Highlights
- 20th consecutive quarter of positive Cash Flow from Operations and EBITDA
- Achieved increased generation at Raft River; expected to provide approximately $1 million increase in revenue in 2018
- Completed multi-well flow test at San Emidio II; results continue to support resource estimate of 25MWs (at P90) to 47MWs (at P50)
- El Ceibillo development project awarded two grants during the third quarter of 2017
U.S. Geothermal Inc., a leading and profitable renewable energy company focused on the development, production, and sale of electricity from geothermal energy, announced today its financial and operating results for the third quarter of 2017, ended September 30, 2017, updated guidance for 2017 and highlighted notable achievements in the third quarter of 2017. This earnings release should be read in conjunction with U.S. Geothermal’s financial statements, and management’s discussion and analysis (“MD&A”), which are available on the Company’s website at www.usgeothermal.com and have been posted at the U.S. Securities and Exchange Commission website at www.sec.gov.
Summary of Financial Results*
(in millions except per share amounts)
| Three Months Ended Sept. 30, 2017 | Three Months Ended Sept. 30, 2016 | Nine Months Ended Sept. 30, 2017 | Nine Months Ended Sept. 30, 2016 | |||||||||
| Operating Revenue | $6.81 | $6.73 | $21.56 | $20.90 | ||||||||
| EBITDA | $1.49 | $3.01 | $7.71 | $8.74 | ||||||||
| Net Income (Loss) | $(1.13) | $0.27 | $(0.61) | $1.07 | ||||||||
| Net Income (Loss) Attributable to U.S. Geothermal | $(1.83) | $(0.15) | $(2.01) | $(0.49) | ||||||||
| Per Share | $(0.09) | $(0.01) | $(0.11) | $(0.03) | ||||||||
* Refer to Appendix for further detail on EBITDA, Adjusted EBITDA, and Net Income, As Adjusted.
Operating Revenue for the first nine months of 2017 was $21.56 million, compared to $20.90 million in the prior year period. EBITDA for the first nine months of 2017 was $7.71 million compared to $8.74 million for the prior year period. Net Income (loss) for the first nine months of 2017 was $(0.61) million, compared to $1.07 million in the first nine months of 2016. Net income (loss) attributable to U.S. Geothermal in the first nine months of 2017 was $(2.01) million, or $(0.11) per share, compared to $(0.49) million, or $(0.03) per share in the prior year period.
On a quarterly basis, Operating Revenue for the third quarter of 2017 was $6.81 million, compared to $6.73 million for the prior year period. EBITDA was $1.49 million for the third quarter of 2017 compared to $3.01 million for the prior year period. Net Income (loss) for the third quarter of 2017 was $(1.13) million, compared to $0.27 million in the prior year period. Net income (loss) attributable to U.S. Geothermal for the third quarter of 2017 was $(1.83) million, or $(0.09) per share, compared to $(0.15) million, or $(0.01) per share in the prior year period.
“Although we experienced mechanical issues at two of our operating plants that negatively impacted gross profit by approximately $1.2 million, we also had non-recurring costs that impacted our results for the first nine months of 2017,” said Douglas Glaspey, Interim Chief Executive Officer. “Our plants are performing well as we enter our best quarter of the year for historical generation, and we are optimistic that we will deliver results within the guidance range that we have updated today.”
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