 per share), compared to $1.54 million ($0.02 per share) for the same period in 2012.
As of March 31, 2013 the Company
had cash on hand of $2.28
million.
Please see the Company's Form 10-Q filed with the SEC on
May 15th for additional
details.
Investor Conference Call
The Company will host a
conference call this afternoon at 4 p.m.
EDT. Management will make a brief presentation focusing on
the Company's results, strategies and operating plans. Those
wishing to dial in to the call via telephone can do so at
+1-877-941-2068 (+1-480-629-9712 for international callers),
conference ID: 4617906. A live webcast will be available
at:
http://public.viavid.com/index.php?id=104609
About ThermoEnergy Corporation
Founded in 1988,
ThermoEnergy is a diversified technologies company engaged in the
worldwide development, sales and commercialization of patented
and/or proprietary wastewater treatment and power generation
technologies. The company has been a pioneer in the development of
sustainable water treatment technologies that help clients operate
more efficiently, save money, reduce their carbon footprints, and
meet sustainability goals. Additional information on the Company
and its technologies can be found on its website at
www.thermoenergy.com
THIS PRESS RELEASE INCLUDES STATEMENTS THAT MAY CONSTITUTE
"FORWARD LOOKING" STATEMENTS, USUALLY CONTAINING THE WORDS
"ESTIMATE", "PROJECT", "EXPECT" OR SIMILAR EXPRESSIONS. FORWARD
LOOKING STATEMENTS INHERENTLY INVOLVE RISKS AND UNCERTAINTIES THAT
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM CURRENT
EXPECTATIONS. BY MAKING THESE FORWARD LOOKING STATEMENTS, THE
COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THESE STATEMENTS FOR
REVISIONS OR CHANGES.
SOURCE ThermoEnergy Corporation
