U.S. Geothermal Management Discusses Q1 2012 Results - Earnings Call Transcript

U.S. Geothermal (HTM)

Q1 2012 Earnings Call

August 16, 2012 10:00 am ET

Executives

Daniel J. Kunz - Co-Founder, Chief Executive Officer, Director and President of Geo-Idaho

Analysts

Jared Alexander - Canaccord Genuity, Research Division

Presentation

Operator

Greetings. Welcome to the U.S. Geothermal 2012 First Quarter Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Daniel Kunz, CEO. Thank you. Mr. Kunz, you may now begin.

Daniel J. Kunz

Thank you, operator, and thank you for being on the call this morning. We appreciate your attendance. What I'm going to do is take you through the financial statements, make a few observations and draw your attention to a few items, and then I'm going to turn it over to Q&A so that we can make sure that anyone has questions, we can address those.

One thing I do want to point out, these financial statements reflect a couple of things. One, there is a -- we are now consolidating the accounts of Raft River and then eliminating those minority interests both at Raft River and we have minority interests at Neal Hot Springs in Oregon. So everything has been restated to reflect that so that the comparatives, all are compared on that basis. So these won't be comparable to previous financial statements you may have seen for that reason. So that's point one. And the other item I'd like to draw your attention to is, this is our first quarter of 2012, but that's because we have an accounting fiscal year that ended in March. What we've decided to do when this change has been made effective and approved by the board is we're going to a calendar year-end. So for this year, we will have only 3 quarters of financial information. It will end in -- at the end of this year in December, and then we start 2013 with a full calendar year. So we've gotten rid of this quarter stub that we've always dealt with. Anyway, so we hope that, that makes it easier for you to look at these financial statements going forward.

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