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Headwaters Incorporated Announces Results For First Quarter Of Fiscal 2013

Stocks in this article: HW

We do not anticipate any significant developments in the near term unless action is required by the courts as a result of litigation filed by environmental organizations last year. We remain optimistic that the ultimate outcome of either a legislative solution or rule making by the EPA will support beneficial use of fly ash.

Energy Technology Segment

For the first quarter of 2013, revenue from continuing operations in our energy segment was $4.7 million compared to $1.0 million in 2012. Adjusted EBITDA was $0.7 million in 2013 compared to $(1.5) million in 2012. HCAT sales in 2013 were at a more normal level than in 2012, when our major customer was completing a turnaround at its refinery and had inventory on hand to meet its reduced needs. Currently, two refineries are using HCAT to improve conversion of heavy oil to lighter liquids.

Discontinued Operations

The loss from discontinued operations for the first quarter of 2013 was $(2.0) million, compared to a loss of $(10.5) million for the first quarter of 2012, which included approximately $5.2 million of non-cash accruals.

We sold two coal cleaning plants in October 2012, and sold the remaining eight coal cleaning plants in January, 2013. Proceeds from the sale of those ten plants include approximately $3.8 million of cash paid at closing and approximately $10.0 million of additional cash to be paid by the end of calendar 2013, including release of bond collateral and certain reimbursements.

Additionally, the buyer agreed to pay Headwaters potential royalties and deferred purchase price totaling up to $53.4 million over approximately eight years, subject to the buyer’s production of coal products. The buyer also assumed certain lease and reclamation obligations. Payment of royalties and deferred purchase price based upon production is currently scheduled to begin in the latter part of calendar 2013.

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