ThermoEnergy Corporation Announces First Quarter 2014 Update
15 Mai 2014 - 2:30PM
Business Wire
ThermoEnergy Corporation (TMEN:OTCBB), a diversified
technologies company engaged in the development and sale of
patented and/or proprietary wastewater treatment systems, today
announced revenue of $202,000 for the three-month period ended
March 31, 2014.
Quarterly Highlights:
- Recognized $202,000 in parts and
service revenues.
- Completed manufacturing and factory
testing of a CAST® glycol recovery system using a revised platform
resulting in improved manufacturing margins.
- Provided information on technical and
economic feasibility of reclaiming produced water for agricultural
use to state regulators in California and Texas.
- Achieved 18% year-over-year savings in
operating expenses, bringing the annualized reductions achieved in
the Company’s restructuring and cost reduction programs to $2.99
million.
- Completed initial testing of
Pressurized Oxy-Combustion on the UPA bench-scale pilot at Georgia
Tech.
Three-Month Financial Results for the
Period Ended March 31, 2014:
For the three-month period ended March 31, 2014, the Company
recorded revenues of $202,000, compared to $1,009,000 for the first
quarter of 2013. Revenues in the first quarter of 2014 were limited
to spare parts orders and service for existing customers. During
the first quarter of 2013, revenues were driven by two industrial
projects utilizing our Ammonia Recovery Process (“ARP”) technology.
As stated in the 10-K for the period ending December 31, 2013, the
Company is now recognizing revenue upon shipment to better reflect
changes in our operations emphasizing standardized systems and
manufacturing processes. Equipment orders in the backlog will begin
to be recognized through revenue starting in the second quarter of
2014.
Gross loss for the first quarter of 2014 was $50,000 compared to
$166,000 in the first quarter of 2013. Gross loss is mainly
attributable to unabsorbed overhead costs of approximately $186,000
and $192,000 in the first quarter of 2014 and 2013,
respectively.
General and administrative expenses decreased 15% during the
first quarter of 2014 to $841,000 compared to $986,000 for the
first quarter of 2013, a decrease of $145,000. The decrease is due
to lower professional and consulting expenses in a continuing
effort to reduce our cost structure.
Engineering, research and development expenses totaled $25,000
for the first quarter of 2014 compared to $195,000 for the first
quarter of 2013, a decrease of $170,000 or 87%. The decrease is
attributable to the allocation of engineering resources to
pre-sales activity as well as increased utilization of our
remaining engineering team during the first quarter of 2014
compared to 2013. Engineering costs directly related to our
projects are charged directly to Cost of Revenues.
Sales and marketing expenses totaled $417,000 for the first
quarter of 2014 compared to $382,000 for the first quarter of 2013,
an increase of $35,000 or 9%. The increase is attributable to
expanding sales activities and the transfer of previously defined
engineering services to pre-sales activity.
Based on the assumptions used to determine the fair value of our
derivative liabilities, we recorded mark-to-market expense of
$245,000 in the first quarter of 2014 compared to mark-to-market
income of $907,000 in the first quarter of 2013.
The Company recognized losses in Unity Power Alliance (UPA), our
joint venture, totaling $128,000 in the first quarter of 2014
compared to losses of $54,000 in the first quarter of 2013.
Interest expense totaled $280,000 for the first quarter of 2014,
an increase of $91,000 compared to the first quarter of 2013. This
increase is due to higher interest rates on existing debt in the
first quarter of 2014 as well as accruing for interest on certain
of our sales tax liabilities.
Other income of $361,000 was recorded in the first quarter of
2014 compared to other expense of $7,000 in the first quarter of
2013. Other income in 2014 is derived from the reduction of our
estimated legacy payroll tax liabilities as we determine actual
amounts due through discussions with the various state tax
authorities. The Company expects to fully resolve these payroll tax
issues in the second quarter of 2014.
The Company reported a net loss of $1.625 million ($0.01 per
share) for the three month period ended March 31, 2014 compared to
a net loss of $1.072 million ($0.01 per share) for the same period
in 2013.
As of March 31, 2013 the Company had cash on hand of $1.295
million.
Please see the Company’s Form 10-Q filed with the SEC on May
15th for additional details.
About ThermoEnergy Corp.
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.
Investor Relations ContactThermoEnergy CorporationThomas
Walsh, 212-398-3486twalsh@allianceadvisers.net
ThermoEnergy (CE) (USOTC:TMEN)
Historical Stock Chart
Von Dez 2024 bis Jan 2025
ThermoEnergy (CE) (USOTC:TMEN)
Historical Stock Chart
Von Jan 2024 bis Jan 2025