ADA-ES Reports Strong First Quarter Results.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 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 first quarter ended March 31, 2005. See attached tables. First Quarter Financial Highlights - versus fiscal 2004 first quarter --Total revenues increased 41% to $2.2 million. --Operating income was $55,000 versus an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $14,000. --Net income was $95,000 as compared to a net loss of $24,000. Net earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share were $0.02, calculated on 36% more shares outstanding due to the successful completion of a one million-share private equity placement in August 2004, compared to net loss of $0.01 per share in the first quarter of last year. 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 to start the year off with a strong quarter, during which we saw continued strength in 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, where sales rose 57% during the period. The key driver of the revenue increase was the demand for engineering services to evaluate mercury control options for utility clients, which represents the first stage of commercial sales. We anticipate that this portion of the mercury segment will produce approximately $2 million in revenues this year." Dr. Durham continued, "The new State mercury regulations, recent Federal emission limits for industrial coal-fired Adj. 1. coal-fired - fueled by burning coal; "a coal-fired ship" coal-burning fueled - heated, driven, or produced by burning fuel boilers, and construction of new power plants continue to create a market for our commercial control technology over the next four to six years. Our 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. growth will be defined by the market created by a Federal regulation on utility boilers, such as the Clean Air Mercury Rule ("CAMR CAMR Clean Air Mercury Rule CAMR Coalition for the Advancement of Medical Research CAMR Camera CAMR Centre for Applied Microbiology and Research CAMR Colin Archer Memorial Race (Netherlands to Norway sailing race) ") issued by EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. in March. Although CAMR is facing legal challenges from State officials and environmental groups because it does not require greater reductions in mercury emissions, we still expect it to create business opportunities for ADA-ES. In response to the lack of stringency of CAMR, several State legislatures A state legislature may refer to a legislative branch or body of a political subdivision in a federal system. The following legislatures exist in the following political subdivisions: Dr. Durham concluded, "We continue to expect healthy revenue growth for 2005, and remain extremely enthusiastic about the Company's near and long-term business prospects." Conference Call Management will conduct a conference call on Wednesday, May 11, 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 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
Condensed Consolidated Statements of Operations
(unaudited)
(amounts in thousands, except shares and per share amounts)
First Quarter Ended
March 31,
2005 2004
REVENUES:
Mercury emission control $1,607 $1,021
Flue gas conditioning 507 421
Combustion aids and other 58 98
------ ------
Total revenues 2,172 1,540
Costs of Services 1,265 846
------ ------
Gross Margin 907 694
OTHER COSTS AND EXPENSES:
General and administrative 552 456
Research and development 258 216
Depreciation and amortization 42 36
------ ------
Total other costs and expenses 852 708
------ ------
OPERATING INCOME (LOSS) 55 (14)
OTHER INCOME (EXPENSE):
Interest expense (1) (14)
Other, net 70 4
------ ------
Total other income (expense) 69 (10)
------ ------
INCOME (LOSS) BEFORE TAX 124 (24)
PROVISION FOR TAX EXPENSE (29) -
------ ------
NET INCOME (LOSS) 95 (24)
UNREALIZED LOSSES ON CERTAIN INVESTMENTS IN
SECURITIES, net of tax (18) -
------ ------
COMPREHENSIVE INCOME (LOSS) $ 77 $ (24)
====== ======
NET INCOME (LOSS) PER COMMON SHARE - (Basic and
Diluted) $ .02 $ (.01)
====== ======
WEIGHTED AVERAGE BASIC COMMON SHARES OUTSTANDING: 4,811 3,687
====== ======
WEIGHTED AVERAGE DILUTED COMMON SHARES
OUTSTANDING: 5,029 3,702
====== ======
See notes accompanying ADA-ES' consolidated financial statements in
its Form 10-QSB for March 31, 2005.
ADA-ES, Inc. and Subsidiary
Condensed Consolidated Balance Sheets
(unaudited)
(amounts in thousands)
ASSETS
------
March 31, 2005 December 31, 2004
----------------- -----------------
Current Assets:
Cash & cash equivalents $ 1,990 $ 2,108
Accounts receivable, net of
allowance for doubtful accounts 1,576 1,198
Investment in securities 1,999 713
Prepaid expenses, inventory and
other 224 248
---------------- ----------------
Total current assets 5,789 4,267
Property and Equipment, at cost 1,366 1,345
Less accumulated depreciation
and amortization (936) (896)
---------------- ----------------
Net property and equipment 430 449
Goodwill, net of amortization 2,024 2,024
Intangible Assets, net of
amortization 151 146
Investment in Securities 4,506 5,812
Deferred Tax Benefit and other
assets 627 382
---------------- ----------------
Total Assets $ 13,527 $ 13,080
================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities:
Accounts payable 311 433
Accrued expenses 350 403
Deferred revenues 238 202
---------------- ----------------
Total current liabilities 899 1,038
Long-Term Liabilities:
Deferred compensation and other
liabilities 25 32
---------------- ----------------
Total long-term liabilities 25 32
Stockholders' Equity:
Common stock, no par value 13,650 13,134
Accumulated other comprehensive
income 16 34
Accumulated deficit (1,063) (1,158)
---------------- ----------------
Total stockholders' equity 12,603 12,010
---------------- ----------------
Total Liabilities and
Stockholders' Equity $ 13,527 $ 13,080
================ ================
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion