This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Advanced Emissions Solutions Provides Update On Accounting Review Status And Timing Of Year-End Filings And Conference Call

Stocks in this article: ADES

HIGHLANDS RANCH, Colo., March 31, 2014 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (Nasdaq:ADES) (the "Company") today announced that it expects to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the "10-K") in mid-April. Prior to the release of the 10-K, the Company will issue financial results for the fourth quarter and year-ended December 31, 2013, and conduct a conference call. Additional timing and call-in details will be announced prior to filing the 10-K.

company logo

The Company is completing extensive reviews of its historical revenue recognition policy for equipment contracts in its Emission Control segment ("EC"), verifying its accounting for interest expense accruals related to taxes on deferred installment gain and certain other accounting transactions, continuing the process of assessing the effectiveness of its internal control over financial reporting, and determining possible effects on results reported in prior periods. This process has required intensive and detailed re-examination of a large number of equipment contracts, transactions and other accounting records, causing the delay in reporting.

The Company now expects its proposed change in revenue recognition methods and other immaterial adjustments will likely result in a reduction of revenues of approximately $12 million in the aggregate for prior reporting periods including the first three quarters of 2013 and an increase in backlog reported as of September 30, 2013 of a similar amount. These adjustments will have no impact on the amount of revenue ultimately recognized over the terms of the EC equipment contracts and pertain only to the EC segment. The Company now expects the combined possible effects of all adjustments on results reported in prior periods will be less than $4 million, which primarily consists of the margin associated with EC revenue changes and adjustments to interest expense accruals associated with IRS Section 453A interest on installment gains.

Dr. Michael D. Durham, President and CEO of the Company commented, "This process has taken much longer than desired. While frustrating, this effort has not, and will not, impact project execution, our relationships with customers, or our ability to win awards. The outlook for all of our segments is unchanged by these accounting adjustments. With more than $50 million in cash on our balance sheet at year-end, record backlog and positive prospects in our Emissions Control segment, and accelerating progress in our Refined Coal segment, we are excited for 2014 and the future. We will be providing updates regarding timing and any impact of the accounting review and our filings as soon as practical."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,072.72 +42.51 0.24%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs