Global provider to tailor equipment and design to support agricultural land quality
WALLERFING, Germany--(BUSINESS WIRE)--Ideematec Inc., the leading global supplier of solar tracking systems, today announced it was selected by project developer AMDA energía (AMDA) to provide customized solar tracking systems for a 100 megawatt (MW) agro photovoltaics (Agri-PV) project portfolio located in France. The innovative systems will deliver synergistic solutions for the production of organic food crops and clean electricity generation all while providing soil protection and water savings, helping farmers to move towards a low-emissions smart farming labelling.
The 100 MW portfolio will be composed of multiple 5 MW projects and will meet specific requirements for proper construction on agricultural land in accordance with local regulations.
Ideematec’s engineering team has modified and optimized the Horizon L:TEC tracker model by adjusting the axis heights of the tracker and maximizing the rotation angle for the module to +/- 70 degrees, allowing the trackers to operate synergistically with agricultural equipment. Ideematec also designed an Agri-PV-specific control and agronomic-orientated monitoring system to improve crop production, land quality and address specific needs of each Agri-PV project site.
“Agri-PV projects require flexibility in both the hardware and installation to protect the integrity of the land and ensure that agricultural practices can operate effectively, while harnessing the benefits of clean energy,” said Jorge Gutiérrez Serra, President for AMDA. “We are confident that Ideematec’s durable and customizable solar trackers will fit the needs of an innovative energy system optimized for highly profitable agricultural production for years to come.”
“Our two-in-portrait (2P) module wings, equipped with bifacial modules, allow us to space module rows to support efficient agricultural operations, such as moving large vehicles between module rows, or monitoring sites for agricultural variables to increase generation efficiency,” says Mario Eckl, Co Founder & CEO Ideematec. “These innovations allow our trackers to provide reliable clean energy to projects at scale, without disturbing the local environment or quality of land. The Agri-PV sector is poised for tremendous growth and we are eager to support agricultural-friendly solutions.”
Agricultural-friendly utility-scale solar solutions are growing in popularity in Europe, and Ideematec expects that trend to erupt in both the North American and APAC markets in the coming years, as rural communities find ways to support scaled renewable energy deployment and generate multiple sources of revenue with agricultural lands.
About Ideematec, Inc.
Ideematec, Inc. is a trusted global supplier of solar tracking systems, headquartered in Germany. Established in 2003, the company serves as a pure play tracker provider for the utility-scale sector. Ideematec pioneered the 2P high-span safeTrack Horizon™ tracker, powered by a patented dual drive technology. Since 2017, the company has successfully delivered some of the biggest solar facilities on three continents, including Jordan (250 MW), Australia (350 MW) and Spain (200 MW). For more information please visit: http://www.ideematec.com/
About AMDA energía
AMDA energía is an international global developer focused on the promotion, development and funding of renewable energy generation projects around the world with proven track record in both photovoltaic and wind sectors having developed more than 30 projects in on 3 different continents since it was created in 2008 (Spain, Portugal, France, South Africa, Mozambique, Tunisia, Colombia, Mexico). Thanks to its experienced staff, the core activities cover the complete process of development of a large-scale renewable energy project.
Evelyn Kroiss
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AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W") (NYSE: BW) has been invited to present at Gabelli Funds 7th Annual Waste & Environmental Services Symposium, which is being held virtually on March 18, 2021.
B&W management is scheduled to present on March 18, 2021 at 4:15 p.m. Eastern time, with one-on-one meetings throughout the conference. To receive additional information, request an invitation or to schedule a one-on-one meeting, please email This email address is being protected from spambots. You need JavaScript enabled to view it..
About the Gabelli Securities Waste & Environmental Services Symposium
Gabelli Funds, LLC, will host the 7th Annual Waste & Environmental Services Symposium on Thursday, March 18, 2021, via webcast. This timely conference will feature presentations by senior management of several leading companies, with an emphasis on industry dynamics, new technologies, and company fundamentals.
About B&W Enterprises
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at www.babcock.com.
Investor:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Europe Wind Farms Database" database has been added to ResearchAndMarkets.com's offering.
This product is a database of wind farms in Europe.
It includes 24228 entries (in 39 countries).
Its content represents 185,9 GW onshore and 138,5 GW offshore.
Detailed breakdown:
Onshore market:
Offshore market:
Provided Content:
Location
Turbines
Players
Status Data
Countries Covered
For more information about this database visit https://www.researchandmarkets.com/r/izk159
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ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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Laura Wood, Senior Press Manager
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Program Housed by Chicago-Based Medical Facilities:
Rush University Medical Center and Lurie Children’s Hospital
Students to Gain Training, Support, Professional Experience and Certification in Revenue Cycle Management
STAMFORD, Conn.--(BUSINESS WIRE)--Crane Co. (NYSE:CR) today announced that the Crane Foundation, Inc., the company’s charitable nonprofit corporation, has donated $105,215 to fund a Revenue Cycle Management Certification Program for students and alumni of the company’s namesake Chicago, IL.-based Richard T. Crane Medical Prep High School (RTC).
The program, which will be housed at Rush University Medical Center and Lurie Children’s Hospital in Chicago, will provide training, support, and professional experience to participants, who will gain employable skills in the healthcare industry, and, upon receiving their certifications in Revenue Cycle Management, will be well positioned for strong career opportunities.
“We are incredibly grateful to the Crane Foundation for its support of our students, who are passionate about science and medicine but may not otherwise have the resources to pursue their career goals,” said Fareeda Shabazz, Principal of Richard T. Crane Medical Prep High School. “We are equally thrilled to launch this program to develop important, real-world career skills as students earn certifications in Revenue Cycle Management, one of the fastest-growing fields in healthcare today.”
The program will begin in the summer of 2021 and will consist of a six-week internship, including shadowing sessions with medical professionals, workforce development sessions and lecture series on a variety of healthcare professions, and clinical workshops. All course materials and equipment will be provided to participants free of charge by the Crane Foundation, Inc.
“We are extremely pleased with the success of RTC, which has achieved 100% graduation rates for three years in a row and has placed students in some of the best colleges in the country,” said Richard Maue, Senior Vice President and Chief Financial Officer of Crane Co., and a trustee of the Crane Foundation, Inc. “We look forward to continuing to extend our values of leadership and responsibility to our communities, by better equipping more and more students not just for college, but for a competitive job market.”
Dedicated exclusively to making charitable contributions for religious, educational and scientific purposes, the Crane Foundation is one of three charitable institutions affiliated with Crane Co., which also include The Crane Fund, a charitable trust dedicated to former Crane Co. employees in need of financial aid who are unable to be fully self-supporting due to age or physical disability, and The Crane Fund for Widows and Children, which makes contributions to charitable organizations that provide direct assistance to underserved populations in the communities where Crane Co. operates. In total, these three funds donate approximately $17 million each year to assist more than 500 charitable organizations and over 1,200 former associates and their family members around the world.
About Crane Co.
Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane Co. provides products and solutions to customers in the chemicals, oil & gas, power, automated payment solutions, banknote design and production and aerospace & defense markets, along with a wide range of general industrial and consumer related end markets. The Company has four business segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Crane Co. has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.
About The Crane Foundation, Inc.
Created in 1951, the Crane Foundation, Inc. is a non-profit corporation organized exclusively to make charitable contributions for religious, educational and scientific purposes.
About Richard T. Crane (RTC) Medical Preparatory High School
RTC is a magnet high school that offers a full and articulated college preparatory curriculum and rigorous career coursework focused on the health sciences to students across the city. RTC Medical Preparatory High School will meet the growing demand for medical professionals by preparing a diverse student body to go on to the best colleges and universities. RTC's college preparatory curriculum, which includes a rigorous science and mathematics sequence and competitive dual enrollment and Advanced Placement courses, arm students with an essential academic foundation. All students participate in an innovative four-year health sciences program, which provides students with practical learning experiences under the supervision and guidance of health professionals in the classroom and through the Illinois Medical District. Founded in 1890 as the English Manual and Training School, the school was renamed in honor of Richard T. Crane, the founder of Crane Co., in recognition of his long history of support for education in Chicago.
Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com
DUBLIN--(BUSINESS WIRE)--The "High Purity Methane Gas Market by Storage & Distribution and Transportation, Application (Chemical Synthesis, Heat Detection, R &D Laboratory, Transistors & Sensors, Power Electronic), End-Use Industry, Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global High Purity methane gas market is estimated to be USD 6.8 billion in 2020 and is projected to reach USD 8.8 billion by 2025, at a CAGR of 5.2% from 2020 to 2025. High Purity methane gas finds applications in various end-use industries such as electrical & electronics, chemical, oil & gas, automotive & transportation, medical and others due to its unique properties. The electrical & electronics segment led the High Purity methane gas market in 2019, accounting for a share of 26.6%, in terms of value
Chemical Synthesis is the fastest-growing application segment in the High Purity methane gas market. The growth in this segment is attributed to the rising demand for high-purity methane gas as a raw material for the production of methanol, synthetic ammonia, hydrogen, acetylene, carbon black, and carbon disulfide, among others. It accounted for a share of about 20.5% of the High Purity methane gas market, in terms of volume, in 2019.
North America is the largest and fastest-growing market of high Purity methane gas, with US being the major emerging market. The growth can be attributed to the rapidly increasing demand for High Purity methane gas from the electrical & electronics and chemical industries. US is a major manufacturer of High Purity methane gas and had the highest consumption of high purity methane gas. It accounted for a share of about 79.6% of the High Purity methane gas market, in terms of volume, in 2019.
The High Purity methane gas market comprises major solution providers, such as Osaka Gas (Japan), Sumitomo Seika (Japan), Linde Plc (Ireland), Air Liquide (France), and Matheson Tric-Gas Inc. (US)., among others. The study includes an in-depth competitive analysis of these key players in the High Purity methane gas market, with their company profiles, and key market strategies.
Key Benefits:
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 High Purity Methane Gas Market, by Storage & Distribution and Transportation
7 High Purity Methane Gas Market, by Application
8 High Purity Methane Gas Market, by End-Use Industry
9 High Purity Methane Gas Market, by Region
10 Competitive Landscape
11 Company Profiles
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, Winning Imperatives, Current Focus and Strategies & Right to Win)
For more information about this report visit https://www.researchandmarkets.com/r/yctgsq
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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Laura Wood, Senior Press Manager
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Promotions recognize the significant financial and operational improvements achieved by the company since the GulfMark Offshore Merger
HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”), a leading owner and operator of offshore support vessels providing offshore energy transportation services worldwide today announced the promotion of two key members of the company’s executive team, Sam R. Rubio and David E. Darling.
“I am tremendously proud to announce the promotions of Sam to the position of Chief Financial Officer and David to the position of Chief Operating Officer,” said Quintin Kneen, Tidewater’s President and Chief Executive Officer. “The leadership and ingenuity these two individuals have demonstrated by helping to reshape our operations in response to the pandemic epitomizes the Tidewater culture. For all intents and purposes, Sam and David have been performing in these roles since early 2020 – and these promotions recognize and reward them for their valuable contributions.”
“Since the 2018 merger with GulfMark Offshore, Sam has served as the company’s Chief Accounting Officer and has been instrumental in the design and implementation of our new accounting and financial infrastructure. Sam drove the significant cost savings and increase in administrative efficiency the company has demonstrated following the merger and was instrumental in adjusting the shore base organization to reflect the changing market conditions. The company also reduced long-term debt by over $250 million since the merger, and Sam will lead the continued management of our industry-leading balance sheet. Sam was previously the Chief Financial Officer of GulfMark Offshore and brings 16 years of industry experience, as well as 40 years of accounting and finance experience, to the role.
“David has over 30 years of experience in offshore vessel industry operations. He began his career as a vessel Captain in 1984 and first joined Tidewater upon its merger with Zapata Gulf Marine in 1991. David assumed executive responsibility for our safety program for 2020 and we achieved the best annual safety record in the history of the company with no loss time incidents for the year. He also has been instrumental in the implementation of our revised geographic footprint, reducing operating locations while simultaneously increasing operational efficiency. David has served in multiple executive roles and has been stationed in multiple countries around the world for Tidewater, GulfMark Offshore, and Zapata Gulf Marine. David is a demonstrated leader in the offshore industry and his experience as a vessel Captain gives him unmatched insight into day-to-day operations.”
Mr. Rubio has been promoted to Executive Vice President and Chief Financial Officer, following his accomplishments serving as the Company’s Chief Accounting Officer and Controller since joining Tidewater following the combination with GulfMark Offshore, Inc. in 2018. Previous to joining the Company, he served as GulfMark’s Senior Vice President and Chief Financial Officer, after holding the position of Chief Accounting Officer for over 10 years. Mr. Rubio earned a Bachelor of Business Administration degree from Sul Ross State University and is a Certified Public Accountant and a member of both the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants. In addition, he has 40 years of experience in accounting at both operating division and corporate levels as well as the management of accounting organizations.
Mr. Darling has been promoted to Executive Vice President and Chief Operating Officer, after leading the Company’s substantial organizational restructuring in the role of Chief Human Resources Officer since joining Tidewater in early 2018. He has contributed to the development and implementation of numerous operational and performance enhancing initiatives over the past several years, and in his new role he will be responsible for global vessel operational uptime and cost efficiency, including dry dock activities and the optimization of the fleet in lay-up. Mr. Darling has over 25 years of domestic and international human resources and operations leadership experience, including serving as GulfMark Offshore’s Chief Human Resources Officer prior to joining Tidewater. He also held various executive human resources roles at Rigdon Marine, a subsidiary of Ford Motor Company and gained offshore vessel industry experience as a vessel master and operations manager. Mr. Darling earned his Bachelor of Science in Human Resources Management from Brenau University and his Master of Science in Human Resources Management and Labor Relations from the New York Institute of Technology.
About Tidewater
Tidewater owns and operates the largest fleets of offshore support vessels in the industry, with over 65 years of experience supporting offshore energy exploration and production activities worldwide. To learn more, visit www.tdw.com.
Forward-Looking Statements
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater notes that certain statements set forth in this press release contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward-looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. Investors should carefully consider the risk factors described in detail in the Company’s most recent Form 10-K, most recent Form 10-Q, and in similar sections of other filings made by the Company with the SEC from time to time. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this press release to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports filed by the Company with the SEC.
Important Additional Information
Tidewater Inc., its directors and certain of its executive officers are deemed to be participants in the solicitation of proxies from Tidewater’s stockholders in connection with the matters to be considered at Tidewater’s 2021 Annual Meeting of Stockholders. Information regarding the names of Tidewater’s directors and executive officers and their respective interests in Tidewater by security holdings or otherwise can be found in Tidewater’s proxy statement for its 2020 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission (“SEC”) on June 18, 2020, and in other filings with the SEC. To the extent holdings of Tidewater’s securities have changed since the amounts set forth in Tidewater’s proxy statement for the 2020 Annual Meeting of Stockholders, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents will be available free of charge at the SEC’s website at www.sec.gov.
Tidewater intends to file a proxy statement and accompanying BLUE proxy card with the SEC in connection with the solicitation of proxies from Tidewater stockholders in connection with the matters to be considered at Tidewater’s 2021 Annual Meeting of Stockholders. Additional information regarding the identity of participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in Tidewater’s proxy statement for its 2021 Annual Meeting, including the schedules and appendices thereto. INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING BLUE PROXY CARD AND ANY AMENDMENTS AND SUPPLEMENTS THERETO AS WELL AS ANY OTHER DOCUMENTS FILED BY TIDEWATER WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.
Stockholders will be able to obtain copies of the proxy statement, any amendments or supplements to the proxy statement, the accompanying BLUE proxy card, and other documents filed by Tidewater with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of Tidewater’s corporate website at www.tdw.com or by contacting Tidewater’s Corporate Secretary at Tidewater, Inc., 6002 Rogerdale Road, Suite 600, Houston, Texas 77072, or by calling Tidewater’s Corporate Secretary at (713) 470-5310.
Jason Stanley
Vice President ESG & Investor Relations
+1.713.470.5292
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ROSEMEAD, Calif.--(BUSINESS WIRE)--Southern California Edison distributed a three-volume set of plans supporting the offsite relocation of the spent nuclear fuel currently stored at the San Onofre Nuclear Generating Station. The strategies are outlined in the Action Plan, Strategic Plan and Conceptual Transportation Plan.
To further build momentum toward commercially reasonable offsite storage or disposal solutions, and to urge the federal government to meet its legal obligations, SCE and the counties of Orange and San Diego announced the formation of a stakeholder coalition, Action for Spent Fuel Solutions Now.
“SCE and our partners and stakeholders have a genuine opportunity to bring people together with a shared interest to prepare and advocate for the relocation of the spent fuel away from the coast,” said Kevin Payne, SCE’s president and CEO. “It is clear that to make tangible progress on this issue, the federal government must act. Rather than wait for this to happen, we are going to be a catalyst for change.”
The release of the plans constitutes a significant milestone in a process that began with the 2017 settlement regarding the coastal development permit issued for San Onofre’s expanded spent fuel storage system. There are 123 canisters of spent nuclear fuel at San Onofre and no federal repository available to relocate them to at this time. The Department of Energy was to begin transporting spent fuel from nuclear sites across the country to a repository in 1998.
“These plans provide the opportunity to analyze three broad areas related to spent nuclear fuel removal. First, identifying the pathways, options and feasibility, both near term and long term, to relocate the fuel. Second, the transportation considerations to safely get from point A to point B. And third, the steps SCE must take to be prepared when the opportunity arises,” said Doug Bauder, SCE vice president and chief nuclear officer.
As SCE pursues these strategies, a key concern is protecting customers from incurring additional costs for spent fuel transportation and eventual storage or disposal. California electricity users once served by the nuclear plant have already paid nearly $1 billion into the federal Nuclear Waste Fund, which now totals more than $43 billion.
The Plans
SCE retained North Wind, Inc. to develop the plans in June 2019. The North Wind consultants worked with SCE and its Experts Team, nationally recognized leaders in nuclear waste policy, spent nuclear fuel transportation and nuclear engineering and science, to support development of the plans.
The Action Plan identifies the steps SCE and San Onofre’s co-owners/participants (San Diego Gas & Electric, the city of Anaheim and the city of Riverside) are committed to take to advance offsite relocation of the spent fuel and to ensure the site and its spent fuel are prepared for off-site transportation when an opportunity arises. This includes safely and securely storing the spent fuel at San Onofre for as long as it remains. It also calls for supporting the reestablishment of the federal nuclear waste management program and advocating for legislative changes to advance spent fuel storage and/or disposal solutions.
The Strategic Plan identifies and analyzes a range of alternatives for spent fuel removal while making clear the challenges and needed actions for those alternatives to be realized. It provides assessments of the relative merits, challenges, costs and timelines of the alternatives to help SCE and stakeholders focus their efforts.
It recognizes the importance of more near-term solutions, such as consolidated interim storage, as a companion to a consent-based federal permanent disposal program.
The Conceptual Transportation Plan focuses on specific steps and strategic considerations in planning for and executing the shipment of spent fuel from San Onofre to an offsite location. This plan details various aspects of a spent fuel shipping program and identifies necessary preparations for eventual shipment, such as determining the necessary space and equipment to load canisters for rail transport.
Action for Spent Fuel Solutions Now
A new coalition, Action for Spent Fuel Solutions Now, provides an opportunity for stakeholders, including local governments, business and labor leaders, Native American leaders, environmental groups, and community members, to join forces and make offsite spent fuel storage and/or disposal a priority. SCE recognizes that it cannot solve this issue alone. Co-founders include the counties of Orange and San Diego, the city of Riverside, San Diego Gas & Electric and SCE.
“It is imperative that we come together as a coalition to strongly advocate for making offsite spent fuel storage a true and actionable priority,” said Orange County Supervisor Lisa Bartlett. “It’s time to act,” added San Diego County Supervisor Jim Desmond. “There has to be a mechanism for action, and we believe this coalition will help move us forward.”
The coalition members will work to advocate for federal legislation, funding, administration policies and programs that can advance both permanent disposal and offsite interim storage.
More information about the coalition, including how to join, is available on its website.
North Wind representatives will discuss the plans at Thursday’s Community Engagement Panel meeting, which will be held virtually via Microsoft Teams, beginning at 5:30 p.m. Information on how to join the meeting is available here.
For more information about San Onofre, visit SONGScommunity.com and follow us on Twitter (@SCE_SONGS) and Facebook (@SONGScommunitypage).
About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
Media Contact:
John Dobken, (626) 302-2255
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nuverra Environmental Solutions, Inc. (NYSE American: NES) (“Nuverra” or the “Company”) today announced financial and operating results for the fourth quarter and full year ended December 31, 2020.
SUMMARY OF FINANCIAL RESULTS
“Based on all measures 2020 was an extremely challenging year and business activity for the last three quarters of the year was depressed, with our oil-focused Bakken region hurt the most. We saw pressure on both pricing and volumes to varying degrees across all our businesses in all three regions. We managed to reduce costs across the board and generated cash as the balance sheet decreased as a function of lower sales. In addition we refinanced all of our term debt and ended the year in a healthy liquidity position. While commodity prices have recovered over recent months, our customers have been maintaining strict capital spending discipline and, as a result, we thus far have seen limited improvement in activity or pricing. We are reviewing our strategic and geographic positioning and are committed to making any adjustments to continue serving the customers that are important to our franchise,” said Charlie Thompson, Chief Executive Officer.
FOURTH QUARTER 2020 RESULTS
For the fourth quarter of 2020 when compared to the same quarter in 2019, revenue decreased by 35.4%, or $13.2 million, resulting primarily from lower water transport services in the Rocky Mountain and Northeast divisions and lower disposal services in all three divisions, partially offset by an increase in water transport services in the Southern division. The economic impact of COVID-19 was the main driver for the decline in demand for gasoline, diesel and jet fuel, which led to lower drilling and completion activity with fewer rigs operating in all three divisions. Commodity prices for crude oil decreased 25% over this time while rig count during the fourth quarter of 2020 compared to the fourth quarter of 2019 declined 79% in the Rocky Mountain division, 38% in the Northeast division and 29% in the Southern division.
The Rocky Mountain division experienced a significant slowdown, with producers reducing rigs due to the decline in WTI crude oil price per barrel, which averaged $42.52 in the fourth quarter of 2020 versus an average of $56.84 for the same period in 2019, resulting in a rig count decline of 79% from 53 during the fourth quarter of 2019 to 11 during the same period in 2020. Revenues for the Rocky Mountain division decreased by $9.3 million, or 43%, during the fourth quarter of 2020 as compared to the fourth quarter of 2019 primarily due to a $3.8 million, or 30%, decrease in water transport revenues from lower trucking volumes. Revenue from company-owned trucking revenue declined $3.9 million or 37%, while third-party trucking revenue increased 12%, or $0.2 million. Average total billable hours were down 27% compared to the prior year. While company-owned trucking activity is more levered to production water volumes, third-party trucking activity is more sensitive to drilling and completion activity, which has declined to historically low levels, thereby resulting in meaningful revenue reduction coupled with an increase in competition for this service resulting in unfavorable pressure on trucking rates. Though third-party trucking saw a slight increase during the quarter on account of some plug and abandonment projects and well completion work, which boosted production water hauling and winch trucks demand above our driver count capabilities at the time. Our rental and landfill businesses are our two service lines most levered to drilling activity, and therefore have declined by the highest percentage versus the prior period. Rental revenues decreased in the current year due to lower utilization resulting from a significant decline in drilling activity driving the return of previously rented equipment. Our landfill revenues decreased 89%, or $0.9 million, compared to prior year due primarily to a 92% decrease in disposal volumes at our landfill as rigs working in the vicinity declined materially. Our salt water disposal well revenue decreased $1.7 million, or 56%, compared to prior year as rig count reductions and lower completion activity led to a 46% decrease in average barrels per day disposed during the current year.
Revenues for the Northeast division decreased by $3.2 million, or 29%, during the fourth quarter of 2020 as compared to the fourth quarter of 2019 due to decreases in water transport and disposal services. This decrease was partially due to prices of natural gas which remained at historically low levels, averaging $2.52 and $2.38 respectively, for the fourth quarter of 2020 and the same period in 2019, contributing to a 38% rig count reduction in the Northeast operating area from 52 during the fourth quarter of 2019 to 32 during the fourth quarter of 2020. In addition, as a result of the low oil prices experienced earlier in the year, many of our customers who had historically focused on production of liquids-rich areas of the basin reduced new drilling activity and temporarily shut in some production in our operating area. In addition to reduced drilling and completion activity due to commodity prices, our customers continued the industry trend of water reuse during completion activities. Water reuse inherently reduces trucking activity due to shorter hauling distances as water is being transported between well sites rather than to disposal wells. For our trucking services, revenue per billed hour was down 5% from the prior year which was partially offset by a 5% improvement in driver utilization. Disposal volumes decreased in our salt water disposal wells resulting in a 34% decrease in average barrels per day, coupled with lower revenue per barrel.
The Southern division experienced the lowest revenue decline relative to the other business units, driven by its focus on servicing customers who are themselves focused on dry natural gas, which has experienced a relatively smaller impact from the 2020 downturn in commodity prices. Revenues for the Southern division decreased by $0.7 million, or 16%, during the fourth quarter of 2020 as compared to the fourth quarter of 2019. The decrease was due primarily to lower disposal well volumes, whether connected to the pipeline or not, resulting from an activity slowdown in the region, as evidenced by fewer rigs operating in the area as well as lower revenue per barrel. Rig count declined 29% in the area, from 55 during the fourth quarter of 2019 to 39 during the fourth quarter of 2020. Volumes received in our disposal wells not connected to our pipeline decreased by an average of 7,743 barrels per day, or 29% during the current year and volumes received in the disposal wells connected to the pipeline decreased by an average of 8,305 barrels per day, or 20% during the current year. Offsetting the declines in disposal well revenues was a 9% increase in water transport services. Subsequent to the year end, the Southern division experienced unprecedented winter weather in February that shutdown the business for several days. We are expecting this to have a significant impact on the first quarter of 2021 revenue.
Total costs and expenses for the fourth quarter of 2020 and 2019 were $30.4 million and $73.9 million, respectively. Total costs and expenses, adjusted for special items, for the fourth quarter of 2020 were $30.4 million, or a 29% decrease, when compared with $43.1 million in the fourth quarter of 2019. This is primarily a result of lower volumes and related costs in water transport services and disposal services coupled with company initiatives to match trucking capacity to demand, resulting in a 27% and 34% decrease in the number of drivers compared to the prior year period in the Rocky Mountain and Northeast divisions respectively, as well as declines in third-party hauling costs and fleet-related expenses, including maintenance and repair costs and fuel, and general and administrative expenses.
Net loss for the fourth quarter of 2020 was $7.2 million, an increase of $30.3 million as compared to a net loss for the fourth quarter of 2019 of $37.5 million. For the fourth quarter of 2020, the Company reported a net loss, adjusted for special items, of $6.0 million. This compares with a net loss, adjusted for special items, of $7.0 million in the fourth quarter of 2019.
Adjusted EBITDA for the fourth quarter of 2020 was $1.4 million, a decrease of 55% as compared to adjusted EBITDA for the fourth quarter of 2019 of $3.1 million. The decrease is a function of the reasons discussed previously, with primary drivers being lower trucking volumes, salt water disposal volumes and rental equipment utilization in the Rocky Mountain and Northeast divisions. Fourth quarter of 2020 adjusted EBITDA margin was 5.8%, compared with 8.2% in the fourth quarter of 2019 driven primarily by declines in revenue, partially offset by cost reductions in 2020.
YEAR-TO-DATE (“YTD”) RESULTS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2020
When compared to 2019, 2020 revenue decreased by 34%, or $58.0 million, due primarily to decreases in the available market for water transport services, disposal services and third-party rentals in all three divisions. The major underlying driver for this decrease was lower commodity prices for both crude oil and natural gas, which decreased 31% and 21%, respectively, over this time period. The economic impact of COVID-19 is the main driver for the decline in demand for gasoline, diesel and jet fuel, which led to lower drilling and completion activity with fewer rigs operating in all three divisions and significant well shut-ins primarily in the Rocky Mountain division. Rig count during the year 2020 compared to 2019 declined 56% in the Rocky Mountain division, 27% in the Northeast division and 18% in the Southern division.
Of our three divisions, the Rocky Mountain division experienced the most significant slowdown, with rig count declining 56% from 52 during the year ended December 31, 2019 to 23 during the year ended December 31, 2020. In addition, beginning in April 2020, some producers shut in many wells due to the decline in WTI crude oil price per barrel, which averaged $39.16 in 2020 versus an average of $56.98 for the same period in 2019, resulting in their cash costs of operations exceeding revenues per barrel. Revenues for the Rocky Mountain division decreased by $44.2 million, or 43%, during 2020 as compared to 2019 primarily due to a $24.3 million, or 37.8%, decrease in water transport revenues from lower trucking volumes. Company-owned trucking revenue declined $10.7 million or 25%, and third-party trucking revenue decreased $12.0 million, or 60%. Average total billable hours were down 19% compared to the prior year. While company-owned trucking activity is more levered to production water volumes, third-party trucking activity is more sensitive to drilling and completion activity, which declined to historically low levels, thereby resulting in meaningful third-party revenue reduction. Our rental and landfill businesses are our two service lines most levered to drilling activity, and therefore have declined by the highest percentage versus the prior period. Rental revenues decreased in the current year due to lower utilization resulting from a significant decline in drilling activity driving the return of previously rented rental equipment. Our landfill revenues decreased 62%, or $3.2 million, compared to prior year due primarily to a 61% decrease in disposal volumes at our landfill as rigs working in the vicinity declined materially. Our salt water disposal well revenue decreased $6.4 million, or 50%, compared to prior year as well shut-ins and lower completion activity led to a 37% decrease in average barrels per day disposed during the current year, with water from producing wells continuing to maintain a base level of volume activity.
Revenues for the Northeast division decreased by $9.8 million, or 22%, during 2020 as compared to 2019 due to decreases in water transport services of $5.6 million, or 19%, and disposal services of $3.9 million, or 32%. Natural gas prices per million Btu, as measured by the Henry Hub Natural Gas Index, decreased 21% from an average of $2.56 for 2019 to an average of $2.03 for 2020, contributing to a 27% rig count reduction in the Northeast operating area from 52 during the year ended December 31, 2019 to 38 during the year ended December 31, 2020. Additionally, as a result of the 31% decline in WTI crude oil prices experienced during the period, many of our customers who had historically focused on production of liquids-rich gas wells also reduced activity levels and shut-in some production in our operating area due to lower realized prices for these products. This led to lower activity levels for both water transport services and disposal services despite the relatively lower decrease in natural gas prices versus crude oil prices. In addition to reduced drilling and completion activity due to commodity prices, our customers continued the industry trend of water reuse during completion activities. Water reuse inherently reduces trucking activity due to shorter hauling distances as water is being transported between well sites rather than to disposal wells. For our trucking services, revenue per billed hour was down 7% from the prior year, which was partially offset by a 6% improvement in driver utilization. Disposal volumes decreased in our salt water disposal wells resulting in a 5% decrease in average barrels per day.
Revenues for the Southern division decreased by $4.0 million, or 19%, during 2020 as compared to 2019. The decrease was due primarily to lower disposal well volumes, whether connected to the pipeline or not, resulting from a drilling and completion activity slowdown in the region, as evidenced by fewer rigs operating in the area, as well as lower revenue per barrel. Rig count declined 18% in the area, from 49 during the year ended December 31, 2019 to 40 during the year ended December 31, 2020. Volumes received in our disposal wells not connected to our pipeline decreased by an average of 8,644 barrels per day, or 30%, during the current year and volumes received in the disposal wells connected to the pipeline decreased by an average of 7,557 barrels per day, or 17% during the current year.
Total costs and expenses for 2020 and 2019 were $150.5 million and $218.3 million, respectively. Total costs and expenses, adjusted for special items, for 2020 were $131.7 million, or a 30% decrease, when compared with $187.5 million for 2019. This is primarily a result of lower volumes and related costs in water transport services and disposal services and company initiatives to match trucking capacity to demand, resulting in a 19% and 20% decrease in the number of drivers compared to the prior year period in the Rocky Mountain and Northeast divisions respectively, as well as a decline in third-party hauling costs and fleet-related expenses, including maintenance and repair costs and fuel, and general and administrative expenses.
Net loss for 2020 was $44.1 million, an increase of $10.8 million as compared to a net loss for 2019 of $54.9 million. For 2020, the Company reported a net loss, adjusted for special items, of $25.4 million. This compares with a net loss, adjusted for special items, of $23.9 million for YTD 2019.
Adjusted EBITDA for 2020 was $7.3 million, a decrease of 58% as compared to adjusted EBITDA for 2019 of $17.4 million. The decrease is a function of the reasons discussed previously, with primary drivers being lower trucking volumes, salt water disposal volumes and rental equipment utilization in the Rocky Mountain and Northeast divisions. During 2020, adjusted EBITDA margin was 7%, compared with 10% in 2019 driven primarily by declines in revenue partially offset by cost reductions in 2020.
CASH FLOW AND LIQUIDITY
Net cash provided by operating activities for 2020 was $13.2 million, mainly attributable to a decline in sales, which contributed to a decrease of $11.2 million in accounts receivable, while capital expenditures net of asset sales consumed cash of $0.2 million. Asset sales were related to unused or under-utilized assets. Gross capital expenditures for 2020 of $3.4 million primarily included the purchase of property, plant and equipment as well as expenditures to extend the useful life and productivity of our fleet, equipment and disposal wells.
Total liquidity available as of December 31, 2020 was $17.9 million. This consisted of $12.9 million of cash and $5.0 million available under our operating line of credit. As of December 31, 2020, total debt outstanding was $35.0 million, consisting of $13.0 million under our equipment term loan, $9.9 million under our real estate loan, $4.0 million under our Paycheck protection Program loan, $0.4 million under our vehicle term loan, $0.2 million under our equipment finance loan, and $7.6 million of finance leases for vehicle financings and real property leases.
On November 24, 2020, the Company closed on a multi-faceted debt refinancing with First International Bank and Trust based in Watford City, North Dakota. The Company executed a $13.0 million equipment term loan financed under the Main Street Priority Lending program, a $10.0 million real estate loan, a $5.0 million operating line of credit and a $4.839 million letter of credit facility. Proceeds from the real estate loan and the equipment term loan financing repaid all outstanding obligations owed under our First Lien Credit Agreement (which included the outstanding letters of credit) and all outstanding obligations under our Second Lien Term Loan Credit Agreement.
About Nuverra
Nuverra Environmental Solutions, Inc. provides water logistics and oilfield services to customers focused on the development and ongoing production of oil and natural gas from shale formations in the United States. Our services include the delivery, collection, and disposal of solid and liquid materials that are used in and generated by the drilling, completion, and ongoing production of shale oil and natural gas. We provide a suite of solutions to customers who demand safety, environmental compliance and accountability from their service providers. Find additional information about Nuverra in documents filed with the U.S. Securities and Exchange Commission (“SEC”) at http://www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. You can identify these and other forward-looking statements by the use of words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “might,” “will,” “should,” “would,” “could,” “potential,” “future,” “continue,” “ongoing,” “forecast,” “project,” “target” or similar expressions, and variations or negatives of these words.
These statements relate to our expectations for future events and time periods. All statements other than statements of historical fact are statements that could be deemed to be forward-looking statements, and any forward-looking statements contained herein are based on information available to us as of the date of this press release and our current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. Future performance cannot be ensured, and actual results may differ materially from those in the forward-looking statements. Some factors that could cause actual results to differ include, among others: the severity, magnitude and duration of the coronavirus disease 2019 ("COVID-19") pandemic and commodity market disruptions; changes in commodity prices or general market conditions; fluctuations in consumer trends, pricing pressures, transportation costs, changes in raw material or labor prices or rates related to our business and changing regulations or political developments in the markets in which we operate; risks associated with our indebtedness, including changes to interest rates, decreases in our borrowing availability, our ability to manage our liquidity needs and to comply with covenants under our credit facilities, including as a result of COVID-19 and oil price declines; the loss of one or more of our larger customers; delays in customer payment of outstanding receivables and customer bankruptcies; natural disasters, such as hurricanes, earthquakes and floods, pandemics (including COVID-19), acts of terrorism, or extreme weather conditions, that may impact our business locations, assets, including wells or pipelines, distribution channels, or which otherwise disrupt our customers' operations or the markets we serve; disruptions impacting crude oil and natural gas transportation, processing, refining, and export systems, including vacated easements, environmental impact studies, forced shutdown by governmental agencies and litigation affecting the Dakota Access Pipeline; bans on drilling and fracking leases and permits on federal land; our ability to attract and retain key executives and qualified employees in strategic areas of our business; our ability to attract and retain a sufficient number of qualified truck drivers; the unfavorable change to credit and payment terms due to changes in industry condition or our financial condition, which could constrain our liquidity and reduce availability under our operating line of credit; higher than forecasted capital expenditures to maintain and repair our fleet of trucks, tanks, pipeline, equipment and disposal wells; our ability to control costs and expenses; changes in customer drilling, completion and production activities, operating methods and capital expenditure plans, including impacts due to low oil and/or natural gas prices, shut-in production, decline in operating drilling rigs, closures or pending closures of third-party pipelines or the economic or regulatory environment; risks associated with the limited trading volume of our common stock on the NYSE American Stock Exchange, including potential fluctuation in the trading prices of our common stock; risks associated with the reliance on third-party analyst and expert market projections and data for the markets in which we operate that is utilized in our business strategy; present and possible future claims, litigation or enforcement actions or investigations; risks associated with changes in industry practices and operational technologies; risks associated with the operation, construction, development and closure of salt water disposal wells, solids and liquids transportation assets, landfills and pipelines, including access to additional locations and rights-of-way, permitting and licensing, environmental remediation obligations, unscheduled delays or inefficiencies and reductions in volume due to micro- and macro-economic factors or the availability of less expensive alternatives; the effects of competition in the markets in which we operate, including the adverse impact of competitive product announcements or new entrants into our markets and transfers of resources by competitors into our markets; changes in economic conditions in the markets in which we operate or in the world generally, including as a result of political uncertainty; reduced demand for our services due to regulatory or other influences related to extraction methods such as hydraulic fracturing, shifts in production among shale areas in which we operate or into shale areas in which we do not currently have operations, and shifts to reuse of water or water sharing in completion activities; the unknown future impact of changes in laws and regulation on waste management and disposal activities, including those impacting the delivery, storage, collection, transportation, and disposal of waste products, as well as the use or reuse of recycled or treated products or byproducts; and risks involving developments in environmental or other governmental laws and regulations in the markets in which we operate and our ability to effectively respond to those developments including laws and regulations relating to oil and natural gas extraction businesses, particularly relating to water usage, and the disposal and transportation of liquid and solid wastes.
Nuverra Environmental Solutions, Inc.
Investor Relations
602-903-7802
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WILLISTON, Vt.--(BUSINESS WIRE)--$ISUN #EV--iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience for solar, electrical and data services, today announced results for the fourth quarter and full-year 2020.
Highlights
For the fourth quarter 2020, iSun reported net income of $1.7 million, or $0.32 per share, compared to $0.3 million, or $0.07 per share, in fourth quarter 2019. Fourth quarter 2020 net income included a $1.5 million pre-tax benefit related to loan forgiveness under the Payroll Protection Program (“PPP). Fourth quarter 2020 EBITDA was $2.1 million, compared to $0.1 million in fourth quarter 2019. The year-over-increase in EBITDA was driven by higher revenue and better overall project performance as a result of scale and solid project execution.
Management Commentary
“During 2020, we successfully navigated pandemic-related disruptions to our business, while laying a foundation for growth within our core markets,” stated Jeff Peck, Chairman and CEO of iSun. “The operating environment improved during fourth quarter, as projects were able to return to a more normalized pace of work, momentum which we look to build on in 2021.”
“In January, we acquired iSun Energy LLC, a clean mobility infrastructure company, further positioning our company as a leading participant in the clean energy transition,” continued Peck. “Following the acquisition, we executed a comprehensive rebranding campaign from The Peck Company to iSun, while executing on a wide array of integration initiatives that position us to realize on commercial opportunities across the businesses. Importantly, we have already begun to realize revenue synergies through our combined, value-added service offerings.”
“We see significant opportunities for growth across our solar energy and clean mobility infrastructure markets over a multi-year period,” continued Peck. “Over the last several months, we continued to execute on our regional growth strategy with key wins in new states, including a $7.3 million solar installation EPC contract in Rhode Island, a $2.3 million solar EPC contract in Maine and the $2.2 million contract with Meriden Housing Authority in Connecticut to provide solar energy and electric vehicle charging infrastructure, and ongoing services. These wins are a testament to our strong position in the solar infrastructure market and our ability to execute on our growth strategies going forward.”
Fourth Quarter 2020 Results
The Company reported revenue of $9.3 million in the fourth quarter 2020, an increase of 47.1% when compared to the fourth quarter 2019. Revenue growth was driven by strong project awards throughout 2020, including two large contracts in new regions and a return to a more normal pace of work as pandemic-related restrictions eased across key service areas.
Gross profit was $1.8 million in the fourth quarter 2020, compared to $0.1 million in the fourth quarter 2019. Gross margin in the quarter was 19.1%, compared to 2.2% in the fourth quarter 2019. Higher gross margin was driven by improved project execution and economies of scale. Operating income was $0.5 million in the fourth quarter, compared to a slight operating loss in the prior year period. Fourth quarter operating margin was 5.4% compared to (0.4%) in the fourth quarter 2019. Higher operating margin compared to the same period last year was driven by higher gross profit, partially offset by higher selling, general, administrative, warehousing and other expenses.
Total backlog increased to $61 million at year-end 2020, versus $56 million and $16 million at the end of the third quarter 2020 and fourth quarter 2019, respectively. Awards in the quarter were driven by several key wins including new markets. Management expects to realize revenue on nearly all of its current backlog over the next twelve to eighteen months.
Recent Key Project Awards:
Liquidity Update
At year-end 2020, iSUN had total cash of $0.7 million. As of December 31, 2020, the Company had total debt outstanding of $4.5 million and approximately $3.5 million of available on its revolving line of credit.
During the first quarter 2021, the Company raised $10.5 million in a registered direct offering and an additional $15 million in proceeds from warrants exercised. As of March 12, 2021, iSun had a total cash balance in excess of $21 million.
2021 Outlook
iSun expects to see continued strong demand for its solar energy and e-mobility infrastructure services in 2021, supported by the global transition toward clean energy and the resulting growth in investments in new PV solar installations and electric vehicle charging infrastructure.
With a robust backlog of $61 million, nearly all of which is expected to convert to revenue during 2021, together with a strong pipeline of project opportunities, the Company expects to at least double revenue in 2021. The Company also expects to achieve gross margin and EBITDA margin expansion, given improved operating efficiency, greater economies of scale and the introduction of new product and service offerings.
iSun, Inc.
|
||||||||
|
|
2020 |
|
|
2019 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
699,154 |
|
|
$ |
95,930 |
|
Accounts receivable, net of allowance |
|
|
6,215,957 |
|
|
|
7,294,605 |
|
Costs and estimated earnings in excess of billings |
|
|
1,354,602 |
|
|
|
1,272,372 |
|
Other current assets |
|
|
214,963 |
|
|
|
201,326 |
|
Total current assets |
|
|
8,484,676 |
|
|
|
8,864,233 |
|
|
|
|
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
|
|
Building and improvements |
|
|
672,727 |
|
|
|
672,727 |
|
Vehicles |
|
|
1,199,535 |
|
|
|
1,283,364 |
|
Tools and equipment |
|
|
508,846 |
|
|
|
517,602 |
|
Solar arrays |
|
|
6,386,025 |
|
|
|
6,386,025 |
|
|
|
|
8,767,133 |
|
|
|
8,859,718 |
|
Less accumulated depreciation |
|
|
(2,647,333 |
) |
|
|
(2,193,007 |
) |
|
|
|
6,119,800 |
|
|
|
6,666,711 |
|
Other Assets: |
|
|
|
|
|
|
|
|
Captive insurance investment |
|
|
198,105 |
|
|
|
140,875 |
|
|
|
|
|
|
|
|||
Investment in GreenSeed Investors, LLC |
|
|
4,724,444 |
|
|
|
- |
|
Investment in Solar Partner Projects, LLC |
|
|
96,052 |
|
|
|
- |
|
|
|
|
5,018,601 |
|
|
|
140,875 |
|
Total assets |
|
$ |
19,623,077 |
|
|
$ |
15,671,819 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable, includes book overdraft of $1,246,437 and $1,496,695 at December 31, 2020 and 2019, respectively |
|
$ |
4,086,173 |
|
|
$ |
4,274,517 |
|
Accrued expenses |
|
|
172,021 |
|
|
|
119,211 |
|
|
|
|
|
|
|
|
|
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
|
|
1,140,125 |
|
|
|
126,026 |
|
Due to stockholders |
|
|
24,315 |
|
|
|
342,718 |
|
Line of credit |
|
|
2,482,127 |
|
|
|
3,185,041 |
|
Current portion of deferred compensation |
|
|
28,656 |
|
|
|
27,880 |
|
Current portion of long-term debt |
|
|
308,394 |
|
|
|
426,254 |
|
Total current liabilities |
|
|
8,241,811 |
|
|
|
8,501,647 |
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Deferred compensation, net of current portion |
|
|
62,531 |
|
|
|
88,883 |
|
Deferred tax liability |
|
|
610,558 |
|
|
|
1,098,481 |
|
Long-term debt, net of current portion |
|
|
1,701,495 |
|
|
|
1,966,047 |
|
Total liabilities |
|
|
10,616,395 |
|
|
|
11,655,058 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies (Note 9) |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Preferred stock – 0.0001 par value 200,000 shares authorized, 200,000 and 0 issued and outstanding at December 31, 2020 and December 31, 2019, respectively (Liquidation Value of $5,000,000) |
|
|
20 |
|
|
|
- |
|
Common stock – 0.0001 par value 49,000,000 shares authorized, 5,313,268 and 5,298,159 issued and outstanding as of December 31, 2020 and 2019, respectively |
|
|
531 |
|
|
|
529 |
|
Additional paid-in capital |
|
|
5,682,139 |
|
|
|
412,356 |
|
Retained earnings |
|
|
3,323,992 |
|
|
|
3,603,876 |
|
Total Stockholders’ equity |
|
|
9,006,682 |
|
|
|
4,016,761 |
|
Total liabilities and stockholders’ equity |
|
$ |
19,623,077 |
|
|
$ |
15,671,819 |
|
iSun, Inc.
|
||||
|
3 Months |
|
3 Months |
|
12/31/2020 |
12/31/2020 |
12/31/2019 |
12/31/2019 |
|
|
|
|
||
Earned revenue |
21,052,211 |
9,331,279 |
28,221,569 |
6,343,399 |
Cost of earned revenue |
18,709,074 |
7,546,635 |
24,050,197 |
6,203,516 |
Gross profit |
2,343,137 |
1,784,644 |
4,171,372 |
139,883 |
|
|
|
|
|
Warehouse and other operating expenses |
684,669 |
127,742 |
864,359 |
(170,606) |
General and administrative expenses |
3,343,895 |
1,153,132 |
2,385,900 |
405,014 |
Total operating expenses |
4,028,564 |
1,280,874 |
3,250,259 |
234,408 |
Operating income |
(1,685,427) |
503,770 |
921,113 |
(94,525) |
|
|
|
|
|
Other income (expenses) |
|
|
|
|
Gain on forgiveness of PPP loan |
1,496,468 |
1,496,468 |
- |
|
Interest expense, net |
(302,542) |
(83,812) |
(244,068) |
(85,851) |
|
|
|
|
|
Income before income taxes |
(491,501) |
1,916,426 |
677,045 |
(180,376) |
(Benefit) provision for income taxes |
(487,173) |
143,412 |
1,104,840 |
(450,490) |
|
|
|
|
|
Net (loss) income |
(4,328) |
1,773,014 |
(427,795) |
270,114 |
|
|
|
|
|
Depreciation |
585,690 |
138,164 |
621,233 |
160,570 |
Interest |
302,542 |
83,812 |
244,068 |
85,851 |
Income tax |
(487,173) |
143,412 |
1,104,840 |
(450,490) |
EBITDA |
396,731 |
2,138,402 |
1,542,346 |
66,045 |
ABOUT iSUN
Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a business rooted in values that align people, purpose, innovation and sustainability. Ranked by Solar Power World as one of the leading commercial solar contractors in the United States, iSun provides solar energy and clean mobility infrastructure to customers for projects from smart solar mobile phone and electric vehicle charging, up to multi-megawatt renewable energy solutions. iSun’s innovations were recognized this year by the Solar Impulse Foundation of Bertrand Piccard as one the globe’s Top 1000 Sustainability Solutions. As a winner, this award will result in the iSun solution being presented to hundreds of government entities around the world, including various municipal, state and federal agencies in the United States. Since entering the renewable energy market in 2012, iSun has installed over 200 megawatts of rooftop, ground mount and EV carport solar systems (equal to power required for 38,000 homes). We continue to focus on profitable growth opportunities. For more information, visit www.isunenergy.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) iSun’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the respective management of iSun and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of iSun. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.
Chase Jacobson
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802-264-2040
Customers Without Rooftop Solar Are Paying $3 Billion More Annually for Electric Grid Services on Behalf of Solar Customers
Proposal Does Not Impact Existing Rooftop Solar Customers
SAN FRANCISCO & SAN DIEGO & ROSEMEAD, Calif.--(BUSINESS WIRE)--Today, Pacific Gas and Electric Company (PG&E), San Diego Gas & Electric Company (SDG&E) and Southern California Edison (SCE) together proposed to modernize California’s 25-year-old rooftop solar program to support customer equity and help continue California’s success toward a clean energy future.
Submitted today to the California Public Utilities Commission, the joint proposal lays out a new approach for compensating future rooftop solar customers who export excess solar energy to the electric grid. This proposal would only apply to future, new rooftop solar customers, not current solar customers.
The heart of this modernization effort addresses an unfair and growing inequity stemming from earlier versions of the rooftop solar Net Energy Metering (NEM) program. This cost shift leads to electricity customers without solar systems paying about $3 billion more annually in their electricity bills to subsidize existing rooftop solar customers. This represents each customer without solar paying as much as $240 extra every year, or more for some customers with higher energy needs. The subsidy represents the costs of the electric grid that solar customers use, but for which they do not pay. Oftentimes, those left paying these higher costs are lower-income customers.i
This proposal to modernize the 25-year-old NEM program would accomplish the following objectives:
Joint Proposal from PG&E, SDG&E and SCE
The joint proposal for future rooftop solar customers:
While the $3 billion cost shift from existing solar customers would continue, the joint utility proposal, if adopted, would ensure that this burden does not increase as new customers adopt rooftop solar.
Background on California’s Current Solar Incentive Program
The NEM program was established in 1995 to incentivize Californians to install rooftop solar panels to help jumpstart the solar industry, drive down costs and facilitate the transition to a clean energy future – and it worked.
How the Current NEM Program Works
A customer’s rooftop solar equipment is connected to the electric grid. Solar customers use energy produced by their solar panels during the day when solar power is available and from the utilities at night or whenever their solar system is not generating enough power. Even when their solar panels produce energy, customers rely on the electric grid for power and for exporting their excess solar generation to the grid. Customers with both rooftop solar and battery storage systems are also connected to and rely upon the grid.
Rooftop solar customers receive a credit on their electric bills when their system generates more power than they need, and that power is sent to the electric grid. The original goal of the credit was to help customers pay off their system over a reasonable period. Since the NEM program was established, solar costs have fallen dramatically:
The result of this high credit is that rooftop solar customers do not pay their full share for use of the grid that they rely on or for state-mandated, public policy programs that support energy efficiency or lower-income customers.
To view the joint proposal, click here.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
About SDG&E
SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing its electricity from renewable sources; modernizing natural gas pipelines; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to ensure the reliable operation of the region’s infrastructure for generations to come. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE). For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California. For more information, visit newsroom.edison.com or energized.edison.com, or connect with SCE on Twitter (@SCE), Instagram (@SCE) and Facebook.
i “Designing Electricity Rates for An Equitable Energy Transition,” Energy Institute at Haas and Next10, February 2021, bar chart on page 28 on per customer cost impact.
ii “Tracking the Sun Pricing and Design Trends for Distributed Photovaltaic Systems in the United States,” (Data supporting report: “Distributed Solar 2020 Data Update”) Lawrence Berkeley National Laboratory, December 2020, Data: https://eta-publications.lbl.gov/sites/default/files/tts_2019_summary_data_tables.xlsx)
iii “CEC Tracking Progress Report: Renewable Energy,” California Energy Commission, February 18, 2020, page 5.
MEDIA RELATIONS:
415-973-5930
HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) announced today that Jonathan Stein, Chief Financial Officer, and Jennifer Gordon, Vice President, Investor Relations, will meet with investors on March 24, 2021 at the Scotia Howard Weil Energy Conference.
A presentation has been posted in the “Investors” section of the Hess Midstream website at www.hessmidstream.com.
About Hess Midstream
Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.
Forward Looking Statements
This press release may include forward-looking statements within the meaning of the federal securities laws. Generally, the words “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “believe,” “intend,” “project,” “plan,” “predict,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and current projections or expectations. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the filings made by Hess Midstream with the U.S. Securities and Exchange Commission, which are available to the public. Hess Midstream undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Investor Contact:
Jennifer Gordon
(212) 536-8244
Media Contact:
Robert Young
(713) 496-6076
NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the fourth quarter and full year ending December 31, 2020. NFE also announced today that its Board of Directors has declared a first quarter 2021 common stock dividend of $0.10 per Class A common share.
Business Highlights
Fast LNG
NFE announced that it has made a final investment decision (“FID”) on an innovative “Fast LNG” 1.4 million tonnes per annum capacity modular liquefaction facility to provide a low-cost supply of liquefied natural gas for its growing customer base. The “Fast LNG” design pairs the latest advancements in modular, midsize liquefaction technology with jack up rigs or similar floating infrastructure to enable a much lower cost and faster deployment schedule than today’s floating liquefaction vessels. A permanently moored FSU will serve as an LNG storage facility alongside the floating liquefaction infrastructure, which can be deployed anywhere there is abundant and stranded natural gas.
“Our innovative Fast LNG liquefiers should allow us to produce LNG between an expected $3-4 MMBtu for our growing portfolio of terminals around the world,” said NFE CEO and Chairman Wes Edens. “This technology can be installed quickly and cheaply to access stranded, low-cost natural gas at a fixed price to meet the global demand for more affordable, reliable and cleaner energy. Alongside our terrific partners, we look forward to deploying one of the world’s lowest-cost LNG production facilities by 2022.”
NFE has issued a limited notice to proceed to Fluor (NYSE:FLR), Chart Industries Inc. (NASDAQ:GTLS) and Baker Hughes Company (NYSE:BHGE) for the construction of the first “Fast LNG” project, which is anticipated to become Operational in an estimated 20 months.
Financial Highlights |
|||||
For the three months ended, |
|||||
September 30, |
|
December 31, |
|||
(in millions, except Average Volumes) |
2020 |
|
2020 |
||
Revenues |
$136.9 |
$145.7 |
|||
Net Loss |
($36.7) |
($0.5) |
|||
Operating Margin* |
$51.4 |
$60.9 |
|||
Average Volumes (k GPD) |
1,535 |
1,410 |
|||
*Operating Margin is a non-GAAP financial measure. For definitions and reconciliations of non-GAAP results please refer to the exhibit to this press release.
Please refer to our Q4 2020 Investor Presentation for further information about the following terms:
1) “Operational” with respect to a particular project means we expect gas to be made available within thirty (30) days, gas has been made available to the relevant project, or that the relevant project is in full commercial operations. Where gas is going to be made available or has been made available but full commercial operations have not yet begun, full commercial operations will occur later than, and may occur substantially later than, our reported Operational date. We cannot assure you if or when such projects will reach full commercial operations. Actual results could differ materially from the illustrations reflected in this presentation and there can be no assurance we will achieve our goals.
2) “In Development” or similar statuses means that we have taken steps and invested money to develop a facility, including procuring land rights and entitlements, negotiating or signing construction contracts, and undertaking active engineering, procurement and construction work. Our development projects are in various phases of progress, and there can be no assurance that we will continue progress on each development as we expect or that each development will be completed or enter full commercial operations. There can be no assurance that we will be able to enter into the contracts required for the development of these facilities on commercially favorable terms or at all. If we are unable to enter into favorable contracts or to obtain the necessary regulatory and land use approvals on favorable terms, we may not be able to construct and operate these assets as expected, or at all. Additionally, the construction of facilities is inherently subject to the risks of cost overruns and delays, and these risks of delay are exacerbated by the COVID-19 pandemic. If we are unable to construct, commission and operate all of our facilities as expected, or, when and if constructed, they do not accomplish our goals, or if we experience delays or cost overruns in construction, our business, operating results, cash flows and liquidity could be materially and adversely affected.
3) “FID” means management has made an internal commitment to commit resources (including capital) to a particular project. Our management has not made an FID decision on certain projects as of the date of this press release, and there can be no assurance that we will be willing or able to make any such decision, based on a particular project’s time, resource, capital and financing requirements.
4) “Committed” means our expected volumes to be sold to customers under binding contracts, awards under requests for proposals, and the agreement being finalized in for our project in Southeast Asia as of the period specified in the press release. There can be no assurance that we will enter into binding agreements for the awards we have under requests for proposals or our project in Southeast Asia on a particular timeline or at all. Some, but not all, of our contracts contain minimum volume commitments, and our expected volumes to be sold to customers reflected in our “Committed Volumes” are substantially in excess of such minimum volume commitments. Our near-term ability to sell these volumes is dependent on our customers’ continued willingness and ability to continue purchasing these volumes and to perform their obligations under their respective contracts. If any of our customers fails to continue to make such purchases or fails to perform its obligations under its contract, our operating results, cash flow and liquidity could be materially and adversely affected. References to Committed Volumes in the future and percentages of these volumes in the future should not be viewed as guidance or management’s view of the Company’s projected earnings, is not based on the Company’s historical operating results, which are limited, and does not purport to be an actual representation of our future economics.
5) “In Discussion” refers to potential customers (i) with whom we are in active negotiations, (ii) for whom there is a request for proposals or competitive bid process, or (iii) for whom we anticipate a request for proposals or competitive bid process will soon be announced based on our discussions with the potential customer as of date of this press release. We cannot assure you if or when we will enter into contracts for sales of additional volumes, the price at which we will be able to sell such volumes, or our costs to purchase, liquefy, deliver and sell such volumes. Some, but not all, of our contracts contain minimum volume commitments, and our expected sales to customers reflected in any volumes referenced is substantially in excess of potential minimum volume commitments. References to these volumes and percentages of these volumes should not be viewed as guidance or management’s view of the Company’s projected earnings, is not based on the Company’s historical operating results, which are limited, and does not purport to be an actual representation of our future economics.
6) “Operating Margin” means the sum of (i) Net income / (loss), (ii) Selling, general and administrative, (iii) Depreciation and amortization, (iv) Interest expense, (v) Other (income) expense, net (vi) Loss on extinguishment of debt, net, and (vii) Tax expense (benefit), each as reported on our financial statements. Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance, each as reported in our financial statements.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Annual Report on Form 10-K, which will be available on the Company’s website. Nothing on our website is included or incorporated by reference herein.
Earnings Conference Call
Management will host a conference call on Tuesday, March 16, 2021 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (866) 953-0778 (from within the U.S.) or (630) 652-5853 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE Fourth Quarter 2020 Earnings Call.”
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.
A replay of the conference call will also be available after 11:00 A.M. on Tuesday, March 16, 2021 through 11:00 A.M. on Tuesday, March 23, 2021 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 2548857.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
Non-GAAP Financial Measure
Operating Margin is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to income/(loss) from operations, net income/(loss), cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP financial measure, as we have defined it, provides a supplemental measure of financial performance of our current liquefaction, regasification and power generation operations. This measure excludes items that have little or no significance on day-to-day performance of our current liquefaction, regasification and power generation operations, including our corporate SG&A, contract termination charges and loss on mitigation sales, loss on extinguishment of debt, net, and other expense.
As Operating Margin measures our financial performance based on operational factors that management can impact in the short-term and provides an assessment of controllable expenses, items associated with our capital structure and beyond the control of management in the short-term, such as depreciation and amortization, taxation, and interest expense are excluded. As a result, this supplemental metric affords management the ability to make decisions to facilitate meeting current financial goals as well as to achieve optimal financial performance of our current liquefaction, regasification and power generation operations.
The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. A reconciliation is provided for the non-GAAP financial measure to our GAAP net income/(loss). Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income/(loss), and not to rely on any single financial measure to evaluate our business.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” including our expected volumes of LNG or production of power in particular jurisdictions; our expected volumes for Committed and In Discussion Volumes; the expectation that we will continue to take advantage of low LNG prices and develop our Fast LNG project for long-term LNG pricing; our expectations regarding our growth opportunities and the full capacity of our existing infrastructure, the key markets we may enter, and our expectations regarding our Fast LNG project, green hydrogen investment and pilot projects. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the risk that our development, construction or commissioning schedules will take longer than we expect, the risk that the volumes we are able to sell are less than we expect due to decreased customer demand or our inability to supply, the risk that our expectations about the price at which we purchase LNG, the price at which we sell LNG, the cost at which we produce, ship and deliver LNG, and the margin that we receive for the LNG that we sell are not in line with our expectations, the risk that we may not develop our Fast LNG project on the timeline we expect or at all, or that we do not receive the benefits we expect from the Fast LNG project, risks that our operating or other costs will increase and our expected funding of projects may not be possible, the risk that the foregoing or other factors negatively impact our liquidity, the risk that our organic and inorganic growth opportunities do not materialize due to our inability to reach commercial arrangements on terms that are acceptable to us or at all, the risk that organic and inorganic growth opportunities do not offer the Operating Margin that we expect due to higher costs of LNG, higher costs of infrastructure for inorganic growth, competitive pressures on our pricing, or other factors, and the risk that our investment and pilot projects in green hydrogen do not advance NFE’s transition to zero emissions on the timeline we expect or at all. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in the Company’s annual and quarterly reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement.
Exhibits – Financial Statements
| Consolidated Statements of Operations and Comprehensive Loss For the three months ended September 30, 2020 and December 31, 2020 |
||||||
(Unaudited, in thousands of U.S. dollars, except share and per share amounts) |
||||||
|
For the Three Months Ended |
|||||
|
September 30,
|
|
December 31,
|
|||
Revenues |
|
|
||||
Operating revenue |
$ |
83,863 |
$ |
94,769 |
||
Other revenue |
|
52,995 |
|
50,927 |
||
Total revenues |
|
136,858 |
|
145,696 |
||
|
|
|
||||
Operating expenses |
|
|
||||
Cost of sales |
|
71,665 |
|
68,987 |
||
Operations and maintenance |
|
13,802 |
|
15,796 |
||
Selling, general and administrative |
|
30,849 |
|
32,869 |
||
Depreciation and amortization |
|
9,489 |
|
10,013 |
||
Total operating expenses |
|
125,805 |
|
127,665 |
||
Operating income |
|
11,053 |
|
18,031 |
||
Interest expense |
|
19,813 |
|
14,822 |
||
Other expense, net |
|
2,569 |
|
826 |
||
Loss on extinguishment of debt, net |
|
23,505 |
|
- |
||
Loss before taxes |
|
(34,834) |
|
2,383 |
||
Tax expense |
|
1,836 |
|
2,868 |
||
Net loss |
|
(36,670) |
|
(485) |
||
Net loss attributable to non-controlling interest |
|
312 |
|
655 |
||
Net (loss) income attributable to stockholders |
$ |
(36,358) |
$ |
170 |
||
|
|
|
||||
Net (loss) income per share – basic and diluted |
$ |
(0.21) |
$ |
0.00 |
||
|
|
|
||||
Weighted average number of shares outstanding – basic and diluted |
|
170,074,532 |
|
170,855,679 |
||
|
|
|
||||
Other comprehensive loss: |
|
|
||||
Net loss |
$ |
(36,670) |
$ |
(485) |
||
Unrealized (gain) on currency translation adjustment |
|
(971) |
|
(883) |
||
Comprehensive (loss) income |
|
(35,699) |
|
398 |
||
Comprehensive (income) attributable to non-controlling interest |
|
(926) |
|
(131) |
||
Comprehensive (loss) income attributable to stockholders |
$ |
(36,625) |
$ |
267 |
||
Non-GAAP Operating Margin
|
||||
|
|
|
|
|
We define non-GAAP operating margin as GAAP net loss, adjusted for selling, general and administrative expense, depreciation and amortization, interest expense, other expense, loss on extinguishment of debt, net and tax expense. |
||||
|
For the three months ended, |
|
||||
|
September 30, 2020 |
|
|
December 31, 2020 |
|
|
Net loss |
$ (36,670) |
|
$ (485) |
|
||
Add: |
|
|
|
|
||
Selling, general and administrative |
30,849 |
|
32,869 |
|
||
Depreciation and amortization |
9,489 |
|
10,013 |
|
||
Interest expense |
19,813 |
|
14,822 |
|
||
Other expense, net |
2,569 |
|
826 |
|
||
Loss on extinguishment of debt, net |
23,505 |
|
- |
|
||
Tax expense |
1,836 |
|
2,868 |
|
||
Non-GAAP operating margin |
$ 51,391 |
|
$ 60,913 |
|
||
| Consolidated Balance Sheets As of December 31, 2020 and 2019 |
||||||
(in thousands of U.S. dollars, except share and per share amounts) |
||||||
|
|
|
|
|||
|
December 31,
|
|
December 31,
|
|||
Assets |
|
|
|
|||
Current assets |
|
|
|
|||
Cash and cash equivalents |
$ |
601,522 |
|
$ |
27,098 |
|
Restricted cash |
|
12,814 |
|
|
30,966 |
|
Receivables, net of allowances of $98 and $0, respectively |
|
76,544 |
|
|
49,890 |
|
Inventory |
|
22,860 |
|
|
63,432 |
|
Prepaid expenses and other current assets, net |
|
48,270 |
|
|
39,734 |
|
Total current assets |
|
762,010 |
|
|
211,120 |
|
|
|
|
|
|||
Restricted cash |
|
15,000 |
|
|
34,971 |
|
Construction in progress |
|
234,037 |
|
|
466,587 |
|
Property, plant and equipment, net |
|
614,206 |
|
|
192,222 |
|
Right-of-use assets |
|
141,347 |
|
|
- |
|
Intangible assets, net |
|
46,102 |
|
|
43,540 |
|
Finance leases, net |
|
7,044 |
|
|
91,174 |
|
Deferred tax assets, net |
|
2,315 |
|
|
34 |
|
Other non-current assets, net |
|
86,030 |
|
|
84,166 |
|
Total assets |
$ |
1,908,091 |
|
$ |
1,123,814 |
|
|
|
|
|
|||
Liabilities |
|
|
|
|||
Current liabilities |
|
|
|
|||
Accounts payable |
$ |
21,331 |
|
$ |
11,593 |
|
Accrued liabilities |
|
90,352 |
|
|
54,943 |
|
Current lease liabilities |
|
35,481 |
|
|
- |
|
Due to affiliates |
|
8,980 |
|
|
10,252 |
|
Other current liabilities |
|
35,006 |
|
|
25,475 |
|
Total current liabilities |
|
191,150 |
|
|
102,263 |
|
|
|
|
|
|||
Long-term debt |
|
1,239,561 |
|
|
619,057 |
|
Non-current lease liabilities |
|
84,323 |
|
|
- |
|
Deferred tax liabilities, net |
|
2,330 |
|
|
241 |
|
Other long-term liabilities |
|
15,641 |
|
|
14,929 |
|
Total liabilities |
|
1,533,005 |
|
|
736,490 |
|
|
|
|
|
|||
Commitments and contingencies |
|
|
|
|||
|
|
|
|
|||
Stockholders’ equity |
|
|
|
|||
Class A common stock, $0.01 par value, 750.0 million shares authorized, 174.6 million issued and outstanding as of December 31, 2020 |
|
1,746 |
|
|
- |
|
Class A shares, 0 shares issued and outstanding as of December 31, 2020; 23.6 million shares issued and outstanding as of December 31, 2019 |
|
- |
|
|
130,658 |
|
Class B shares, 0 shares issued and outstanding as of December 31, 2020; 144.3 million shares issued and outstanding as of December 31, 2019 |
|
- |
|
|
- |
|
Additional paid-in capital |
|
594,534 |
|
|
- |
|
Accumulated deficit |
|
(229,503) |
|
|
(45,823) |
|
Accumulated other comprehensive income (loss) |
|
182 |
|
|
(30) |
|
Total stockholders' equity attributable to NFE |
|
366,959 |
|
|
84,805 |
|
Non-controlling interest |
|
8,127 |
|
|
302,519 |
|
Total stockholders' equity |
|
375,086 |
|
|
387,324 |
|
Total liabilities and stockholders' equity |
$ |
1,908,091 |
|
$ |
1,123,814 |
|
Consolidated Statements of Operations and Comprehensive Loss |
||||||||||
For the years ended December 31, 2020, 2019 and 2018 |
||||||||||
(in thousands of U.S. dollars, except share and per share amounts) |
||||||||||
|
Year Ended December 31, |
|
||||||||
|
2020 |
|
2019 |
|
2018 |
|
||||
Revenues |
|
|
|
|
|
|
||||
Operating revenue |
$ |
318,311 |
|
$ |
145,500 |
|
$ |
96,906 |
|
|
Other revenue |
|
133,339 |
|
|
43,625 |
|
|
15,395 |
|
|
Total revenues |
|
451,650 |
|
|
189.125 |
|
|
112,301 |
|
|
|
|
|
|
|
|
|
||||
Operating expenses |
|
|
|
|
|
|
||||
Cost of sales |
|
278,767 |
|
|
183,359 |
|
|
95,742 |
|
|
Operations and maintenance |
|
47,581 |
|
|
26,899 |
|
|
9,589 |
|
|
Selling, general and administrative |
|
124,170 |
|
|
152,922 |
|
|
62,137 |
|
|
Contract termination charges and loss on mitigation sales |
|
124,114 |
|
|
5,280 |
|
|
- |
|
|
Depreciation and amortization |
|
32,376 |
|
|
7,940 |
|
|
3,321 |
|
|
Total operating expenses |
|
607,008 |
|
|
376,400 |
|
|
170,789 |
|
|
Operating loss |
|
(155,358) |
|
|
(187,275) |
|
|
(58,488) |
|
|
Interest expense |
|
65,723 |
|
|
19,412 |
|
|
11,248 |
|
|
Other expense (income), net |
|
5,005 |
|
|
(2,807) |
|
|
(784) |
|
|
Loss on extinguishment of debt, net |
|
33,062 |
|
|
- |
|
|
9,568 |
|
|
Loss before taxes |
|
(259,148) |
|
|
(203,880) |
|
|
(78,520) |
|
|
Tax expense (benefit) |
|
4,817 |
|
|
439 |
|
|
(338) |
|
|
Net loss |
|
(263,965) |
|
|
(204,319) |
|
|
(78,182) |
|
|
Net loss attributable to non-controlling interest |
|
81,818 |
|
|
170,510 |
|
|
106 |
|
|
Net loss attributable to stockholders |
$ |
(182,147) |
|
$ |
(33,809) |
|
$ |
(78,076) |
|
|
|
|
|
|
|
|
|
||||
Net loss per share – basic and diluted |
$ |
(1.71) |
|
$ |
(1.62) |
|
|
|
||
|
|
|
|
|
|
|
||||
Weighted average number of shares outstanding – basic and diluted |
|
106,654,918 |
|
|
20,862,555 |
|
|
|
||
|
|
|
|
|
|
|
||||
Other comprehensive loss: |
|
|
|
|
|
|
||||
Net loss |
$ |
(263,965) |
|
$ |
(204,319) |
|
$ |
(78,182) |
|
|
Unrealized (gain) loss on currency translation adjustment |
|
(2,005) |
|
|
219 |
|
|
- |
|
|
Unrealized loss on available-for-sale-investment |
|
- |
|
|
- |
|
|
2,677 |
|
|
Comprehensive loss |
|
(261,960) |
|
|
(204,538) |
|
|
(80,859) |
|
|
Comprehensive loss attributable to non-controlling interest |
|
80,025 |
|
|
170,699 |
|
|
106 |
|
|
Comprehensive loss attributable to stockholders |
$ |
(181,935) |
|
$ |
(33,839) |
|
$ |
(80,753) |
|
|
IR:
Joshua Kane
(516) 268-7455
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
Jake Suski
(516) 268-7403
This email address is being protected from spambots. You need JavaScript enabled to view it.
FRAMINGHAM, Mass.--(BUSINESS WIRE)--#cleantechnology--Ameresco, Inc., (NYSE: AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced that the underwriters of its previously announced underwritten public offering of Class A common stock, which closed on March 9, 2021, have exercised in full their option to purchase 375,000 additional shares of Class A common stock from Ameresco and 105,000 additional shares of Class A common stock from a certain selling stockholder at the public offering price, less the underwriting discount. The closing of the option exercise occurred on March 15, 2021. After giving effect to the sale of 375,000 additional shares in the option closing, the total number of shares sold by Ameresco in the offering increased to 2,875,000 shares, and the aggregate gross proceeds to Ameresco from the offering, before deducting underwriting discounts and commissions and offering expenses payable by Ameresco, were approximately $126.5 million. The total number of shares of Class A common stock sold by certain selling stockholders in the offering increased to 805,000 shares. Ameresco did not receive any proceeds from the sale of shares by the selling stockholders.
BofA Securities and Oppenheimer & Co. Inc. acted as lead joint book-running managers and representatives of the underwriters for the offering. Baird, Canaccord Genuity, Guggenheim Securities and William Blair also acted as joint book-running managers for the offering. Roth Capital Partners and Craig-Hallum acted as co-managers for the offering.
Ameresco intends to use the net proceeds from this offering to repay in full the outstanding U.S. dollar balance under its revolving senior secured credit facility and for general corporate purposes, including potential tack on acquisitions, working capital and capital expenditures.
The shares were offered pursuant to a shelf registration statement on Form S-3ASR, which became automatically effective upon filing with the Securities and Exchange Commission (SEC) on March 4, 2021.
This offering was made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained by contacting: BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.; or Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad St., 26th Floor, New York, NY 10004, by telephone at (212) 667-8055 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about its intended use of the net proceeds of the public offering, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including risks and uncertainties related to the impact of general economic, industry or political conditions in the United States or internationally including the ongoing COVID-19 pandemic and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission on March 2, 2021. In addition, the forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Media:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations:
Eric Prouty, Advisiry Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
Lynn Morgen, Advisiry Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
TORONTO--(BUSINESS WIRE)--$DYA #CityofWoodstock--dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") is pleased to announce that it has been invited by the Government of the Province of Ontario, Canada (“Ontario Government”) to participate in the Hydrogen Strategy Working Group of the Ontario Government under the guidance of the Ministry of the Environment, Conservation and Parks.
Jean-Pierre Colin, Executive Vice President of dynaCERT, and Jim Payne, CEO of dynaCERT, will continue to attend Ontario Government strategy meetings in furthering the Ontario Government’s development of a hydrogen strategy.
Hydrogen Strategy Working Group
The Ontario Government established a new Hydrogen Strategy Working Group to help inform the development of the hydrogen strategy for the Province of Ontario.
This working group is intended to build on the input that the Ontario Government received through the public consultation process and Ontario’s hydrogen discussion paper. Members of the Hydrogen Strategy Working Group will also provide advice on how to use hydrogen across various sectors and help Ontario compete in the global hydrogen market. The Ontario Government has invited 21 Ontario Hydrogen Economy participants to Hydrogen Strategy Working Group which consists of experts from industry and academia. See: https://www.ontario.ca/page/low-carbon-hydrogen#section-5
Sales in the Global Mining Industry
In Q1 2021, dynaCERT has shipped or received confirmed orders of its flagship HG-1 HydraGEN™ Technology Units as well as its sister HydraGEN™ HG2 and HG-4C and HydraGEN™ HG-6C large capacity Units to international mining companies operating in Russia, China, Brazil and Peru through sales to its arms-length dealer H2Tek specializing in the sale of HydraGEN™ Technology in the mining industry. H2Tek is sponsored internationally by Export Development Corporation, a Crown Corporation of Canada, and dynaCERT’s currently sole Asian dealer, Puma HydroCarbons, who operates in China. Diamond Mines, Coal Mines, Copper Mines and Gold Mines are adopting dynaCERT’s proprietary HydraGEN™ Technology globally. The HydraGEN™ HG-4C and HydraGEN™ HG-6C large capacity Units will soon be deployed in open pit mining operations on large 50-litre diesel engines that operate in hostile climates such as open pit mines where temperatures deep lower than -40 degrees Celsius and are located in very remote areas of the planet.
Growing Sales in the Trucking Industry in North America
Q1 2021, dynaCERT has received purchase orders with advanced payment of twenty (20) of the Company’s 20 newest 2021 model HG-1 units for the North American continental trucking customers of KarbonKleen which is furthering its successful trials to its trucking and logistics clients.
In Q1 2021, dynaCERT has sold and installed our HG-2 units to a midsize Dodge truck and Ford F-350 delivery truck in Ontario through the Company’s dealer H2Tek.
City of Woodstock Success
dynaCERT has just completed Emission Tests on the City of Woodstock’s entire bus and garbage truck fleet to showcase reductions of greenhouse gases and fuel savings with very solid results from its initial previously announced pilot project. The City of Woodstock reduced fuel consumption by a significant factor in its recent Garbage Trucks Trials featuring dynaCERT’s HydraGEN™ “Carbon Emission Reduction Technology”.
dynaCERT is also working with several municipalities across Ontario supplying quotes and extensive analyst reports for their fleets showing the potential fuel savings and more importantly the emission reductions and Green House Gas reductions that can be realized with the utilization of HydraGEN™ “Carbon Emission Reduction Technology”.
dynaCERT and its Dealer in Negotiations with the World’s Largest Transportation Polluters
dynaCERT’s Canadian Dealer, Mobile Emissions Testing Inc. (“Mobile Emissions”) along with dynaCERT is in negotiations with one of the world’s largest transporters of goods which is committed to reducing its Carbon Footprint. As well, Mobile Emissions is assisting the Company with its Ontario Government initiatives and is also focussing on some of Ontario’s largest Municipal accounts.
Non-Core Electrolyser Research & Development
With 17 plus years of Research and Development, scientific knowledge, and design advancements within hydrogen generation, dynaCERT intends to expand and leverage their expertise and knowledge to form the basis for future decades to advance the Company’s goal to adapt its HydraGEN™ Technology to numerous markets, globally. dynaCERT’s Hydrogen electrolysers have gone through a series of transformations to meet the market demand. dynaCERT’s existing Alkaline Hydrogen electrolysers are best suited for non-pressurized Hydrogen production up to 500 litres per hour and can be stacked for higher Hydrogen demand.
Gurjant Singh, dynaCERT’s Head of Research and Development stated, “dynaCERT’s upcoming products such as the Anion Exchange Membrane and the Cation Exchange Membrane electrolysers will produce pressurized Hydrogen to meet the global demand. Pressurized Hydrogen will significantly cut down the compression cost making it affordable to use in small- and large-scale applications such as off-grid power supply, fuel cells etc. dynaCERT’s smart ECU will enable consumers to control Hydrogen production remotely and simplify data management.
dynaCERT is committed to achieve and participate in net zero emissions goal by 2050. Exponential growth in Hydrogen production over the past few years by conventional methods have further impacted the environment adversely. In 2019, more than 550 million tons of Carbon Dioxide were released in the atmosphere because of hydrogen production via Methane Reforming Process. At $50 per ton Carbon Credit, there is potential for more than $27 Billion worth of yearly savings. Carbon Credits remain a huge future revenue stream for dynaCERT with our Patent Pending Carbon Capturing Methodology while capturing credits for the Carbon Saved with our Hydrogen Generating electrolysers.”
Jim Payne, CEO of dynaCERT, stated, “dynaCERT fully supports the Ontario Government initiatives related to the development of its hydrogen strategy. The Hydrogen Strategy Working Group of the Ontario Government is an important step in the process of developing a workable hydrogen strategy. We applaud all the dedicated people involved in this Ontario Government initiative and thank all participants within the government and within the private sector for their commitment to making hydrogen an important part of our collective future.”
About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com.
READER ADVISORY
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.
On Behalf of the Board
Murray James Payne, CEO
Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com
Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
nmassicotte@dynaCERT.com
WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control and water treatment in utility and industrial applications, today reported financial results for the fourth quarter (“Q4 2020”) and full year ended December 31, 2020.
“I am proud of how our team addressed the challenges in 2020 brought about by the COVID-19 pandemic and am optimistic about Fuel Tech’s prospects for 2021 and beyond,” said Vincent J. Arnone, President and CEO. “With the closing of our financing in February 2021, we now have approximately $37 million in cash and no debt. We intend to prudently deploy this fresh capital as required to support the growth of our core businesses, accelerate our entry into the dissolved gas infusion / water treatment solutions market, and expand our solutions portfolio with products and technologies that we believe could provide our Company with additional growth potential. We believe that we are well-positioned to capitalize on the anticipated global demand for emissions control solutions and water purification technologies, with near-term demand driven by government policies, public advocacy and financial investment. For 2021, we intend to maintain the lean operating structure that we have created over the last several years and will be guided by a focus on operational excellence, client service, innovation and financial improvement.”
Mr. Arnone continued, “We generated improved performance within our FUEL CHEM® business segment during Q4 2020. This reflects contributions from the installation of our TIFI® Targeted In-Furnace Injection technology on new domestic coal-fired unit accounts and a return to more normalized run rates across our fleet following a period of slower unit activity due to the impact of the COVID-19 pandemic. We are continuing to pursue FUEL CHEM application opportunities in the U.S. where owners of coal-fired power generation boilers seek to remain competitive in dispatch markets via the utilization of lower-cost, lower-quality fuels. Outside the U.S. we are focused on multiple sites, including those that burn high sulfur fuel oil in Mexico, biomass and municipal solid waste units in Europe, and coal at sites in Southeast Asia where power demand and related pricing is high, and slagging is an issue.
“Within our Air Pollution Control (APC) business, we expect to capitalize on continuing opportunities for natural gas and industrial applications, with a focus on our SCR and ULTRA technologies on a global basis. The year 2020 was difficult for our APC business, due in large part to pandemic uncertainties and their impact on industrial purchasing activity. However, we remain intensely focused on providing support for bid requests for custom-engineered solutions that fulfill the unique needs of each of our clients and expect that our markets will improve in 2021 as global economic activity strengthens. Despite an overall slowdown in activity, we entered the new year with a global sales pipeline of $40-50 million.”
DGI™ Dissolved Gas Infusion
“After some pandemic delays in 2020, we are beginning to regain momentum at our Dissolved Gas Infusion (DGITM) business,” Mr. Arnone continued. “Working in support of our technology partner, Kadance Resources, we completed a six-week demonstration at a municipal wastewater treatment facility on the U.S. West Coast in early January. We anticipate supporting a second demonstration at an additional wastewater treatment facility on the West Coast in the second quarter of this year. In February, we completed a demonstration of our DGI technology at a new customer in the pulp and paper business located in the Pacific Northwest. Both demonstrations are currently undergoing stringent data analysis to understand the full and complete benefits of the advanced aeration technology at each site. We expect to complete the data review by early in the second quarter, after which we will assess next steps with respect to commercial development with these accounts. As we continue through 2021, our objective is to advance the development and commercialization of this technology, which will include the design and fabrication of higher capacity DGI equipment delivery systems that we believe will be necessary to address the needs of the majority of our end markets.”
Q4 2020 Consolidated Results Overview
Consolidated revenues increased 26.5% to $6.2 million from $4.9 million in Q4 2019, reflecting higher revenues in both the APC and FUEL CHEM business segments.
Gross margin for Q4 2020 was 41.9% of revenues compared to 0.1% of revenues in Q4 2019. Gross margin in Q4 2020 primarily reflected the mix between APC and FUEL CHEM revenues recognized during the quarter. Gross margin in Q4 2019 included a $2.0 million charge in cost of sales for the period related to an equipment warranty liability with a U.S. APC customer. Excluding the impact of the charge, gross margin in Q4 2019 was 41.1% of revenues. As previously announced, Fuel Tech reached a settlement with its insurance carrier and in Q3 2020 recorded a receivable for the proceeds that reduced cost of sales for the APC business. Collection of the receivable was recorded in Q4 2020.
SG&A expenses declined by 15.3% to $3.8 million from $4.5 million in Q4 2019, reflecting lower administrative and professional services costs.
Net loss from continuing operations narrowed to $(1.5) million, or $(0.07) per share, compared to a net loss from continuing operations of $(4.3) million, or $(0.18) per share, in Q4 2019. Excluding the impact of the insurance settlement, net loss from continuing operations in Q4 2019 was $(2.3) million, or $(0.10) per diluted share.
Consolidated APC segment backlog at December 31, 2020 was $5.3 million, of which $4.9 million was domestic, as compared to backlog at December 31, 2019 of $9.7 million, of which $8.6 million was domestic.
APC segment revenues increased to $2.5 million in Q4 2020 from $1.7 million in Q4 2019, primarily the result of project timing. APC gross margin was $0.7 million, or 29% of revenue, in Q4 2020. In Q4 2019, APC gross margin, including the $2.0 million warranty charge, was $(1.5) million. Excluding the warranty charge, APC gross margin in Q4 2019 was $0.5 million, or 28% of revenue.
FUEL CHEM segment revenues rose to $3.7 million from $3.2 million in Q4 2019, primarily reflecting installations on three new units during Q3 2020. Segment gross margin was 51% in Q4 2020 and 48% in Q4 2019.
Adjusted EBITDA loss was $(1.1) million in Q4 2020 compared to an Adjusted EBITDA loss of $(3.9) million in Q4 2019.
Twelve Month Overview
Consolidated revenues for 2020 were $22.6 million as compared to $30.5 million, due to lower APC and FUEL CHEM revenues.
Consolidated gross margin for full year 2020 and 2019 was 47.2% and 35.5%, respectively, reflecting the factors cited above. Excluding the impact of the $2.6 million insurance settlement and current year claim costs, gross margin in 2020 was 29.8%.
SG&A expenses for 2020 declined by 20.9% to $13.6 million from $17.2 million in 2019, reflecting the Company’s previously completed cost containment initiatives. SG&A attributable to the Company’s China operations was $0.3 million in 2020 as compared to $1.8 million in 2019.
Net loss from continuing operations was $(4.3) million, or $(0.17) per share, in 2020. Net loss from continuing operations in 2019, including the unreimbursed customer remediation costs, was $(7.9) million, or $(0.32) per share. Excluding the impact of the unreimbursed customer remediation costs, net loss from continuing operations in 2019 was $(5.9) million, or $(0.24) per share.
Adjusted EBITDA loss was $(2.9) million in 2020 as compared to $(6.2) million in 2019.
Financial Condition
At December 31, 2020 total cash was $12.6 million including restricted cash of $2.0 million, down from total cash of $13.5 million, including restricted cash of $2.6 million, at December 31, 2019. Stockholders’ Equity was $22.3 million, or $0.88 per share.
As previously announced, on February 17, 2021 Fuel Tech closed a private placement that consisted of 5,000,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 2,500,000 shares of common stock, at a purchase price of $5.1625 per share and associated warrant, that was priced at-the-market under Nasdaq rules. Total gross proceeds to the Company were approximately $25.8 million before fees and expenses.
Conference Call
Management will host a conference call on Tuesday, March 16, 2021 at 10:00 am EDT / 9:00 am CDT to discuss the results and business activities.
Interested parties may participate in the call by dialing:
The conference call will also be accessible via the Upcoming Events section of the Company’s web site at www.ftek.com. Following management’s opening remarks, there will be a question-and-answer session. Questions may be asked during the live call, or alternatively, you may e-mail questions in advance to This email address is being protected from spambots. You need JavaScript enabled to view it.. For those who cannot listen to the live broadcast, an online replay will be available at www.ftek.com.
About Fuel Tech
Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NOx) reduction and particulate control technologies and its solutions have been in installed on over 1,200 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented nozzle to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.
FUEL TECH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) |
||||||||
|
|
December 31, |
||||||
|
|
2020 |
|
2019 |
||||
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
10,640 |
|
$ |
10,914 |
||
Restricted cash |
|
1,595 |
|
2,080 |
||||
Accounts receivable, net |
|
6,548 |
|
6,473 |
||||
Inventories, net |
|
97 |
|
264 |
||||
Prepaid expenses and other current assets |
|
2,193 |
|
1,879 |
||||
Total current assets |
|
21,073 |
|
21,610 |
||||
Property and equipment, net |
|
5,220 |
|
5,662 |
||||
Goodwill |
|
2,116 |
|
2,116 |
||||
Other intangible assets, net |
|
553 |
|
906 |
||||
Restricted cash |
|
371 |
|
507 |
||||
Right-of-use operating lease assets |
|
394 |
|
362 |
||||
Other assets |
|
361 |
|
443 |
||||
Total assets |
|
$ |
30,088 |
|
$ |
31,606 |
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,353 |
|
$ |
2,117 |
||
Accrued liabilities: |
|
|
|
|
|
|
|
|
Operating lease liabilities - current |
|
149 |
|
182 |
||||
Employee compensation |
|
930 |
|
519 |
||||
Other accrued liabilities |
|
2,099 |
|
1,976 |
||||
Total current liabilities |
|
5,531 |
|
4,794 |
||||
Operating lease liabilities - non-current |
|
237 |
|
180 |
||||
Long-term borrowings |
|
1,556 |
|
— |
||||
Deferred income taxes |
|
134 |
|
171 |
||||
Other liabilities |
|
309 |
|
286 |
||||
Total liabilities |
|
7,767 |
|
5,431 |
||||
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, $.01 par value, 40,000,000 shares authorized, 25,639,702 and 25,053,480 shares issued, and 25,228,951 and 24,592,578 outstanding in 2020 and 2019, respectively |
|
262 |
|
254 |
||||
Additional paid-in capital |
|
140,138 |
|
139,560 |
||||
Accumulated deficit |
|
(114,603 |
) |
|
(110,325 |
) |
||
Accumulated other comprehensive loss |
|
(1,370 |
) |
|
(1,778 |
) |
||
Nil coupon perpetual loan notes |
|
76 |
|
76 |
||||
Treasury stock, at cost (Note 6) |
|
(2,182 |
) |
|
(1,612 |
) |
||
Total stockholders’ equity |
|
22,321 |
|
26,175 |
||||
Total liabilities and stockholders’ equity |
|
$ |
30,088 |
|
$ |
31,606 |
||
FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
Revenues |
|
$ |
6,216 |
|
|
$ |
4,912 |
|
|
$ |
22,550 |
|
|
$ |
30,467 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
3,613 |
|
|
|
4,883 |
|
|
|
11,912 |
|
|
|
19,637 |
|
Selling, general and administrative |
|
|
3,775 |
|
|
|
4,456 |
|
|
|
13,600 |
|
|
|
17,191 |
|
Restructuring charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
625 |
|
Research and development |
|
|
297 |
|
|
|
304 |
|
|
|
1,177 |
|
|
|
1,127 |
|
Intangible assets abandonment |
|
|
197 |
|
|
|
— |
|
|
|
197 |
|
|
|
127 |
|
|
|
|
7,882 |
|
|
|
9,643 |
|
|
|
26,886 |
|
|
|
38,707 |
|
Operating loss from continuing operations |
|
|
(1,666 |
) |
|
|
(4,731 |
) |
|
|
(4,336 |
) |
|
|
(8,240 |
) |
Interest (expense) income |
|
|
(4 |
) |
|
|
19 |
|
|
|
(4 |
) |
|
|
41 |
|
Foreign exchange gain |
|
|
— |
|
|
|
370 |
|
|
|
— |
|
|
|
370 |
|
Other income (expense), net |
|
|
35 |
|
|
|
(7 |
) |
|
|
119 |
|
|
|
(8 |
) |
Loss from continuing operations before income taxes |
|
|
(1,635 |
) |
|
|
(4,349 |
) |
|
|
(4,221 |
) |
|
|
(7,837 |
) |
Income tax benefit (expense) |
|
|
92 |
|
|
|
9 |
|
|
|
(57 |
) |
|
|
(14 |
) |
Net loss from continuing operations |
|
|
(1,543 |
) |
|
|
(4,340 |
) |
|
|
(4,278 |
) |
|
|
(7,851 |
) |
Loss from discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Net loss |
|
$ |
(1,543 |
) |
|
$ |
(4,340 |
) |
|
$ |
(4,278 |
) |
|
$ |
(7,852 |
) |
Net loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.07 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.32 |
) |
Discontinued operations |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Basic net loss per common share |
|
$ |
(0.07 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.32 |
) |
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.07 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.32 |
) |
Discontinued operations |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Diluted net loss per common share |
|
$ |
(0.07 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.32 |
) |
Weighted-average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
24,798,000 |
|
|
|
24,257,000 |
|
|
|
24,691,000 |
|
|
|
24,202,000 |
|
Diluted |
|
|
24,798,000 |
|
|
|
24,257,000 |
|
|
|
24,691,000 |
|
|
|
24,202,000 |
|
FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
Net loss |
|
$ |
(1,543 |
) |
|
$ |
(4,340 |
) |
|
$ |
(4,278 |
) |
|
$ |
(7,852 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
219 |
|
|
|
(217 |
) |
|
|
408 |
|
|
|
(493 |
) |
Comprehensive loss |
|
$ |
(1,324 |
) |
|
$ |
(4,557 |
) |
|
$ |
(3,870 |
) |
|
$ |
(8,345 |
) |
FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
||||||||
|
|
For the years ended December 31, |
|
|||||
|
|
2020 |
|
|
2019 |
|
||
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,278 |
) |
|
$ |
(7,852 |
) |
Loss from discontinued operations |
|
|
— |
|
|
|
1 |
|
Net loss from continuing operations |
|
|
(4,278 |
) |
|
|
(7,851 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
663 |
|
|
|
810 |
|
Amortization |
|
|
185 |
|
|
|
186 |
|
Gain on disposal of equipment |
|
|
(5 |
) |
|
|
(3 |
) |
Provision for doubtful accounts, net of recoveries |
|
|
(1,026 |
) |
|
|
421 |
|
Deferred income taxes |
|
|
(38 |
) |
|
|
— |
|
Stock-based compensation, net of forfeitures |
|
|
290 |
|
|
|
574 |
|
Intangible assets abandonment |
|
|
197 |
|
|
|
127 |
|
Excess and obsolete inventory provision |
|
|
— |
|
|
|
(131 |
) |
Foreign exchange gain |
|
|
— |
|
|
|
370 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,095 |
|
|
|
11,415 |
|
Inventories |
|
|
171 |
|
|
|
818 |
|
Prepaid expenses, other current assets and other non-current assets |
|
|
(161 |
) |
|
|
2,239 |
|
Accounts payable |
|
|
198 |
|
|
|
(7,331 |
) |
Accrued liabilities and other non-current liabilities |
|
|
2 |
|
|
|
(5,010 |
) |
Net cash used in operating activities - continuing operations |
|
|
(2,707 |
) |
|
|
(3,366 |
) |
Net cash used in operating activities - discontinued operations |
|
|
— |
|
|
|
(21 |
) |
Net cash used in operating activities |
|
|
(2,707 |
) |
|
|
(3,387 |
) |
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchases of equipment and patents |
|
|
(247 |
) |
|
|
(550 |
) |
Net cash used in investing activities - continued operations |
|
|
(247 |
) |
|
|
(550 |
) |
Net cash provided by investing activities - discontinued operations |
|
|
— |
|
|
|
505 |
|
Net cash used in investing activities |
|
|
(247 |
) |
|
|
(45 |
) |
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from Borrowings |
|
|
1,556 |
|
|
|
— |
|
Proceeds from Option Exercises |
|
|
296 |
|
|
|
— |
|
Taxes paid on behalf of equity award participants |
|
|
(570 |
) |
|
|
(128 |
) |
Net cash provided by (used in) financing activities |
|
|
1,282 |
|
|
|
(128 |
) |
Effect of exchange rate fluctuations on cash |
|
|
777 |
|
|
|
(998 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
|
(895 |
) |
|
|
(4,558 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
13,501 |
|
|
|
18,059 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
12,606 |
|
|
$ |
13,501 |
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information: |
|
|
|
|
|
|
|
|
Cash paid for: |
|
|
|
|
|
|
|
|
Income taxes |
|
$ |
95 |
|
|
$ |
18 |
|
FUEL TECH, INC. BUSINESS SEGMENT FINANCIAL DATA (in thousands) |
||||||||||||||||
Three months ended December 31, 2020 |
|
Air
|
|
|
FUEL
|
|
|
Other |
|
|
Total |
|
||||
Revenues from external customers |
|
$ |
2,538 |
|
|
$ |
3,678 |
|
|
$ |
— |
|
|
$ |
6,216 |
|
Cost of sales |
|
|
(1,801 |
) |
|
|
(1,812 |
) |
|
|
— |
|
|
|
(3,613 |
) |
Gross margin |
|
|
737 |
|
|
|
1,866 |
|
|
|
— |
|
|
|
2,603 |
|
Selling, general and administrative |
|
|
— |
|
|
|
— |
|
|
|
(3,775 |
) |
|
|
(3,775 |
) |
Research and development |
|
|
— |
|
|
|
— |
|
|
|
(297 |
) |
|
|
(297 |
) |
Intangible assets abandonment |
|
|
— |
|
|
|
— |
|
|
|
(197 |
) |
|
|
(197 |
) |
Operating income (loss) from continuing operations |
|
$ |
737 |
|
|
$ |
1,866 |
|
|
$ |
(4,269 |
) |
|
$ |
(1,666 |
) |
Three months ended December 31, 2019 |
|
Air
|
|
|
FUEL
|
|
|
Other |
|
|
Total |
|
||||
Revenues from external customers |
|
$ |
1,674 |
|
|
$ |
3,238 |
|
|
$ |
— |
|
|
$ |
4,912 |
|
Cost of sales |
|
|
(3,194 |
) |
|
|
(1,689 |
) |
|
|
— |
|
|
|
(4,883 |
) |
Gross margin |
|
|
(1,520 |
) |
|
|
1,549 |
|
|
|
— |
|
|
|
29 |
|
Selling, general and administrative |
|
|
— |
|
|
|
— |
|
|
|
(4,456 |
) |
|
|
(4,456 |
) |
Research and development |
|
|
— |
|
|
|
— |
|
|
|
(304 |
) |
|
|
(304 |
) |
Intangible assets abandonment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating (loss) income from continuing operations |
|
$ |
(1,520 |
) |
|
$ |
1,549 |
|
|
$ |
(4,760 |
) |
|
$ |
(4,731 |
) |
For the year ended December 31, 2020 |
|
Air
|
|
|
FUEL
|
|
|
Other |
|
|
Total |
|
||||
Revenues from external customers |
|
$ |
8,557 |
|
|
$ |
13,993 |
|
|
$ |
— |
|
|
$ |
22,550 |
|
Cost of sales |
|
|
(4,583 |
) |
|
|
(7,329 |
) |
|
|
— |
|
|
|
(11,912 |
) |
Gross margin |
|
|
3,974 |
|
|
|
6,664 |
|
|
|
— |
|
|
|
10,638 |
|
Selling, general and administrative |
|
|
— |
|
|
|
— |
|
|
|
(13,600 |
) |
|
|
(13,600 |
) |
Restructuring charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Research and development |
|
|
— |
|
|
|
— |
|
|
|
(1,177 |
) |
|
|
(1,177 |
) |
Intangible assets abandonment |
|
|
— |
|
|
|
— |
|
|
|
(197 |
) |
|
|
(197 |
) |
Operating income (loss) from continuing operations |
|
$ |
3,974 |
|
|
$ |
6,664 |
|
|
$ |
(14,974 |
) |
|
$ |
(4,336 |
) |
For the year ended December 31, 2019 |
|
Air
|
|
|
FUEL
|
|
|
Other |
|
|
Total |
|
||||
Revenues from external customers |
|
$ |
14,082 |
|
|
$ |
16,385 |
|
|
$ |
— |
|
|
$ |
30,467 |
|
Cost of sales |
|
|
(11,256 |
) |
|
|
(8,381 |
) |
|
|
— |
|
|
|
(19,637 |
) |
Gross margin |
|
|
2,826 |
|
|
|
8,004 |
|
|
|
— |
|
|
|
10,830 |
|
Selling, general and administrative |
|
|
— |
|
|
|
— |
|
|
|
(17,191 |
) |
|
|
(17,191 |
) |
Restructuring charge |
|
|
(625 |
) |
|
|
— |
|
|
|
— |
|
|
|
(625 |
) |
Research and development |
|
|
— |
|
|
|
— |
|
|
|
(1,127 |
) |
|
|
(1,127 |
) |
Intangible assets abandonment |
|
|
— |
|
|
|
— |
|
|
|
(127 |
) |
|
|
(127 |
) |
Operating income (loss) from continuing operations |
|
$ |
2,201 |
|
|
$ |
8,004 |
|
|
$ |
(18,445 |
) |
|
$ |
(8,240 |
) |
FUEL TECH, INC.
GEOGRAPHIC INFORMATION
(in thousands)
Information concerning Fuel Tech’s operations by geographic area is provided below. Revenues are attributed to countries based on the location of the customer. Assets are those directly associated with operations of the geographic area.
For the years ended December 31, |
|
2020 |
|
|
2019 |
|
||
Revenues: |
|
|
|
|
|
|
|
|
United States |
|
$ |
18,622 |
|
|
$ |
25,882 |
|
Foreign |
|
|
3,928 |
|
|
|
4,585 |
|
|
|
$ |
22,550 |
|
|
$ |
30,467 |
|
As of December 31, |
|
2020 |
|
|
2019 |
|
||
Assets: |
|
|
|
|
|
|
|
|
United States |
|
$ |
24,524 |
|
|
$ |
23,460 |
|
Foreign |
|
|
5,564 |
|
|
|
8,764 |
|
|
|
$ |
30,088 |
|
|
$ |
32,224 |
|
FUEL TECH, INC. RECONCILIATION OF GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (in thousands) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
Net Loss |
|
$ |
(1,543 |
) |
|
$ |
(4,340 |
) |
|
$ |
(4,278 |
) |
|
$ |
(7,852 |
) |
Interest expense, net |
|
|
(4 |
) |
|
|
(19 |
) |
|
|
(4 |
) |
|
|
(41 |
) |
Income tax expense |
|
|
(92 |
) |
|
|
(9 |
) |
|
|
57 |
|
|
|
14 |
|
Depreciation expense |
|
|
168 |
|
|
|
166 |
|
|
|
663 |
|
|
|
810 |
|
Amortization expense |
|
|
46 |
|
|
|
68 |
|
|
|
185 |
|
|
|
186 |
|
EBITDA |
|
|
(1,425 |
) |
|
|
(4,134 |
) |
|
|
(3,377 |
) |
|
|
(6,883 |
) |
Intangible assets abandonment/impairment |
|
|
197 |
|
|
|
- |
|
|
|
197 |
|
|
|
127 |
|
Stock compensation expense |
|
|
82 |
|
|
|
217 |
|
|
|
290 |
|
|
|
574 |
|
ADJUSTED EBITDA |
|
|
(1,146 |
) |
|
|
(3,917 |
) |
|
|
(2,890 |
) |
|
|
(6,182 |
) |
Adjusted EBITDA
To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), the Company has provided an Adjusted EBITDA disclosure as a measure of financial performance. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation expense, amortization expense, stock compensation expense, and intangible assets abandonment and building impairment. The Company's reference to these non-GAAP measures should be considered in addition to results prepared in accordance with GAAP standards, but are not a substitute for, or superior to, GAAP results.
Adjusted EBITDA is provided to enhance investors' overall understanding of the Company's current financial performance and ability to generate cash flow, which we believe is a meaningful measure for our investor and analyst communities. In many cases non-GAAP financial measures are utilized by these individuals to evaluate Company performance and ultimately determine a reasonable valuation for our common stock. A reconciliation of Adjusted EBITDA to the nearest GAAP measure of net income (loss) has been included in the above financial table.
Vince Arnone
President and CEO
(630) 845-4500
Devin Sullivan
Senior Vice President
The Equity Group Inc.
(212) 836-9608
The automotive industry must take swift action now to decarbonize and prepare for increased mobility demands
NEW YORK--(BUSINESS WIRE)--The adoption of circular economy practices combined with accelerated electrification in the automotive industry has the potential to reduce carbon emissions by up to 75% and non-circular resource consumption by up to 80% per mile by 2030, according to a report from Accenture (NYSE: ACN), the World Economic Forum, and the World Business Council for Sustainable Development.
The report, “Raising Ambitions: A new roadmap for the automotive circular economy,” is based on an Accenture analysis that finds mobility demand — in terms of both passenger miles and predicted vehicle stock — is expected to increase 70% globally by 2030. The automotive industry can prepare for this demand, while also decarbonizing to contribute to limiting global warming to less than 1.5°C, by achieving circularity through the lens of energy, water, waste, materials, vehicle lifetime and use.
“Circular cars will be a key building block to serve the growing mobility demand, while at the same time reducing resource consumption and carbon emissions to a level that is truly sustainable,” said Axel Schmidt, a senior managing director at Accenture who leads its Automotive industry group globally. “While many vehicle manufacturers have already set net-zero goals toward carbon neutrality, the roadmap for automotive circularity must be a core element of this transformation and ambition.”
According to the report, circularity in the automotive ecosystem can be accomplished through four key transformation pathways:
“The circular car is now on its way to becoming a core component of the automotive future,” said Christoph Wolff, global head of mobility and member of the executive committee at the World Economic Forum. “Companies across the industry must consider how technology and business levers can maximize the resource value of the car, minimize life-cycle emissions and unlock new opportunities along the value chain.”
The primary barriers to circularity in the automotive industry are related to customers and use patterns, business models, production methods and technology, and regulatory hurdles. The report outlines key recommendations to overcome challenges along the automotive value chain:
The report is the result of Accenture’s work with the World Economic Forum Circular Cars Initiative (CCI), which consists of 40-plus member companies and organizations from the automotive value chain, jointly laying out a systemic approach to automotive sustainability and circularity. The goal of the initiative is to foster collaboration and kick-start a system transformation toward a circular economy.
“The automotive industry along with the mobility sector will have to profoundly change if it is to provide for the forecasted 2.5x fold increase in road transport demand by 2050 at net-zero carbon emissions”, said Thomas Deloison, director of mobility, World Business Council for Sustainable Development. “We believe that the Circular Cars Initiative will help to find the collaborative pathways to accelerate this transformation.”
For more information and to view a copy of the report, please visit: accenture.com/AutoWEFreport.
About the Research
The World Economic Forum and the World Business Council for Sustainable Development formed the Circular Cars Initiative (CCI), which takes a systemic approach to accelerate the transformation to automotive sustainability. It looks at how technology and business levers can maximize the resource value of the car, minimize life-cycle emissions and unlock new opportunities. Within the CCI, 40 companies from the automotive value chain, several research institutes, international organizations, governmental bodies and think tanks are charting the course toward a zero-emission future through new technology, materials innovation, efficient vehicle usage and full life-cycle management. The CCI represents the first organized industry effort to systematically address the opportunities and challenges of circularity, with an eye toward fundamentally remaking automotive value chains and business models.
About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 514,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.
About the World Economic Forum
The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas.
Copyright © 2021 Accenture. All rights reserved. Accenture and its logo are registered trademarks
Youssef Zauaghi
Accenture
+49 175 5766458
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HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) Chairman and CEO Greg Garland will speak to investors and securities analysts at two upcoming conferences: the Simmons Energy 21st Annual Energy Conference on Monday, March 22, 2021, at 2:30 p.m. EDT; and the 49th Annual Scotia Howard Weil Energy Conference on Tuesday, March 23, 2021, at 2 p.m. EDT. Both events will be held virtually.
Garland will discuss value creation in an evolving energy landscape and provide an update on the company’s strategic initiatives, including its commitment to disciplined capital allocation.
To access the webcasts, go to the Events and Presentations section of the Phillips 66 Investors site, https://www.phillips66.com/investors. A replay of the webcasts will be archived on the Events and Presentations page approximately two hours after the event, and a transcript will be available at a later date.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,300 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of Dec. 31, 2020. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
Jeff Dietert (investors)
832-765-2297
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TORONTO--(BUSINESS WIRE)--$LGO #largo--Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) is pleased to announce the first sale of iron ore from the Maracás Menchen Mine.
The Company finalized a sales contract for 14,000 tonnes of iron ore to a leading steel producer on March 12, 2021. Transport of the contracted material has commenced, and full delivery is expected by the end of March 2021. To date in 2021, the Company is currently producing iron ore at a rate that would result in the generation of approximately 500,000 tonnes per annum and has accumulated a total stockpile of approximately 2 million tonnes.
Paulo Misk, President and Chief Executive Officer of Largo, stated: “Our first sale of iron ore was a key step in validating the commercial viability of this material. This sale also highlights the added benefits of our newly established internal sales division and capitalizes on the higher iron ore price environment. He continued: “It is also a diversification of sources of revenue for the Company as up until now, 100% of the Company’s revenues have been derived from the sale of vanadium products. Material mined from the Maracás Menchen Mine contains vanadium, iron ore and titanium. We will continue to explore the economic feasibility of extracting additional value from the Company’s mineral resource.”
About Largo Resources
Largo Resources is an industry preferred, vertically integrated vanadium company. It services multiple vanadium market applications through the supply of its unrivaled VPURE™ and VPURE+™ products, from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement of renewable energy storage solutions through its world-class VCHARGE± vanadium redox flow battery technology. The Company's common shares are listed on the Toronto Stock Exchange under the symbol "LGO".
For more information on Largo and VPURE™, please visit www.largoresources.com and www.largoVPURE.com.
For additional information on Largo Clean Energy, please visit www.largocleanenergy.com.
Forward-looking Information:
This press release contains forward-looking information under Canadian securities legislation, some of which may be considered "financial outlook" for the purposes of application Canadian securities legislation ("forward-looking statements"). Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; costs of future activities and operations; the extent of capital and operating expenditures; the iron ore price environment and the extent and overall impact of the COVID-19 pandemic in Brazil and globally. Forward‐looking information in this press release also includes, but is not limited to, statements with respect to our ability to build, finance and operate a VRFB business, our ability to complete a listing on the Nasdaq, our ability to protect and develop our technology, our ability to maintain our IP, our ability to market and sell our VCHARGE± battery system on specification and at a competitive price, our ability to secure the required production resources to build our VCHARGE± battery system, our ability to produce iron ore and the adoption of VFRB technology generally in the market. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on SEDAR from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&As which also apply.
Investor Relations:
Alex Guthrie
Senior Manager, External Relations
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Tel: +1 416‐861‐9797
Media Enquiries:
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Bullseye Corporate
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HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE: USDP) (the “Partnership”) today announced that the Partnership filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, with the U.S. Securities and Exchange Commission (“SEC”). The Partnership’s Annual Report on Form 10-K is available through its website at www.usdpartners.com by selecting the “SEC Filings” sub-tab under the “Investors” tab, as well as on the SEC’s website at www.sec.gov. Interested investors may obtain a hard copy of the Annual Report on Form 10-K, including the Partnership’s financial statements, free of charge by writing to Investor Relations, USD Partners LP, 811 Main Street, Suite 2800, Houston, Texas 77002.
Additionally, the Partnership’s 2020 tax package, which includes the Schedule K-1 (Form 1065), is available and may be accessed on the Partnership’s website at www.usdpartners.com by selecting the “K-1 Tax Information” sub-tab under the “Investors” tab. Printed copies of the tax package were mailed during the week of March 8, 2021. For additional information or assistance, unitholders may contact the toll free USD Partners LP Tax Support Line at 1-844-275-9876.
About USD Partners LP
USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. The Partnership’s network of crude oil terminals facilitates the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.
USD, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USD solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USDG, along with its partner Gibson Energy, Inc., is pursuing long-term solutions to transport heavier grades of crude oil produced in Western Canada through the construction of a Diluent Recovery Unit at the Hardisty terminal, which is expected to be placed into service late in the second quarter or early in the third quarter of 2021. USDG is also currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on websites referenced in this release is not part of this release.
Category: Earnings
Adam Altsuler
Senior Vice President, Chief Financial Officer
(281) 291-3995
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Jennifer Waller
Director, Financial Reporting & Investor Relations
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WALL, N.J.--(BUSINESS WIRE)--New Jersey Resources (NYSE: NJR) today announced an increase to its fiscal 2021 net financial earnings (NFE) guidance to a range of $1.85 - $1.95 per share, from the previously announced range of $1.55 - $1.65 per share.
The increase in guidance is due primarily to better-than-anticipated results at NJR Energy Services (Energy Services). During the second quarter of fiscal 2021, a period of widespread cold across the U.S. led to unusually high demand for natural gas. Energy Services’ geographically diverse storage and transportation assets enabled that business to meet the needs of its customers during a time of unprecedented volatility. Leaf River, NJR’s natural gas storage facility located in Mississippi, also performed well, providing uninterrupted service to its customers under challenging circumstances. The updated NFE guidance range of $1.85 - $1.95 per share is net of estimated reserves for bad debt exposure.
The chart below represents the NFE contributions NJR currently expects from its businesses in fiscal 2021:
|
Previous Fiscal 2021E NFE Contribution |
Updated Fiscal 2021E
|
New Jersey Natural Gas |
65% - 72% |
56% - 61% |
Clean Energy Ventures |
15% - 20% |
10% - 15% |
Storage & Transportation |
8% - 10% |
7% - 11% |
Energy Services |
3% - 4% |
18% - 23% |
Home Services |
0% - 2% |
0% - 2% |
“Surrounding our core utility with a diversified group of complementary businesses has benefited NJR over the years and this guidance increase is no exception. This result is a credit to the deep experience and hard work of the Energy Services team,” said Steve Westhoven, president and CEO of New Jersey Resources.
Forward-Looking Statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding NJR’s fiscal 2021 NFE guidance, forecasted contribution of business segments to NJR’s NFE for fiscal 2021 and the risks associated with bad debt expense.
Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities Exchange Commission (“SEC”), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
Non-GAAP Financial Information:
This release includes the non-GAAP financial measure NFE per share. As an indicator of NJR’s operating performance, this measure should not be considered an alternative to, or more meaningful than, net income per share as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G. NFE excludes unrealized gains or losses on derivative instruments related to the company’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to Energy Services.
Management uses this non-GAAP financial measure as a supplemental measure to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes this non-GAAP financial measure is more reflective of NJR’s business model, provides transparency to investors and enables period-to-period comparability of financial performance. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s 2020 Form 10-K, Item 7.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.
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Media Contact:
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