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FOR IMMEDIATE RELEASE
ADA-ES REPORTS FOURTH QUARTER AND YEAR END 2010 RESULTS
2010 Fourth Quarter Revenues up 36%, Gross Margins Increase over 500%
Littleton, CO March 25, 2011 ADA-ES, Inc. (NASDAQ:ADES) (ADA) today announced financial results for the fourth quarter and year ended December 31, 2010.
OVERVIEW OF 2010 FOURTH QUARTER RESULTS
Total revenues increased 36% to $9.0 million.
Gross margin was $6.5 million, or 72% of revenues, up from $1.0 million, or 16% of revenues, due to higher margins and revenues associated with Refined Coal.
Net loss of $3.1 million, or $0.42 per diluted share, included $8.3 million of non-routine legal expenses associated with ongoing litigation, and a non-cash loss of $3.0 million from equity interest in ADA Carbon Solutions, LLC (ADA-CS).
ADA would have generated net income of $4.1 million or $0.55 per diluted share, excluding the above mentioned non-routine legal expenses and the loss relating to the equity interest in ADA-CS.
OVERVIEW OF 2010 RESULTS
Total revenues increased 11% to $22.3 million.
Gross margin grew to $13.7 million, or 61% of revenues, from $6.2 million, or 31% of revenues, due to higher margins and revenues associated with Refined Coal.
Net loss of $15.5 million, or $2.09 per diluted share, included $24.0 million of non-routine legal expenses associated with ongoing litigation, and a non-cash loss of $8.2 million from equity interest in ADA-CS.
ADA would have generated net income of $5.1 million or $0.69 per diluted share, excluding the above mentioned non-routine legal expenses and the loss relating to the equity interest in ADA-CS.
2010 AND 2011 YTD OPERATIONAL ACHIEVEMENTS
Dr. Michael D. Durham, President and CEO of ADA stated, In 2010 and thus far in 2011, we achieved key milestones on several business fronts related to advancing our clean coal technology business objectives which encompass Refined Coal, Emissions Control and CO2 capture for coal-fired power plants. These achievements include:
The two Refined Coal facilities put into service by Clean Coal Solutions, LLC (Clean Coal), our 50:50 joint venture with NexGen Resources Corporation (NexGen), which qualifies for the Section 45 tax credits, commenced routine operations at the end of the 2010 second quarter, and generated over $10.0 million in revenues in 2010. These units are expected to operate for another nine years and at this rate could generate approximately $1.00 per share in earnings annually.
The following information was filed by Adaes Inc on Friday, March 25, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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