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ADA-ES Reports Third Quarter 2012 Results

Stocks in this article: ADES

See Accompanying Tables

See accompanying notes to Company’s Form 10-Q

 
 
 
ADA-ES, Inc. and Subsidiaries Consolidated Statements of Operations( Amounts in thousands, except per share data) (Unaudited)
           

Three Months Ended September 30,

Nine Months Ended September 30,

  2012     2011     2012     2011  
(Restated, See Note 14) (Restated, See Note 14)
Revenues
Refined coal $ 70,197 $ 9,160 $ 133,722 $ 19,994
Emission control 3,480 3,095 10,209 6,837
CO 2 capture   676     977     1,153     1,894  
Total revenues   74,353     13,232     145,084     28,725  
 
Cost of Revenues
Refined coal 67,269 3,487 121,220 4,075
Emission control 2,683 1,955 7,838 3,753
CO 2 capture   444     636     643     1,201  
Total cost of revenues   70,396     6,078     129,701     9,029  
 
Gross Margin before Depreciation and Amortization 3,957 7,154 15,383 19,696
 
Other Costs and Expenses
General and administrative 5,173 2,932 12,852 14,596
Research and development 882 506 2,064 1,396
Depreciation and amortization   1,239     216     3,444     608  
Total expenses   7,294     3,654     18,360     16,600  
 
Operating Income (Loss) (3,337 ) 3,500 (2,977 ) 3,096
 
Other Income (Expense):
Net equity in net income (loss) from
unconsolidated entities 232 (2,050 ) 400 (5,761 )
Other income (expense) including interest (19 ) 71 122 2,161
Interest expense (144 ) (889 ) (1,045 ) (889 )
Settlement of litigation and arbitration award, net   (800 )   (2,182 )   (1,553 )   (41,684 )
Total other income (expense)   (731 )   (5,050 )   (2,076 )   (46,173 )
 
Loss from Continuing Operations Before
Income Tax Benefit and Non-controlling Interest (4,068 ) (1,550 ) (5,053 ) (43,077 )
 
Income Tax Benefit   -     -     -     (10,980 )
 
Net Loss Before Non-controlling Interest (4,068 ) (1,550 ) (5,053 ) (32,097 )
 
Non-controlling Interest   120     (3,053 )   (2,613 )   (7,888 )
 
Net Loss Attributable to ADA-ES, Inc. $ (3,948 ) $ (4,603 ) $ (7,666 ) $ (39,985 )
 
Net Loss Per Common Share – Basic
and Diluted Attributable to ADA-ES, Inc. $ (0.39 ) $ (0.60 ) $ (0.77 ) $ (5.25 )
 
Weighted Average Common Basic and Diluted
Shares Outstanding   10,017     7,661     10,008     7,621  
       
ADA-ES, Inc. and Subsidiaries Consolidated Balance Sheets( Amounts in thousands, except share data)
 
September 30, 2012 December 31, 2011
(Unaudited) (Restated, See Note 14)

ASSETS

Current Assets
Cash and cash equivalents $ 17,531 $ 40,879
Receivables, net of allowance for doubtful accounts 10,042 5,914
Investment in securities 1,893 508
Prepaid expenses and other assets   2,792     1,532  
Total current assets   32,258     48,833  
 
Property and Equipment, at cost 52,724 41,771
Less accumulated depreciation and amortization   (7,769 )   (4,651 )
Net property and equipment   44,955     37,120  
 
Other Assets
Investment in unconsolidated entity 1,490 590
Other assets   3,891     931  
Total other assets   5,381     1,521  
Total Assets $ 82,594     $ 87,474  
 

LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ DEFICIT

Current Liabilities
Accounts payable $ 6,745 $ 8,849
Accounts payable - related parties 3,327 1,209
Accrued payroll and related liabilities 1,611 2,545
Line of credit and current portion of notes payable 10,903 10,873
Deposits 11,900 14,900
Deferred revenue and other liabilities 10,914 5,105
Settlement awards and related accrued liabilities   3,801     3,983  
Total current liabilities   49,201     47,464  
 
Long-term Liabilities
Line of credit and long-term portion of notes payable 2,447 3,624
Settlement awards and indemnity liability 2,500 5,200
Deferred revenue 1,965 -
Accrued warranty and other liabilities   692     632  
Total long-term liabilities   7,604     9,456  
Total Liabilities   56,805     56,920  
 
Commitments and Contingencies (Note 12)
 
Temporary Equity - Non-controlling Interest Subject to Possible Redemption   60,000     60,000  
 
Stockholders’ Deficit
ADA-ES, Inc. stockholders’ deficit
Preferred stock: 50,000,000 shares authorized, none outstanding - -
Common stock: no par value, 50,000,000 shares authorized,
10,020,106 and 9,996,144 shares issued and outstanding, respectively 63,578 63,184
Accumulated deficit   (74,360 )   (66,694 )
Total ADA-ES, Inc. stockholders’ deficit (10,782 ) (3,510 )
Non-controlling interest   (23,429 )   (25,936 )
Total Stockholders’ Deficit   (34,211 )   (29,446 )
Total Liabilities, Temporary Equity and Stockholders’ Deficit $ 82,594   $ 87,474  

See accompanying notes to Company’s Form 10-Q



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