HIGHLANDS RANCH, Colo., May 8, 2013 (GLOBE NEWSWIRE) -- ADA-ES, Inc. (Nasdaq:ADES) ("ADA") today announced financial results for the first quarter ended March 31, 2013.
OVERVIEW OF 2013 FIRST QUARTER RESULTS
- Refined Coal ("RC") revenues from payments related to our leased and sold RC facilities were up 127% from the first quarter of 2012 and up 25% from the fourth quarter of 2012. In the quarter, RC facilities operated by ADA's joint venture Clean Coal Solutions, LLC ("Clean Coal") generated $12.6 million in credits to be used to offset future taxes (ADA owns 42.5% of Clean Coal).
- Emission Control ("EC") revenues were up more than threefold from the first quarter of 2012 and double the amount from the fourth quarter of 2012. EC backlog as of March 31, 2013 increased to $32.7 million, up from $25.3 million at December 31, 2012 and $4.6 million at March 31, 2012.
- Cash and cash equivalents increased to $22 million, up from $9.7 million at December 31, 2012.
- Successfully tested our M-45-PC TM technology at four power plants.
- Consolidated gross margin of $9.7 million, or 14% of revenues compared to $4 million or 22% of revenue in 2012. The lower margin percentage in the first quarter of 2013 is due to the inclusion of coal purchases and sales and operating costs associated with RC facilities operated for Clean Coal's own account ("retained tons").
- For the first quarter of 2013, our net loss was $2.2 million or $0.22 per diluted share as compared to a net loss of $2.4 million or $0.24 per diluted share for first quarter of 2012.
FIRST QUARTER OPERATIONAL ACHIEVEMENTS, OVERVIEW OF SEGMENTS & OUTLOOKDr. Michael D. Durham, President and CEO of ADA stated, "In the first quarter we saw continued success in both our 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 next months and coming years. We are positioning ourselves for continued long-term success and are developing technologies for expected future markets.