ADA-ES Reports Strong Second 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 second quarter and six months ended June June: see month. 30, 2005. See attached tables. Second Quarter Financial Highlights - versus fiscal 2004 first quarter --Total revenues increased 39% to $2.5 million. --Operating income was up 15% to $62,000. --Net income rose to $107,000 or $0.02 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 from $41,000 or $0.01 per diluted share in the same period last year. Net earnings per diluted share were calculated on 30% more shares outstanding due to the successful completion of a one million-share private equity placement in August 2004. First Half Financial Highlights - versus fiscal 2004 first half --Total revenues rose 40% to $4.6 million. --Operating income nearly tripled to $117,000. --Net income increased to $202,000 or $0.04 per diluted share from $17,000. Net earnings per diluted share were calculated on 33% more shares outstanding due to the successful completion of the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. private equity placement. 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, "The key driver of our strong sales levels was 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. Revenues in this portion of the business were up substantially, by 53% in the second quarter and 55% in the first half, primarily due to increased mercury measurement services. We continue to work with potential utility customers on 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: mercury emission control programs, which also contributed to the rise in our mercury emission control revenue. We have participated in four demonstrations thus far in 2005 where we have shown up to a 90% mercury removal rate and have sixteen additional demonstrations planned over the next two years." Dr. Durham further stated, "This is a busy and exciting time for the Company as 2005 represents the beginning of the transition from technology development and demonstration to commercial sales. Last week, we announced an important milestone - our first commercial contract. We are supplying 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 equipment valued at over $1 million to a 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 plant being built in the Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians . We have been extensively involved in bid and proposal activity for the past year and continue to put out a number of new bids. As a result, we expect additional commercial contracts to be awarded this year." Dr. Durham concluded, "We continue to move forward with our business strategy to provide 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. to the power industry. We are experiencing tremendous growth in the mercury control area, which in turn, is enabling the broadening of the Company's capabilities, intellectual property, and resources to meet the needs in this developing market. Additionally, we have initiated activities with respect to several potential new sources of revenues that may diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our markets and technology offerings. Based on current contracts and other anticipated work, we expect revenue growth of 20-30% this year. We look forward to updating you on the Company's performance." Conference Call Management will conduct a conference call on Thursday Thursday: see week. , August 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 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 contains 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 revenue growth and award of additional commercial contracts - 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, federal funding, laws or regulations, availability of skilled personnel, 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)
Second Quarter Six Months
Ended Ended
June 30, June 30,
2005 2004 2005 2004
------- ------- ------- -------
REVENUES:
Mercury emission control $1,952 $1,278 $3,559 $2,299
Flue gas conditioning 454 387 961 808
Combustion aids and other 68 109 126 207
------- ------- ------- -------
Total revenues 2,474 1,774 4,646 3,314
Costs of Services 1,550 975 2,815 1,821
------- ------- ------- -------
Gross Profit 924 799 1,831 1,493
OTHER COSTS AND EXPENSES:
General and administrative 634 440 1,186 896
Research and development 188 263 446 479
Depreciation and amortization 40 42 82 78
------- ------- ------- -------
Total other costs and expenses 862 745 1,714 1,453
------- ------- ------- -------
OPERATING INCOME 62 54 117 40
OTHER INCOME (EXPENSE):
Interest expense (1) (10) (2) (24)
Other, net 63 (3) 133 1
------- ------- ------- -------
Total other income
(expense) 62 (13) 131 (23)
------- ------- ------- -------
INCOME BEFORE TAX 124 41 248 17
PROVISION FOR TAX EXPENSE (17) - (46) -
------- ------- ------- -------
NET INCOME 107 41 202 17
UNREALIZED GAINS ON CERTAIN INVESTMENTS
IN SECURITIES, NET OF TAX 27 - 9 -
------- ------- ------- -------
COMPREHENSIVE INCOME $134 $41 $211 $17
===== ===== ===== =====
NET INCOME PER COMMON SHARE - (as
adjusted, Basic and Diluted) $.02 $.01 $.04 $.00
==== ==== ==== ====
WEIGHTED AVERAGE BASIC COMMON SHARES
OUTSTANDING: 4,822 3,741 4,820 3,714
===== ===== ===== =====
WEIGHTED AVERAGE DILUTED COMMON SHARES
OUTSTANDING: 4,939 3,787 4,997 3,759
===== ===== ===== =====
See notes accompanying ADA-ES' consolidated financial statements in
its Form 10-QSB for June 30, 2005.
ADA-ES, Inc. and Subsidiary
Condensed Consolidated Balance Sheets
(unaudited)
(amounts in thousands)
ASSETS
------ June December
30, 31,
2005 2004
-------- --------
Current Assets:
Cash & cash equivalents $2,424 $2,108
Accounts receivable, net of allowance for doubtful
accounts 1,363 1,198
Investment in securities 1,048 713
Prepaid expenses, inventory and other 246 248
-------- --------
Total current assets 5,081 4,267
Property and Equipment, at cost 1,339 1,345
Less accumulated depreciation and amortization (949) (896)
-------- --------
Net property and equipment 430 449
Goodwill, net of amortization 2,024 2,024
Intangible Assets, net of amortization 157 146
Investment in Securities 5,696 5,812
Deferred Tax Benefit and other assets 627 382
-------- --------
Total Assets $13,975 $13,080
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities:
Accounts payable 551 433
Accrued expenses 373 403
Deferred revenues 233 202
-------- --------
Total current liabilities 1,157 1,038
Long-Term Liabilities:
Deferred compensation and other liabilities 17 32
-------- --------
Total long-term liabilities 17 32
Stockholders' Equity:
Preferred stock - -
Common stock, no par value 13,714 13,134
Accumulated other comprehensive income 43 34
Accumulated deficit (956) (1,158)
-------- --------
Total stockholders' equity 12,801 12,010
-------- --------
Total Liabilities and Stockholders' Equity $13,975 $13,080
======== ========
See notes accompanying ADA-ES' consolidated financial statements in
its Form 10-QSB for June 30, 2005.
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