ADA-ES Announces Increases in Third Quarter Revenues and Net Income.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. -- ADA-ES, Inc. (NASDAQ NASDAQin 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 third quarter and nine months ended September September: see month. 30, 2004. See attached tables. For the third quarter, total revenues increased 88% to $2.8 million from $1.5 million in the same quarter last year. Net income rose at a more rapid rate to $222,000 or $.05 per share, from $71,000 or $.02 per share in the comparable period of 2003. The increase in net income was achieved while making significant investments in the future growth of the Company as reflected by R&D expenses increasing to $331,000 in the 2004 third quarter from $134,000 in the 2003 period. Earnings per share was calculated based on 27% more shares in the current period due to the successful completion of a one million-share private equity placement in August 2004. For the first nine months of 2004, revenues rose 40% to $6.2 million from $4.4 million in the comparable period of 2003. Net income was $239,000 or $.06 per share, compared to $237,000 or $.07 per share in the 2003 period. 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, "We are pleased with the results for the third quarter, during which we achieved revenue growth across all three of our business segments. 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 continues to be the largest contributor, realized a 123% increase in revenues. Sales in this portion of the business were driven by our work in various government and industry supported projects. In addition, during the quarter we performed work on three commercial activated activated a state of being more than usually active. In biological systems this is usually brought about by chemical or electrical means. Commonly said of pharmaceutical and chemical products. carbon injection systems as well as $184,000 in work related to our new mercury measurement services business." Dr. Durham further stated, "We remain focused on capitalizing on the mercury emission control opportunities stemming from State regulations, several new coal-fired Adj. 1. coal-fired - fueled by burning coal; "a coal-fired ship" coal-burning fueled - heated, driven, or produced by burning fuel power plants being built, and the $2 - 5 billion annual market expected to emerge from a Federal regulation once passed. We have seen a steady increase in demand for our mercury emission control technology, with testing expected to be demonstrated at 15 plants by the end of 2004, and we expect this trend to continue. Importantly, our market position was strengthened during the third quarter with the demonstration of improved products developed with our partners NORIT Americas A·mer·i·cas , the See America. and ALSTOM Alstom (formerly GEC-Alsthom) (Euronext: ALO) is a large French multinational conglomerate whose businesses are power generation, railway signalling; and manufacturing trains (e.g. the TGV and Eurostar as well as Citadis trams) and the world's largest ships (e.g. Power. With these enhancement technologies we were able to reduce costs by a factor of two or more while achieving greater than 90% mercury removal at a key power plant configuration that represented the most difficult application for mercury control. Our track record of successful demonstrations, current position in the industry, and strategic relationships are key components in ensuring ADA-ES' leadership role in this emerging market." Dr. Durham continued, "Additionally, during the quarter we completed an $8.0 million private equity placement that broadened our institutional shareholder base and strengthened our balance sheet, which will serve as a solid tool for winning new contracts. The investment also enabled us to apply for listing on the Nasdaq, on which the Company's stock began trading in October October: see month. , a true milestone for ADA-ES." -more- ADA-ES, Inc. News Release Page 2 November 4, 2004 Dr. Durham concluded, "We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about ADA-ES' near and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. outlook and look forward to reporting on our continued progress." Conference Call Management will conduct a conference call on Thursday, November 4, 2004 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 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 may involve significant uncertainties. Actual events or results 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.
Michael D. Durham, Ph.D., MBA, President
Mark H. McKinnies, CFO
www.adaes.com
or
Investor Relations Counsel
The Equity Group Inc.
Mark H. McKinnies,
www.theequitygroup.com
Loren G. Mortman, 212-836-9604
LMortman@equityny.com
Lauren Barbera,212-836-9610
LBarbera@equityny.com
ADA-ES, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
(Amounts in thousands, except per share amounts)
Third Quarter Ended Nine Months Ended
2004 2003 2004 2003
------- ------- ------- ------
REVENUES:
Mercury emission control $2,275 $1,018 $4,574 $2,552
Flue gas conditioning 472 452 1,280 1,534
Combustion aids and other 94 44 301 300
------- ------- ------- ------
Total revenues 2,841 1,514 6,155 4,386
Costs of Services 1,703 844 3,524 2,171
------- ------- ------- ------
Gross Margin 1,138 670 2,631 2,215
OTHER COSTS AND EXPENSES:
General and administrative 542 424 1,438 1,404
Research and development 331 137 810 464
Depreciation and amortization 48 35 126 91
------- ------- ------- ------
Total other costs and
expenses 921 596 2,374 1,959
------- ------- ------- ------
OPERATING INCOME 217 74 257 256
OTHER INCOME (EXPENSE):
Interest expense (7) (6) (31) (7)
Other, net 12 3 13 (12)
------- ------- ------- ------
Total other income
(expense) 5 (3) (18) (19)
------- ------- ------- ------
NET INCOME $222 $71 $239 $237
==== ==== ==== ====
NET INCOME PER COMMON SHARE -
(as adjusted, Basic and Diluted) $.05 $.02 $.06 $.07
==== ==== ==== ====
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING: 4,288 3,376 3,905 3,355
===== ===== ===== =====
See notes accompanying ADA-ES' consolidated financial statements in
its Form 10-QSB for September 30, 2004.
ADA-ES, Inc. and Subsidiary
Consolidated Balance Sheets
(unaudited)
(amounts in thousands)
ASSETS
-------
September 30, December 31,
2004 2003
---------- ------------
Current Assets:
Cash & cash equivalents $ 1,226 $777
Investments available for sale 6,996 -
Accounts receivable, net of allowance
for doubtful accounts 1,185 1,065
Prepaid expenses, inventory and other 431 199
--------- -----------
Total current assets 9,838 2,041
Property and Equipment, at cost 1,367 1, 251
Less accumulated depreciation and
amortization (885) (791)
--------- -----------
Net property and equipment 482 460
Goodwill, net of amortization 2,024 2,024
Intangible Assets, net of amortization 145 112
Deferred Tax Benefit and Other Assets 64 63
--------- -----------
Total Assets $ 12,553 $4,700
========= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
--------------------------------------
Current Liabilities:
Accounts payable $585 $162
Accrued expenses 265 214
Current portion long-term debt - 122
Deferred revenues 178 185
--------- -----------
Total current liabilities 1,028 683
Long-Term Liabilities:
Note and accrued interest payable to related
party - 305
Notes payable, net of current portion - 491
Other 144 248
--------- -----------
Total long-term liabilities 144 1,044
Stockholders' Equity:
Common stock, no par value 12,636 4,467
Accumulated deficit (1,255) (1,494)
--------- -----------
Total stockholders' equity 11,381 2,973
--------- -----------
Total Liabilities and
Stockholders' Equity $ 12,553 $4,700
============= =========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion