This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

ThermoEnergy Corporation Announces Second Quarter 2012 Results

Stocks in this article: TMEN

WORCESTER, Mass., Aug. 14, 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 32% to $1.9 million for the three month period ended June 30, 2012 and 51% to $3.6 million for the six-month period ended June 30, 2012. The company expects revenues in the second half of the year to accelerate as the company delivers its new water recovery product lines to the oil and gas industry.

(Logo:  http://photos.prnewswire.com/prnh/20100816/CL50460LOGO )

Mr. Cary Bullock, President and Chief Executive Officer of ThermoEnergy commented, "After a series of successful tests in our labs, as well as in the field, the Company has begun to focus on providing solutions to the water challenges confronting hydraulic fracturing in the oil and gas industry. We have recently added two new product offerings, FracGen™ and TurboFrac™, both of which are advancements of other water technologies we have delivered.   FracGen™ upgrades brackish water that can be used for fracking, and is an advancement of our African project which became operational last year.  TurboFrac™ is an advancement of our patented CAST ® platform, will be used in the treatment of produced waters and flowback waters.  Both technologies are extremely important as we face the worse draught conditions in over 100 years.  As previously announced, we have already sold a FracGen™ unit, which will be delivered this quarter.  We believe there will be a strong market for the FracGen™ and TurboFrac™ product lines going forward.  We expect to book our first sale of TurboFrac later this year and expect these transactions to provide recurring service revenue as well."

Mr. Bullock continued, "We are also pleased about UPA's recent selection for a $1 million grant award by the U.S. Department of Energy to fund further R&D on our patented pressurized oxy-combustion technologies for the production of clean electric power from coal.  This is a monumental achievement for the company, as it provides strong validation of our carbon recovery technology, and the potential for substantial revenue production."

Company Highlights:

  • Second quarter 2012 revenue increased to $1.9M compared to $1.4M during the same period in 2011.
  • Six-Month revenue increased to $3.6M compared to $2.4M during the same period in 2011.
  • Successfully completed field trials for its new line of water treatment products for the oil and gas industry.
  • Signed a contract to deliver ThermoEnergy's first commercial hydrofracking water production system, FracGen™, to an oil and gas services company. 
  • ThermoEnergy's Unity Power Alliance (UPA) joint venture was selected by the U.S. Department of Energy (DOE) for a $1 million grant that will fund further R&D on the company's patented pressurized oxy-combustion technologies for the production of clean electric power from coal.
  • ThermoEnergy Corp. and ITEA S.p.A. announced that they will work together to promote, finance, design and construct a 50 Megawatt (MW) pilot plant and a 320 MW commercial facility in the United States using a clean coal technology called pressurized oxy-combustion.

Three Month Financial Results for the Period Ended June 30, 2012

For the three-month period ended June 30, 2012 the Company recorded revenues of $1,900,000, a 32% increase compared to $1,434,000 recorded in 2011.  The Company continued to devote significant resources toward production work on our $27.1 million contract with the New York City Department of Environmental Protection ("NYCDEP").  

Gross profit for the second quarter of 2012 was $121,000 (6.4% of revenues), a decrease of $33,000 compared to gross profit of $154,000 (10.7% of revenues) in the second quarter of 2011.  The decrease in gross profit is attributable to the mix of work performed in the respective quarters. 

General and administrative expenses increased by $585,000 or 45% in the second quarter of 2012 compared to the same period in 2011, primarily due to increased one-time accounting expenses in 2012 associated with our 2011 financial statement audit and increased legal, consulting and other professional expenses associated with our recent financing efforts.

The Company reported a net loss for the three month period ended June 30, 2012, of $2.5 million, or $0.03 per share, compared to $1.5 million, or $0.03 per share for the same period in 2011.

Six Month Financial Results for the period ended June 30, 2012

Revenues totaled $3,588,000 for the first six months of 2012 compared to $2,382,000 for the first six months of 2011, an increase of $1,206,000 or 51%.  Management had devoted significant resources toward manufacturing-related activities on our NYCDEP contract in 2012. 

Gross profit for the first six months of 2012 was $381,000 (10.6% of revenues), an increase of $246,000 compared to $135,000 (5.7% of revenues) in the first six months of 2011.  The increase is attributable to higher revenues as well as higher margins on manufacturing-related activities for the NYCDEP contract in 2012 compared to engineering and design work performed on that contract in 2011.

General and administrative expenses increased by $220,000 or 8% in the six-month period ended June 30, 2012 compared to 2011, primarily due to increased one-time accounting expenses in 2012 associated with our 2011 financial statement audit and increased legal, consulting and other professional expenses associated with our recent financing efforts, partially offset by decreases in non-cash stock option expenses.

The Company reported a net loss for the six month period ended June 30, 2012, of $4.1 million, or $0.04 per share, compared to $8.8 million, or $0.16 per share for the same period in 2011.

As of June 30, 2012 the Company had cash on hand at of $349,000 and no secured debt.

Please see our Form 10-Q filed with the SEC on August 14th for additional details.  

Investor Conference Call

The company will host a conference call tomorrow at 8:30 a.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 Toll Free: 1-877-941-1429. Toll/International: 1-480-629-9666 Conference ID: 4559577. A live webcast will be available at:   http://public.viavid.com/index.php?id=101477

About ThermoEnergy

Founded in 1988, ThermoEnergy Corp. is a diversified technologies company engaged in the worldwide development, sales and commercialization of patented and/or proprietary municipal and industrial wastewater treatment and power generation technologies. 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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs