HIGHLANDS RANCH, Colo., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (Nasdaq:ADES) ("the Company") today announced financial results for the third quarter ended September 30, 2013.
2013 THIRD QUARTER HIGHLIGHTS
- Third quarter earnings of $1.6 million, or $0.16 per diluted share compared to a net loss of $3.9 million or $0.39 per diluted share for third quarter of 2012.
- Record Emission Control ("EC") backlog and revenues -- Backlog of $56.6 million up from $33.2 million at June 30, 2013. -- Revenues of $14.5 million more than tripled from the third quarter of 2012 and were up more than 20% from the second quarter of 2013.
- Refined Coal ("RC") rental and other income of $20.3 million, up more than 80% from the third quarter of 2012 and 63% from the second quarter of 2013. RC facilities operated by the Clean Coal Solutions, LLC ("Clean Coal") joint venture generated $6.8 million in credits during the quarter to be used to offset future taxes (the Company's wholly owned subsidiary, ADA-ES Inc. ("ADA"), owns 42.5% of Clean Coal).
- Two additional RC facilities leased to investors in the quarter, significant progress with investors and utilities for additional RC facilities. The Company expects to have all 28 RC facilities in full-time operation by the end of 2014.
THIRD QUARTER OPERATIONAL ACHIEVEMENTS, OVERVIEW OF SEGMENTS AND OUTLOOKDr. Michael D. Durham, President and CEO of Advanced Emissions Solutions stated, "We are very pleased with the performance in all of our businesses this quarter. This is an exciting time for the Company as the market and regulatory drivers are firmly in place now and we appear to be in a great position with the right products at the right time. Our Emission Control business is accelerating as utilities and other industries prepare to comply with new emission regulations scheduled to take effect in the coming years. The Refined Coal business is also gaining momentum with a number of additional RC facilities beginning or scheduled to begin full-time operations, and others leased to RC investors. In addition, we are positioning ourselves for continued long-term success and are developing technologies for expected future markets."