ADA-ES Announces Gains in Revenue and Pre-Tax Income for the Fourth Quarter and Year.LITTLETON Littleton, city (1990 pop. 33,685), seat of Arapahoe co., N central Colo.; platted 1812, inc. 1890. It is a suburb south of Denver in an irrigated farm area. , Colo. -- Headline of release should read: ADA-ES Announces Gains in Revenue and Pre-Tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta Income for the Fourth Quarter and Year (sted ADA-ES Announces Gains in Revenue and Net Income for the Fourth Quarter and Year). The corrected release reads: ADA-ES ANNOUNCES GAINS IN REVENUE AND PRE-TAX INCOME FOR THE FOURTH QUARTER AND YEAR ADA-ES, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADES (language) ADES - An early system on the IBM 704. Version: ADES II. [Listed in CACM 2(5):16 (May 1959)]. ) today announced financial results for the fourth quarter and year ended December December: see month. 31, 2004. See attached tables. Fourth Quarter Financial Highlights - versus fiscal 2003 fourth quarter --Total revenues rose 53% to $2.3 million. --Operating income was up 97% to $126,000. --Net income before tax increased 101% to $159,000, from $79,000 in the 2003 quarter. Net income was $97,000 as compared to $172,000 (including a $93,000 tax benefit) in the 2003 quarter. Net earnings per share were $.02, calculated on 33% more shares outstanding due to the successful completion of a one million-share private equity placement in August 2004, compared to $.05 per share in the fourth quarter of last year. 2004 Financial Highlights - versus fiscal 2003 --Total revenues were up 44% to $8.4 million. --Operating income grew 20% to $383,000. --Net income before tax rose 26% to $398,000, from net income before tax of $316,000 in 2003. Net income was $336,000 compared to net income of $409,000 last year (including a $93,000 tax benefit). Net earnings per share were $.08, calculated on 21% more shares outstanding due to the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. private placement, compared to $.12 per share in 2003. Dr. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Durham Durham, town and district, England Durham, town (1991 pop. 38,105) and district, county seat of Durham, NE England, on the sides of a hill nearly encircled by the Wear River. The town's small factories produce organs and carpets. , President of ADA-ES, stated, "Our first full year operating as an independent Company was a year of significant growth and development. We more than met our previously announced revenue goal for 2004, which was growth of 30%. The 44% increase in 2004 revenues was driven primarily by our mercury Our Mercury is a Canadian Indie Rock band. It's members are singer/guitarist Ben Stevenson, drummer John Watson, bassist Joseph Lubinski-Mast, and keyboardist Eric Budd. History emission control The selective and controlled use of electromagnetic, acoustic, or other emitters to optimize command and control capabilities while minimizing, for operations security: a. detection by enemy sensors; b. mutual interference among friendly systems; and/or c. segment, which grew 73% stemming from our involvement in various full-scale full-scale adj. 1. Of actual or full size; not reduced: a full-scale model. 2. Employing all resources; not limited or partial: government and industry supported demonstrations, and work from our new mercury emission measurement segment." Dr. Durham further stated, "These financial results were achieved while making significant investments in R&D, which produced considerable improvements in our technology. During 2004, we participated in eight full-scale mercury emission control programs. In the second half of the year, we successfully completed two projects that demonstrated three different technologies for significantly reducing mercury emissions from coal-fired Adj. 1. coal-fired - fueled by burning coal; "a coal-fired ship" coal-burning fueled - heated, driven, or produced by burning fuel plants. These two projects demonstrated sustained reductions of greater than 90% of mercury emissions on difficult Western coal applications. We believe these projects are key to positioning ADA-ES as a market leader as they allow us to 1) gain experience working hand in hand with our eventual customers developing and demonstrating the technology, 2) expand our intellectual property portfolio, and 3) train and hire new engineers. The combination of experience and performance data allows us to provide guaranteed commercial mercury control systems to respond to state regulations, new coal-fired power plants and pending federal regulations. In this regard, we have submitted bids for over 80 commercial mercury emission control systems." Dr. Durham continued, "We also achieved two corporate milestones during 2004. In August, we completed an $8.0 million private equity placement that expanded our institutional shareholder base and strengthened our balance sheet, an important tool for winning new contracts. The financing also enabled us to meet the listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. for Nasdaq, on which our stock began trading in October October: see month. ." Dr. Durham concluded, "Our strategic relationships with leading companies whose products and systems fit well with our technologies and capabilities, coupled with our expertise and industry position, are enabling us to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the numerous opportunities in the mercury control industry. Based on current projects, pending contracts and expected awards of commercial contracts, we anticipate revenue growth of 30% in 2005, driven primarily by our mercury emission control segment. We remain extremely optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the Company's business prospects for 2005 and beyond." Conference Call Management will conduct a conference call on Thursday Thursday: see week. , March 10, 2005 at 11:00 a.m. ET to discuss the financial results and recent developments. Interested parties may participate in the call by dialing 706-679-3200 - please call in 10 minutes before the call is scheduled to begin, and ask for the ADES call. The conference call will also be broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the via the Investor Information section of ADA-ES' website at www.adaes.com. To listen to the live call please go to the website at least 15 minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. If you are unable to listen live, the conference call will be archived on the Company's web site. About ADA-ES Headquartered in Littleton, Colorado The City of Littleton is a home rule municipality located in the Denver Metropolitan Area of the State of Colorado. As of 2005, the city is estimated to have a total population of 40,396.[1] Littleton is the 17th most populous city in the State of Colorado. , ADA-ES, Inc. develops and implements proprietary environmental technology and specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. that mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. the environmental impact from electric power and
industrial companies while reducing operating costs operating costs npl → gastos mpl operacionales .
This press release may contain forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this document that are based on information the Company believes reasonable, but such projections and statements involve significant uncertainties. Actual events or results - including predicted revenues and achievement of positive cash flow - could differ materially from those discussed in the forward-looking statements as a result of various factors including but not limited to changing market demand for ADA-ES chemicals and systems and changes in technology, laws or regulations, demand for the company's securities, and other factors discussed in the company's filings with the U.S. Securities and Exchange Commission.
ADA-ES, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
(amounts in thousands, except shares and per share amounts)
Fourth Quarter Year
Ended Ended
December 31, December 31,
2004 2003 2004 2003
REVENUES:
Mercury emission control $1,366 $885 5,940 $3,437
Flue gas conditioning 842 503 2,122 2,037
Combustion aids and other 54 89 355 389
--------------------------
Total revenues 2,262 1,477 8,417 5,863
COST OF SERVICES 1,351 724 5,020 2,895
--------------------------
GROSS MARGIN 911 753 3,397 2,968
OTHER COST AND EXPENSES:
General and administrative 608 521 2,046 1,925
Research and development 150 129 815 593
Depreciation and amortization 27 39 153 130
--------------------------
Total expenses 785 689 3,014 2,648
--------------------------
OPERATING INCOME 126 64 383 320
OTHER INCOME (EXPENSE):
Interest expense (3) (20) (34) (27)
Other, net 36 35 49 23
--------------------------
Total other income (expense) 33 15 15 (4)
--------------------------
NET INCOME BEFORE TAX 159 79 398 316
PROVISION FOR TAX BENEFIT (EXPENSE) (62) 93 (62) 93
--------------------------
NET INCOME 97 172 336 409
--------------------------
OTHER COMPREHENSIVE INCOME, NET OF TAX 34 -- 34 --
--------------------------
COMPREHENSIVE INCOME $131 $172 $370 $409
==== ==== ==== ====
NET INCOME PER COMMON SHARE - (as adjusted,
Basic and Diluted) $.02 $.05 .08 .12
==== ==== ==== ====
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: 4,781 3,582 4,126 3,412
===== ===== ===== =====
See notes accompanying ADA-ES' consolidated financial statements in
its Form 10-KSB for December 31, 2004.
ADA-ES, Inc. and Subsidiary
Consolidated Balance Sheet
(unaudited)
(amounts in thousands)
ASSETS
------
December December
31, 31,
2004 2003
-------- --------
Current Assets:
Cash & cash equivalents $2,108 $777
Accounts receivable, net of allowance for
doubtful accounts 1,198 1,065
Investment in securities 713 --
Prepaid expenses, inventory and other 248 199
-------- --------
Total current assets 4,267 2,041
Property and Equipment, at cost 1,345 1,251
Less accumulated depreciation and amortization (896) (791)
-------- --------
Net property and equipment 449 460
Goodwill, net of amortization 2,024 2,024
Intangible Assets, net of amortization 146 112
Investment in securities and other assets 6,194 63
-------- --------
Total Assets $13,080 $4,700
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities:
Accounts payable 433 162
Accrued expenses 403 214
Current portion long-term debt -- 122
Deferred revenues 202 185
-------- --------
Total current liabilities 1,038 683
Long-Term Liabilities:
Note and accrued interest payable to related
party -- 305
Notes payable, net of current portion -- 491
Other 32 248
-------- --------
Total long-term liabilities 32 1,044
Stockholders' Equity:
Common stock, no par value 13,134 4,467
Accumulated other comprehensive income 34 --
Accumulated deficit (1,158) (1,494)
-------- --------
Total stockholders' equity 12,010 2,973
-------- --------
Total Liabilities and Stockholders' Equity $13,080 $4,700
======== ========
See notes accompanying ADA-ES' consolidated financial statements in
its Form 10-KSB for December 31, 2004.
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