ThermoEnergy Corporation Announces Third Quarter 2012 Results
WORCESTER, Mass., Nov. 14, 2012 /PRNewswire/ -- ThermoEnergy Corporation (OTCBB: TMEN), a diversified technologies company engaged in the development and sale of patented and/or proprietary wastewater treatment solutions and power generation technologies in global markets, today announced revenue increased 70% to $2.0 million for the three month period ended September 30, 2012 and 57% to $5.6 million for the nine-month period ended September 30, 2012.
Mr. Cary Bullock, Chairman and Chief Executive Officer of ThermoEnergy commented, "The Company continues to achieve key milestones in both the water treatment and power generation businesses. During the quarter, we made key inroads into the oil & gas industry with the sale of our first FracGen™ water production system and the launch of our TurboFrac™ produced water treatment system. We recently signed a $1.1 million contract with Paiton Energy, owner of the largest power plant in Indonesia, to recover ammonia in the plant's condensate polishing system. The company also delivered and began operating our first Thermo ARP ammonia recovery unit at a biogas plant in Europe."
Mr. Bullock continued, "On the power generation technology side, we kicked off our Department of Energy grant project to model, design, build, and test a bench scale flameless combustion system for pressurized oxy-combustion power generation. Management expects the progress made in both our wastewater and power generation business strategies will lead to significant long-term growth for our shareholders."Company Highlights:
- Third quarter 2012 revenue increased to $2.0M compared to $1.2M during the same period in 2011.
- Nine-month revenue increased to $5.6M compared to $3.6M during the same period in 2011.
- Booked a $1.1 million ARP system order for Paiton Energy in Jakarta, Indonesia.
- Signed and delivered ThermoEnergy's first commercial FracGen™ water production system to an oil and gas services company and began offering its TurboFrac™ produced water treatment system.
- The Company shipped and installed its ThermoEnergy ARP™ (Ammonia Recovery Process) pilot system at a major biogas production plant near
Amsterdam, the Netherlands.
- The ARP system will be owned by ThermoEnergy and operated by its partner in the Netherlands, ProfiNutrients BV.
- Completed building a CAST ® based brine concentration system for a division of a major international mining supply company. We expect this will be shipped in Q1 2013.
- ThermoEnergy's Unity Power Alliance (UPA) joint venture with ITEA was awarded a U.S. Department of Energy (DOE) grant to model, design, build, and test the company's patented pressurized oxy-combustion technologies for the production of clean electric power from coal. Success on this grant has the potential to lead to a $10 to $20 million grant in 2013.
- Obtained $3.1 million of equity financing and $0.7M in project financing in 2012 to advance company objectives and fund working capital needs.
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