ThermoEnergy Corporation Announces Second Quarter 2013 Results
Gross profit for the second quarter of 2013 was $177,000. The gross profit was earned on the completion of an ARP system to the domestic metals industry, partially offset by unallocated overhead costs.
General and administrative expenses declined 61% in the second quarter of 2013 to $739,000 as compared to $1.89 million in the second quarter of 2012, further demonstrating the Company’s cost reduction efforts.
Engineering costs increased $79,000 to $173,000 in the second quarter of 2013. The increase is similar to the first quarter of 2013 and is due to lower utilization of the Company's engineering team on projects during the period.
Sales and marketing expenses for the second quarter of 2013 was $444,000, a decrease of 50% compared to the second quarter of 2012. The Company has maintained lower consulting expenses as part of the Company’s cost reduction efforts, and reduced unbillable pre-sale expenses in the second quarter of 2013.The Company reported net income for the three-month period ended June 30, 2013 of $1.426 million ($0.01 per basic share), compared to a loss of $2.531 million ($0.03 per basic share) for the same period in 2012. Income was primarily derived by a non-cash gain of $4,878,000 related to final completion of its contract with the NYCDEP during the second quarter of 2013. This gain represents the amount by which project billings exceeded revenues at the time of termination by the customer. Please see the Company's Form 10-Q filed with the SEC on August 14th for additional details. About ThermoEnergy Corp. Founded in 1988, ThermoEnergy is a diversified technologies company engaged in the worldwide development, sales and commercialization of patented and/or proprietary wastewater treatment and recovery systems. The Company has been a pioneer in the development of sustainable water treatment technologies that help customers operate more efficiently, save money, reduce their carbon footprints, and meet sustainability goals. Additional information on the Company and its technologies can be found on its website at www.thermoenergy.com THIS PRESS RELEASE INCLUDES STATEMENTS THAT MAY CONSTITUTE "FORWARD LOOKING" STATEMENTS, USUALLY CONTAINING THE WORDS "ESTIMATE", "PROJECT", "EXPECT" OR SIMILAR EXPRESSIONS. FORWARD LOOKING STATEMENTS INHERENTLY INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM CURRENT EXPECTATIONS. BY MAKING THESE FORWARD LOOKING STATEMENTS, THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THESE STATEMENTS FOR REVISIONS OR CHANGES.
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