Evergreen Energy Reports Third Quarter 2009 Financial Results
More News related to EEE
- Evergreen Energy Engages Raymond James to Remarket Buckeye Industrial Mining Co.
- Miles Mahoney Appointed President and COO of Evergreen Energy
- Evergreen Energy Reviews GreenCert Product Development
- Evergreen Energy Reports Third Quarter 2009 Financial Results
- Trading Radar for 11/09: Dish Network (DISH), Rockwell (ROK), Priceline.com (PCLN), MBIA (MBI), Ticketmaster (TKTM) Report
More News related to Press Releases
- Waterside Capital (WSCC) Reports a Quarterly Loss
- Ship Finance (SFL) Posts Q3 adj.-EPS of $0.47, Misses Estimates
- Frontline (FRO) Posts Q3 Loss of $0.07, Beats Street by 5c
- Improving Capital Structure and Evaluating Financing Options -
DENVER--(BUSINESS WIRE)-- Evergreen Energy Inc. (NYSE Arca: EEE), a green energy technology solutions company, reported its third quarter 2009 financial results.
"During the quarter, we made significant strides in executing initiatives that will drive the long-term success of the company," said Thomas H. Stoner, Jr., president and CEO of Evergreen. "We are gaining traction with GreenCert(TM), which is now our primary initiative. As we announced last week, our highly-integrated partnerships with IBM and Black & Veatch are strengthening as we move closer to licensing GreenCert through our industry-leading partners' distribution channels."
As described in detail in a separate press release today, November 9, 2009, GreenCert has been validated by IBM and embedded in its Solution Architecture for Energy and Utilities (SAFE) initiative and selected by Shanghai Electric Power Company for use in quantifying potential greenhouse gas reductions. Also, Evergreen partnered with Black & Veatch to deploy GreenCert to the global power generation market.
"In October we raised proceeds of approximately $5 million through a private placement and filed for a universal shelf to facilitate other financing options. We are also evaluating alternatives to deliver value to both our customers and shareholders such as potential joint ventures, the potential spin-off of our K-Fuel business and the potential sale of our Buckeye operations. Regarding Buckeye, one option is the near-term sale of the subsidiary that repays debt. An alternative is to continue operations, making appropriate corrections to some issues at the mine, and then to remarket the property at terms advantageous to Evergreen," concluded Stoner.
Financial Results for the Quarters Ended September 30: 2009 Compared to 2008
-- Revenues were $9.2 million, compared to $14.0 million, reflecting lower
sales volumes of coal and ash disposal sales.
-- Total operating expenses were $21.9 million, compared to $24.7 million.
G&A was $10.8 million including stock-based compensation expense of $2.3
million and $1.4 million in write-offs and an impairment charge related
to the sublease of office space, which will reduce future rent expense.
This compares to $8.5 million, which included $1.3 million in
stock-based compensation.
-- Operating loss was $12.6 million, compared to $10.6 million.
-- Net loss was $14.2 million, or $0.11 per share, compared to net loss of
$6.6 million, or $0.08 per share.
-- The cash balance at September 30, 2009 was $1.8 million, compared with
$3.5 million on June 30, 2009. In October, the company sold Series B
Convertible Preferred Stock with net proceeds, prior to transaction
costs, of approximately $5.0 million.
Diana Kubik, vice president and CFO of Evergreen, stated, "We continue to focus on cost controls as well as reducing cash burn. Recently, we again reduced staff levels and further marketed our excess office space for sublease to reduce future rent expense. We expect these actions will enable us to run the business most efficiently while dedicating the necessary resources to our GreenCert commercialization efforts."
Financial Results for the Nine months Ended September 30: 2009 and 2008
-- Revenues were $41.0 million, compared to $42.2 million reflecting lower
sales volumes of coal and ash disposal sales.
-- Total operating expenses were $67.9 million, compared to $83.6 million.
-- Operating loss was $27.0 million, compared to $41.4 million.
-- Net loss was $28.8 million, or $0.22 per share, compared to net loss of
$39.5 million, or $0.46 per share.
Conference Call Information
Evergreen management will host a conference call today, Monday, November 9th at 11:00 a.m. Eastern Daylight Time (9:00 a.m. MDT, 8:00 a.m. PDT) to discuss its third quarter 2009 financial results. The call is being webcast live and can be accessed from the "Investor Relations" section of the company's website at http://www.evgenergy.com/. Participants may dial 877-407-9210 and International callers may dial 201-689-8049 ten minutes prior to the scheduled conference call time. The Conference ID will be #336660. A telephone replay will be available until midnight Eastern Daylight Time on November 16th by dialing 877-660-6853 or 201-612-7415 and the following: Account #: 286, Conference ID #: 336660. The audio webcast will also be archived on Evergreen's website for 90 days.
About Evergreen Energy Inc.
Evergreen Energy Inc. (NYSE Arca: EEE) has developed two proven, proprietary, patented, and transformative green technologies: the GreenCert(TM) suite of software and services and K-Fuel(R). GreenCert, which is owned exclusively by Evergreen, is a scientifically accurate, scalable environment intelligence solution that measures greenhouse gases and generates verifiable emissions credits. K-Fuel technology significantly improves the performance of low-rank coals yielding higher efficiency and lowering emissions. Visit www.evgenergy.com for more information.
Statements in this release that relate to future plans or projected results of Evergreen Energy Inc. and C-Lock Technology Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended by the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), and Section 21E of the Securities Exchange Act of 1934, as amended by the PSLRA, and all such statements fall under the "safe harbor" provisions of the PSLRA. Our actual results may vary materially from those described in any "forward-looking statement" due to, among other possible reasons, the realization of any one or more of the risk factors described in our annual or quarterly reports, or in any of our other filings with the Securities and Exchange Commission, all of which filings any reader of this release is encouraged to study. In addition, our ability to execute our business plan and develop the C-Lock Technology may be adversely impacted by the inability to sell Buckeye, raise significant additional capital or effectively complete any restructure transaction on a timely basis to fund our business operations. Readers of this release are cautioned not to put undue reliance on forward-looking statements.
EVERGREEN ENERGY INC.
Condensed Consolidated Balance Sheets
(Unaudited)
September 30, December 31,
2009 2008
(in thousands)
Assets
Current:
Cash and cash equivalents $ 1,795 $ 7,667
Other assets 7,251 8,431
Total current assets 9,046 16,098
Property, plant and equipment, net of accumulated 29,050 29,965
depreciation
Construction in progress 21,227 17,702
Mineral rights and mine development, net of 17,183 18,032
accumulated depletion
Restricted cash 13,389 13,444
Debt issue costs, net of amortization 1,049 1,330
Other assets 3,320 4,870
$ 94,264 $ 101,441
Liabilities and Stockholders' Equity
Current liabilities:
31,209 13,835
Total current liabilities
Total liabilities 76,668 57,591
Equity attributable to Evergreen Energy Inc. 19,285 43,850
Equity attributable to noncontrolling interest (1,689 ) --
Total stockholders' equity 17,596 43,850
$ 94,264 $ 101,441
EVERGREEN ENERGY INC.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
September 30,
2009 2008
(in thousands, except for per share amounts)
Operating revenues:
Mining $ 8,982 $ 14,011
K-Fuel refined coal and blended -- 34
K-Fuel refined coal
Consulting and other 260 --
Total operating revenue 9,242 14,045
Operating expenses:
Coal mining operating costs 8,385 11,485
General and administrative 10,804 8,541
Plant costs 293 2,354
Depreciation, depletion and 2,370 2,278
amortization
Research and development 7 9
Total operating expenses 21,859 24,667
Operating loss (12,617 ) (10,662 )
Other income (expense):
Interest income 5 201
Interest expense (2,257 ) (1,653 )
Gain on debt for equity exchange -- 5,904
transaction
Other income (expense), net 19 (434 )
Total other income (expense) (2,233 ) 4,018
Net loss (14,850 ) (6,604 )
Less: net loss attributable to 680 --
noncontrolling interest
Net loss attributable to $ (14,170 ) $ (6,604 )
Evergreen Energy Inc.
Basic and diluted net loss per $ (0.11 ) $ (0.08 )
common share
Weighted-average common shares 133,069 87,154
outstanding
EVERGREEN ENERGY INC.
Condensed Consolidated Statements of Operations
(Unaudited)
Nine Months Ended
September 30,
2009 2008
(in thousands, except for per share amounts)
Operating revenues:
Mining $ 40,542 $ 41,703
K-Fuel refined coal and blended -- 463
K-Fuel refined coal
Consulting and other 410 --
Total operating revenue 40,952 42,166
Operating expenses:
Coal mining operating costs 34,366 35,347
General and administrative 24,794 25,232
Plant costs 1,297 16,469
Depreciation, depletion and 7,422 6,433
amortization
Research and development 54 76
Total operating expenses 67,933 83,557
Operating loss (26,981 ) (41,391 )
Other income (expense):
Interest income 62 1,153
Interest expense (4,352 ) (5,292 )
Gain on debt for equity exchange 322 5,904
transaction
Other income (expense), net 487 154
Total other income (expense) (3,481 ) 1,919
Net loss (30,462 ) (39,472 )
Less: net loss attributable to 1,689 --
noncontrolling interest
Net loss attributable to $ (28,773 ) $ (39,472 )
Evergreen Energy Inc.
Basic and diluted net loss per $ (0.22 ) $ (0.46 )
common share
Weighted-average common shares 129,204 85,017
outstanding
EVERGREEN ENERGY INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
2009 2008
(in thousands)
Operating activities:
Net loss $ (30,462 ) $ (39,472 )
Adjustments to reconcile net loss to cash used in 14,519 7,007
operating activities:
Changes in operating assets and liabilities: 5,919 (30 )
Cash used in operating activities (10,024 ) (32,495 )
Investing activities:
Purchases of construction in progress and property, (11,052 ) (11,902 )
plant and equipment
Purchases of marketable securities -- (5,000 )
Proceeds from maturities of marketable securities 2,000 27,500
Changes in restricted cash 55 16,111
Other -- 17
Cash (used in) provided by in investing activities (8,997 ) 26,726
Financing Activities:
Proceeds from issuance of convertible debt 15,000 --
Other (1,851 ) 52
Cash provided by (used in) financing activities 13,149 52
Increase (decrease) in cash and cash equivalents (5,872 ) (5,717 )
Cash and cash equivalents, beginning of period 7,667 26,958
Cash and cash equivalents, end of period $ 1,795 $ 21,241
Source: Evergreen Energy Inc.
Related Categories
Press ReleasesStocks Mentioned
-0.02Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
