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ThermoEnergy Corporation Announces Second Quarter 2013 Results

Stocks in this article: TMEN

ThermoEnergy Corporation (TMEN:OTCBB), a diversified technologies company engaged in the development and sale of patented and/or proprietary wastewater treatment systems and the development of clean combustion technologies for power generation, today announced revenue of $1.08 million for the three-month period ended June 30, 2013.

Mr. James Wood, President and Chief Executive Officer of ThermoEnergy, commented, "The Company continues to accelerate its sales and marketing efforts in the unconventional oil and gas sector, as well as in ThermoEnergy’s traditional industrial wastewater treatment markets. This concerted sales effort is resulting in growing recognition within both markets and increased interest in the Company’s products.”

“The Company's continued field pilots are producing positive results in a variety of different markets,” said Mr. Wood. “A recently completed pilot test of the ThermoEnergy TurboFrac® produced water recycling system demonstrated its ability to economically reduce total dissolved solids (TDS) to a fraction of EPA recommended limits for secondary drinking water standards.”

Operational and Financial Highlights:

  • Achieved $1.08M in revenues from the sale of industrial based projects.
  • Finalized the NYCDEP contract, resulting in a non-cash gain on contract termination of approximately $4.9 million.
  • Began fabrication and assembly of the UPA bench scale pilot.
  • Continued to increase the Company’s presence in the unconventional oil and gas and glycol recycling markets.
  • Fully repaid the $785,000 Project Finance Credit Facility supporting the delivery of the ARP system to Indonesia.
  • Converted $3.7 million of the 8% Bridge Notes and $1.25 million of the 12.5% Convertible Promissory Notes, plus accrued interest, into shares of the Company’s Series C Preferred Stock and Warrants.

Financial Results for the Three-Month Period Ended June 30, 2013

For the three-month period ended June 30, 2013 the Company recorded revenues of $1,080,000, compared to $1,900,000 in the second quarter of 2012. Unlike 2012, ongoing revenues are no longer derived from the Company's NYCDEP contract and are fully attributable to the sale and production of the Company’s CAST®, RCAST® and ARP™ systems into industrial markets, as well as work performed under UPA's DOE contract to construct a bench scale unit to demonstrate Pressurized Oxy-Combustion (POXC®) using three domestic coals.

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