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ADA-ES Reports 2012 Fourth Quarter And Year End Results

ADA-ES, Inc. (NASDAQ:ADES) (“ADA”) today announced financial results for the fourth quarter and year ended December 31, 2012.

  • Threefold increase in revenues from lease payments related to our Refined Coal (“RC”) facilities. In the quarter, RC facilities operated by ADA’s Clean Coal Solutions, LLC (“Clean Coal”) generated $13.3 million in credits to be used to offset future taxes.
  • A 40% increase in Emission Control (“EC”) revenues. EC backlog as of December 31, 2012 increased to $25.3 million, up from $4.5 million at June 30, 2012 and $736,000 at December 31, 2011.
  • Consolidated gross margin of $4.6 million, or 7% of revenues compared to $4.7 million or 19% of revenue in 2011. The lower margin percentage in 2012 is due to inclusion of coal purchases and sales and operating costs associated with RC facilities operated for Clean Coal’s own account (“retained tons”). 2012 fourth quarter gross margin excluding coal sales and purchases and operating costs for retained tons was 69%.
  • For the 4th quarter, our net loss was $5.4 million or $0.54 per diluted share as compared to a net income of $17.2 million or $1.90 per diluted share for 2011 which included a non-cash $20.0 million gain for the settlement of an indemnity claim.

  • An 83% increase in revenues from lease payments related to our RC facilities. In 2012, RC facilities operated by Clean Coal generated $38.6 million in credits to be used to offset future taxes.
  • Gross margin of $20 million or 9% of revenues compared to $24.4 million or 46% of revenues in 2011. The 2012 gross margin excluding coal sales and purchases and operating costs for retained tons was 74%.
  • For the year, our net loss was $13.1 million or $1.31 per diluted share as compared to a net loss of $22.8 million or $2.85 per diluted share for 2011.


Dr. Michael D. Durham, President and CEO of ADA stated, “In 2012, we achieved a number of important milestones that will serve as the foundation for our growth in 2013 and beyond. Clean Coal, ADA’s joint venture with NexGen Resources Corporation and an affiliate of The Goldman Sachs Group, Inc., began operating six additional RC facilities and leased two of these facilities to two different refined coal investors. We also achieved qualifying emissions for our new M-45-PC TM technology for pulverized coal (PC) boilers, which greatly expands the market for several remaining RC facilities to include many larger power plants. In the Emission Control segment, we acquired the assets of Bulk Conveyor Specialist Inc. and Bulk Conveyor Services, Inc. (collectively “Bulk Conveyor”) through our wholly owned subsidiary BCSI, LLC, which has expanded our Dry Sorbent Injection (“DSI”) capabilities and created opportunities to win fleet-wide orders from major utilities for both our DSI and Activated Carbon Injection (“ACI”) equipment.

Dr. Durham continued, “Each of our segments reported quarter-over-quarter improvements in the fourth quarter of 2012. Thus far in 2013, we are continuing to see very good progress in our two major business areas, Refined Coal and Emission Control. We will maintain focus on executing on opportunities that we expect will create significant revenue growth and cash flows for the Company over the coming years. We are positioning ourselves for continued long-term success and are developing technologies for expected future markets.

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