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Document Preview ADA-ES Announces Third Quarter Financial Results |
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Title: |
ADA-ES Announces Third Quarter Financial Results |
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Date: |
2003 |
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$42 |
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#234519 |
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FOR IMMEDIATE RELEASE
ADA-ES ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
LITTLETON, CO - November 7, 2003 - ADA-ES, Inc. (OTCBB:ADES) today announced
financial results for the third quarter and nine-month period ended September
30, 2003. See attached tables.
For the third quarter, total revenues increased 5% to $1.5 million from $1.4
million in the same quarter last year. Due to staffing additions, general and
administrative expenses increased, resulting in operating income of $74,000
compared to $123,000 in the third quarter of 2002. Net income was $71,000 or
$.02 per share for the quarter versus $120,000 $.04 per share in last year's
third quarter. The third quarter represented the Company's seventh consecutive
quarter of profitability.
For the first nine months of 2003, revenues rose 13% to $4.4 million from $3.9
million in the comparable period of 2002. Due to staffing additions,
operating income was $256,000 or $.07 per share in the nine-month period of
2003, compared to $351,000 or $.10 per share in the same period last year, while
net income was $237,000 versus $326,000 in the first nine months of 2002.
Dr. Michael Durham, President of ADA-ES, stated, "Mercury emission control
sales rose 39% in the third quarter and 42% in the nine-month period, which
supported lower revenues in flue gas conditioning and combustion aids.
Importantly, gross profit in this segment grew at a faster rate than sales -
by 188% in the quarter and 78% year-to-date. We expect continued growth in
this area of business resulting from contracts in hand and others being
negotiated for mercury measurement and control work being conducted at power
plants across the country."
Dr. Durham continued, "During the quarter, we completed the spin-off from
Earth Sciences and commenced trading as a independent Company. Now that ADA-
ES is operating as a separate entity, we believe the Company is better
positioned to capitalize on the market potential relating to pending mercury
emission regulations, which the Department of Energy estimates will produce a
$2 - 5 billion market. Additionally, subsequent to the completion of the
spin-off, Arch Coal invested $1.3 million in ADA-ES, including $1.0 million of
common stock at $7.26 per share. This investment further strengthened our
existing relationship with Arch to jointly market ADA-249 to cyclone-fired
power plants."
Dr. Durham added, "More recently, we announced the addition of two new members
to our Board of Directors, John Eaves, COO of Arch Coal, and Jeffrey Smith, an
attorney with 25 years of experience in environmental law. We believe their
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