WORCESTER, Mass., May 22, 2012 /PRNewswire/ -- ThermoEnergy Corporation (OTCBB: TMEN), a diversified technologies company engaged in the development and sale of patented and/or proprietary wastewater treatment and power generation technologies in global markets, today announced revenue increased 78% to $1.7 million for the three-month period ended March 31, 2012 compared to the three-month period ended March 31, 2011. Gross profit for the three-month period ended March 31, 2012 increased to $260,000.
Mr. Cary Bullock, President and Chief Executive Officer of ThermoEnergy said, "We are pleased with our financial results in the first quarter of 2012 and expect to continue to have strong comparable growth throughout 2012."
Commenting on new business developments, Mr. Bullock noted, " We recently negotiated an agreement with ITEA S.p.A to accelerate the development of emissions-free power generation technology. ITEA is an Italian engineering and technology division of the Sofinter Group, one of the most dynamic European players providing high technology, energy-recovery solutions."Mr. Bullock, continued, "We shipped a pilot unit for treating and recycling hydrofracking wastewater which we believe will result in multiple system sales. We have signed a contract to deliver a wastewater ammonia recovery demonstration system to Europe during the second quarter and have recently executed a term sheet for the deployment of effluent emission solutions at palm oil plants in Latin America. Our wastewater business is expected to generate significant financial contributions as we execute on our strong contract pipeline in 2012." Operational and Financial Highlights:
- First quarter revenues increased to $1.7M compared to $0.9M in 2011.
- Gross profit for the quarter increased to $260,000 or 15% of revenues.
- Launched Unity Power Alliance and negotiated an agreement with ITEA S.p.A, to collaborate and accelerate the development of emissions-free power generation fueled by coal.
- Both Companies will contribute patents and IP to Commercialize POXC™
- Shipped a pilot unit for treating and reusing hydrofracking water which management believes will result in multiple system sales and ongoing service revenues.
- Signed contract to deliver ARP demonstration system to an award winning biogas site in Europe in the second quarter of the year.
- Added seasoned industry veteran as our VP of Sales, Alden Whitney.
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