ThermoEnergy Corporation (OTCBB: TMEN), a technologies company
engaged in the development and sale of wastewater treatment
technologies, today reported revenue of $2.8 million for the fiscal
year ended December 31, 2013.
Mr. James F. Wood, Chairman and Chief Executive Officer of
ThermoEnergy, stated: "2013 was a year of progress for
ThermoEnergy. We worked to refocus the Company on its core
competency – the manufacture and sale of systems that treat and
recover chemicals, metals and nutrients from industrial
wastewaters. I am confident this effort led to a number of
increased opportunities and proposals throughout the latter half of
2013. Oil and gas is a sustainable market and major focus for the
Company’s technology. However, based on the infancy of our offering
to this segment, achieving scale is taking longer than expected.
Recent field pilots and third-party laboratory tests have
substantiated our CAST® technology’s ability to treat produced
water from conventional and unconventional hydrocarbon sources and
provide a cost-effective solutions for treating and recovering
these waters. Additional information on the technology and our
successful pilot studies is available on the Company’s website at
www.thermoenergy.com.”
Mr. Wood continued, “We have made significant efforts in
managing our costs and continue to seek improvements in operations
to improve our margins and reduce our manufacturing lead-times,
which currently take anywhere from 16 to 24 weeks to build. Our
technology is differentiated from competitive wastewater
technologies in that CAST® technology produces a clean distillate.
The potential recovery of potable water for agricultural and
livestock uses in drought-stressed areas such as West Texas and
California’s Central Valley continues to provide opportunities for
the Company, and we believe ThermoEnergy’s technologies will become
more valuable as global water shortages continue driven by climate
changes and population growth.“
Operational and Financial
Highlights:
- Full year revenues of $2.8 million with
96% derived from new business and service opportunities.
- Commissioned two ARP systems for
removal and recovery of concentrated ammonia in wastewater.
- Booked two additional CAST® systems for
recovery of glycol and metal finishing and negotiated the
completion and payment of two additional systems previously
unfinished. These four systems are expected to ship during the
second and third quarters of 2014.
- Received third party scientific and
economic validation supporting the benefits and return on
investment generated by the Company’s introduction of CAST®
technologies in the oil and gas market.
- Achieved cost savings of $2.7 million
based on efforts undertaken to reduce spending on non-core business
activities.
- Built and delivered UPA’s bench scale
unit to demonstrate Pressurized Oxy-Combustion (POXC®) using
domestic coals.
- Expanded the sales and marketing
organization to better develop top line opportunities across all
industrial markets: oil and gas, glycol, chemical, metal and
nutrient recycling.
- Finalized the NYCDEP contract,
resulting in a non-cash gain on contract termination of
approximately $4.9 million.
- Reduced outstanding debt by $1.7
million through the pay down and conversion of $5.7 million in debt
during the first half of 2013, offset by a $4 million non-dilutive
note in the fourth quarter.
Financial Results for the Three-Month
Period Ended December 31, 2013:
For the three-month period ended December 31, 2013 the Company
recorded revenue of $191,000 compared to $1,351,000 in the fourth
quarter of 2012. Going forward, revenue on orders in backlog will
be recognized only when shipped. Revenue in the quarter was derived
from service contracts and spare parts orders. Revenue in the
fourth quarter of 2012 was derived mainly from our contract with
the NYCDEP.
Gross loss for the fourth quarter of 2013 was ($174,000), driven
mainly by unabsorbed manufacturing costs.
General and administrative expense for the fourth quarter of
2013 was $757,000, a decrease of $43,000 (5%) compared to the
fourth quarter of 2012. The Company was able to recognize its
targeted cost reduction efforts and maintain lower legal and
financing expenses than the fourth quarter of 2012.
Engineering expense for the fourth quarter of 2013 was $18,000,
a decrease of $80,000 (82%) compared to the fourth quarter of 2012.
The decrease is attributable to increased utilization of our
engineering resources and reduced non-cash stock expense during the
period.
Sales and marketing expense for the fourth quarter of 2013 was
$466,000, a decrease of $201,000 (30%) compared to the fourth
quarter of 2012. The decrease was due to a reduction in non-core
international business development efforts and reduced unbillable
pre-sale expenses, partially offset by the continued increase in
spending on domestic sales and marketing activities.
The Company reported a net loss for the three-month period ended
December 31, 2013 of $1.314 million, ($0.01 per basic share),
compared to a loss of $1.436 million ($0.01 per basic share) for
the same period in 2012.
Financial Results for the Year Ended
December 31, 2013:
For the year ended December 31, 2013 the Company recorded
revenue of $2,812,000 compared to revenues of $6,971,000 in 2012.
Revenue in 2013 was derived mainly by the Company’s first two
projects utilizing its Ammonia Recovery Process (“ARP”) technology
and work related to the subcontract with Unity Power Alliance’s DOE
Grant. Equipment revenues were supported by continued growth in
service revenues from our historic customer base. Revenue in 2012
were derived primarily from our contract with the NYCDEP.
Gross loss for the fiscal year ended December 31, 2013 was
$501,000 compared to a profit of $173,000 in 2012. The gross loss
is attributed to lower margins on the initial ARP project as well
as higher unallocated overhead costs during the period. In 2012,
the Company benefited from the continued construction of the NYCDEP
contract. As reported last quarter, full year margin degradation
was impacted by cost overruns of $275,000, which were driven by
engineering and product design changes by our joint venture partner
on UPA.
General and administrative expense totaled $3,179,000 in 2013, a
decrease of $1,572,000 (33%) compared to 2012. The decrease is
attributable to significantly lower professional and consulting
expenses in 2013 from continuing efforts to reduce our cost
structure, as well as significantly lower non-cash stock option
expenses.
Engineering expense totaled $454,000 in 2013, which is
consistent with spending in 2012. Our engineering team was not as
fully utilized throughout the first half of 2013 compared to 2012
due to the cancellation of the NYCDEP contract and the timing of
project activity. Engineering costs directly related to our
projects are charged to cost of sales. The reduced utilization of
our engineering team was offset by lower headcount and non-cash
stock option expense in 2013.
Selling expense totaled $1,727,000 in 2013, a decrease of
approximately $1.1 million (40%) compared to 2012. This decrease is
attributed to a reduction in non-core business development efforts
and reduced unbillable pre-sale expenses. These declines were
offset by continued expenditures incurred to strengthen the field
sales team, trade and promotion activities, and pilot testing of
our TurboFrac® technologies in the unconventional oil shale
market.
The Company recorded a non-cash gain of $4,878,000 related to
the termination of its contract with the NYCDEP in 2013. This gain
represents the amount by which our billings to the NYCDEP contract
exceeded revenues recognized. We did not record any such gains in
2012.
Additional income of $2,357,000 was earned in 2013 related to
the net change in fair value on our derivative instruments compared
to $1,637,000 in 2012. Income in both years relates primarily to
the passage of time and the decrease in our stock price. The
increased income in 2013 is due to an increase in the number of
underlying derivative instruments in 2013 compared to 2012.
The Company recorded derivative expense of $567,000 in 2012
related to the initial valuation of derivative liabilities. This
expense did not repeat in 2013.
Due to our 50% ownership in UPA, the Company absorbed its
proportional share of the costs necessary to complete the
cost-sharing arrangement with the Department of Energy. This
resulted in a loss of $298,000 in 2013 compared to $8,000 in
2012.
Interest expense was $2,663,000 in 2013 compared to $529,000 in
2012. This increase is due to amortization of debt discounts
recognized on our December 2011 Bridge Notes and our November 2012
Bridge Notes in 2013.
The Company had cash on hand at December 31, 2013 of $2.5
million.
Please see the Company's Form 10-K filed with the SEC on March
31, 2014 for additional details.
About ThermoEnergy
Founded in 1988, ThermoEnergy is a diversified technologies
company engaged in the worldwide development, sales and
commercialization of patented and/or proprietary municipal and
industrial wastewater treatment and power generation technologies.
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
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COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THESE STATEMENTS FOR
REVISIONS OR CHANGES.
ThermoEnergy CorporationInvestor Relations ContactThomas
Walsh, 212-398-3486twalsh@allianceadvisors.netorMedia
ContactMarc Bane, 978-443-2378mbane@banemarketing.com
ThermoEnergy (CE) (USOTC:TMEN)
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ThermoEnergy (CE) (USOTC:TMEN)
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