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Advanced Emissions Solutions Announces Second Quarter 2013 Results

Stocks in this article: ADES

HIGHLANDS RANCH, Colo., Aug. 7, 2013 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (Nasdaq:ADES) ("the Company") today announced financial results for the second quarter ended June 30, 2013.

OVERVIEW OF 2013 SECOND QUARTER RESULTS

  • Refined Coal ("RC") revenues from payments related to our leased and sold RC facilities were up 10% from the second quarter of 2012 and down 5% from the first quarter of 2013 due to seasonal factors. In the quarter, RC facilities operated by the Clean Coal Solutions, LLC ("Clean Coal") joint venture generated $7.7 million in credits to be used to offset future taxes (the Company's wholly owned subsidiary, ADA-ES Inc., owns 42.5% of Clean Coal).
  • Emission Control ("EC") revenues more than doubled from the second quarter of 2012 and were up 37% from the first quarter of 2013. EC backlog as of June 30, 2013 was $33.2 million, up from $4.5 million at June 30, 2012 and from $32.7 million at March 31, 2013.
  • Cash and cash equivalents were $12.3 million, up from $9.7 million at December 31, 2012 but down from $22 million at March 31, 2013. This cash balance does not include the more than $14 million received by Clean Coal in late July in conjunction with the closing of leases for two RC facilities.
  • Continued progress with investors and utilities for additional RC facilities, including multiple sites that are expected to use our M-45-PC TM technology.
  • Consolidated gross margin of $10.6 million, or 18% of revenues compared to $7.4 million or 14% of revenues in 2012. The margin percentage was negatively impacted by 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 second quarter of 2013, our net loss was $3.2 million or $0.32 per diluted share as compared to a net loss of $1.3 million or $0.13 per diluted share for second quarter of 2012.

SECOND QUARTER OPERATIONAL ACHIEVEMENTS, OVERVIEW OF SEGMENTS & OUTLOOK

Dr. Michael D. Durham, President and CEO of Advanced Emissions Solutions stated, "In the second quarter we were pleased with the continued success in our Emission Control business but disappointed and frustrated by the delays in the Refined Coal business that saw the closing of the lease contracts for two of our RC facilities slip into the third quarter of 2013. Going forward 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 several months and coming years. We are positioning ourselves for continued long-term success and are developing technologies for expected future markets."

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