|By Marketwired .||
|November 14, 2012 11:34 PM EST||
RENO, NV -- (Marketwire) -- 11/14/12 -- Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce its operating results for the third quarter ended September 30, 2012. This earnings release should be read in conjunction with Ram Power's financial statements, and management's discussion and analysis ("MD&A"), which are available on the Company's website at www.ram-power.com and have been posted on SEDAR at www.sedar.com.
The achievement of commercial operation of the Phase I expansion at San Jacinto in January 2012 continued to generate strong year-over-year revenue growth for the Company of $6.9 million and $20.3 million for the three and nine months ended September 30, 2012, respectively, compared to $1.3 million and $3.3 million for the same periods in 2011. Adjusted EBITDA, as defined below, increased to $3.1 million and $9.2 million for the three and nine months ended September 30, 2012 compared to $(3.8) million and $(13.1) million for the three and nine months ended September 30, 2011.
Significant highlights include:
- In October 2012, the Company received a 17% increase to the power sales tariff under its power purchase agreement for the San Jacinto project, effective October 1, 2012, with annual escalation of 3% through and including 2022 and 1.5% thereafter through 2028;
- The new tariff is expected to result in an increase in annual revenue of approximately $10 million when the San Jacinto Project reaches the full production capacity of the 72 MW expansion;
- Revenue increased 452% and 511% for the three and nine months ended September 30, 2012, respectively, compared to the same periods in 2011;
- Adjusted EBITDA increased $6.9 million and $22.3 million for the three and nine months ended September 30, 2012, respectively, compared the same periods in 2011;
- The San Jacinto-Tizate Phase I expansion (the "Phase I Expansion") operated with a net capacity factor of 97%, and 98% availability for the quarter;
- The San Jacinto-Tizate Phase II expansion continues to progress on schedule and on budget, with a projected commercial operation date in December 2012; and
- In August 2012, the Company submitted an application to the Nicaragua Ministry of Energy and Mines for rights to obtain an exploitation concession for the Casita project.
The financial results of Ram Power for the three and nine months ended September 30, 2012 and 2011 and certain key balance sheet items as at September 30, 2012 and December 31, 2011 are summarized below:
For the three months ended For the nine months ended (all figures in U.S September September September September dollars) 30, 2012 30, 2011 30, 2012 30, 2011 ------------ ------------ ------------ ------------ (As Restated) (As Restated) Total revenue $ 6,923,134 $ 1,253,362 $ 20,289,964 $ 3,320,408 Direct cost (1,157,363) (419,228) (3,238,738) (1,321,096) Gross profit 5,765,771 834,134 17,051,226 1,999,312 General and administrative expenses (3,075,891) (4,321,213) (8,249,508) (12,762,425) Depreciation and amortization (3,190,193) (546,413) (9,594,127) (1,622,220) Other operating costs (423,395) - (878,021) - Operating income (loss) (923,708) (4,033,492) (1,670,430) (12,385,333) Other gains and losses 1,077,760 11,315,081 4,881,944 5,300,873 Deferred taxes - 897,683 - 2,469,165 Total income (loss) and comprehensive income (loss) (3,174,100) 7,434,881 (5,668,840) (5,725,512) Total income (loss) and comprehensive income (loss) per share $ (0.01) $ 0.03 $ (0.02) $ (0.03) Adjusted EBITDA 3,149,011 (3,770,282) 9,180,724 (13,070,603) --------------------- --------------------- As at As at September 30, 2012 December 31, 2011 --------------------- --------------------- (As Restated) Cash $ 42,994,213 $ 57,195,330 Total assets 533,985,700 510,825,081 Long-term debt, net 196,573,148 212,984,403 Total liabilities 276,036,733 248,321,132 Working capital (17,477,324) 42,918,495
For the three months ended September 30, 2012, the Company reported revenue of $6.9 million and a net loss of $3.2 million ($0.01 per share) versus revenue of $1.3 million and net income of $7.4 million ($0.03 per share) for the same period in 2011. Increased revenue resulted from the Phase I Expansion being placed in service in January 2012.
For the nine months ended September 30, 2012, the Company reported revenue of $20.3 million and a net loss of $5.7 million ($0.02 per share) versus revenue of $3.3 million and a net loss of $5.7 million ($0.03 per share) for the same period in 2011. Increased revenue resulted from the Phase I Expansion being placed in service in January 2012.
Adjusted EBITDA increased to $9.2 million for the nine months ended September 30, 2012 from Adjusted EBITDA of $(13.1) million in the prior year's comparable period. The increase in Adjusted EBITDA of $22.3 million principally resulted from:
- $15.1 million increase in gross profit from San Jacinto operations;
- $3.3 million increase due to the 2011 delay damages and other gains and losses;
- $2.7 million increase due to reduced salaries and benefits related to the 2011 Company restructuring;
- $1.6 million increase due to reduced supplier taxes; and
- $0.4 million decrease due to other expenses.
For the nine months ended September 30, 2012, the Company used $4.9 million of cash for operating activities and $44.3 million for additions to geothermal properties and other capital assets, with $38 million of cash provided by the San Jacinto Phase II credit facility less $2.9 million in repayments of the San Jacinto Phase I credit facility. As of September 30, 2012, the Company had cash of approximately $43 million, of which $36 million was held for use in the San Jacinto project and operations.
Negative working capital as of September 30, 2012 resulted from the reclassification to current portion of long-term debt of the $50 million corporate credit facility, which matures on September 30, 2013.
"The Company has made substantial progress in the quarter and I am pleased with the results," stated Shuman Moore, President and CEO of Ram Power. "The favorable conclusion of the tariff negotiation improves our capability to deliver low-cost base load electricity to Nicaragua and demonstrates our continued positive working relationship with the Nicaraguan government and Disnorte-Dissur, the power purchaser for the San Jacinto project. Once the Phase II unit is in commercial operation and the San Jacinto project reaches its full 72MW net output, the higher tariff is expected to increase annual revenue and EBITDA by approximately $10 million."
CORRECTION OF ERROR
In its financial statements for the year ended December 31, 2011, the Company incorrectly reversed stock compensation expense for forfeitures of vested stock options, which resulted in a $3.8 million understatement of stock compensation expense. Accordingly, the Company has restated its financial statements and MD&A for the year ended December 31, 2011 to correct the error. The error and its correction had no effect on the Company's cash flows, cash balances or total equity. The restated financial statements and MD&A are available on the Company's website at www.ram-power.com and have been posted on SEDAR under the Company's profile at www.sedar.com.
Ram Power will hold its earnings call to discuss the third quarter ending September 30, 2012 financial and operating results on Thursday, November 15, 2012 at 10:00 am EST (7:00 am PST). To listen to the call, please dial 1-866-696-5910 by entering the participant pass code 8897919, or on the web at http://bellwebcasting.ca/audience/index.asp?eventid=16610354.
About Ram Power, Corp.
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties, and has interests in geothermal projects in the United States, Canada, and Latin America.
USE OF NON-GAAP MEASURES
Certain non-GAAP measures referenced in this news release have no standardized meaning under International Financial Reporting Standards ("IFRS") and, therefore, are unlikely to be comparable to similar measures presented by other issuers. Where we reference non-GAAP measures, we provide definitions. For example, EBITDA is commonly defined as earnings before interest, taxes, depreciation and amortization. EBITDA is most directly comparable to the GAAP measure operating income or loss, except that depreciation and amortization expenses are included and other gains and losses are excluded in measuring operating income or loss, but depreciation and amortization expenses are excluded and other gains and losses are included in measuring EBITDA. Accordingly, where EBITDA measures are disclosed by the Company, they equal operating income or loss plus depreciation and amortization expenses and other gains, less other losses. Although a non-GAAP measure, management believes users of the Company's financial information find EBITDA and EBITDA adjusted to exclude non-cash stock compensation expense and credits, and warrant liability gains and losses ("Adjusted EBITDA") useful in assessing the Company's financial performance. In the Company's earnings releases, consolidated financial statements and MD&As, unless otherwise noted, all financial data is prepared in accordance with IFRS.
This news release contains certain "forward-looking information" which may include, but is not limited to, statements with respect to future events or future performance, management's expectations regarding the Company's growth, results of operations, estimated future revenue, requirements for additional capital, revenue and production costs, future demand for and prices of electricity, business prospects and opportunities. In addition, statements relating to estimates of recoverable geothermal energy "reserves" or "resources" or energy generation are forward-looking information, as they involve implied assessment, based on certain estimates and assumptions, that the geothermal resources and reserves described can be profitably produced in the future. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current geothermal energy production, development and/or exploration activities and the accuracy of probability simulations prepared to predict prospective geothermal resources; changes in project parameters as plans continue to be refined; possible variations of production rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the geothermal industry; political instability or insurrection or war; labor force availability and turnover; delays in obtaining governmental approvals or in the completion of development or construction activities, or in the commencement of operations; as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form. These factors should be considered carefully and readers of this news release should not place undue reliance on forward-looking information.
Although the forward-looking information contained in this news release is based upon what management believes to be reasonable assumptions, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The information in this news release, including such forward-looking information, is made as of the date of this news release and, other than as required by applicable securities laws, Ram Power assumes no obligation to update or revise such information to reflect new events or circumstances.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Jan. 27, 2015 03:00 AM EST Reads: 9,943
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
Jan. 27, 2015 02:00 AM EST Reads: 4,415
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Jan. 27, 2015 01:00 AM EST Reads: 4,039
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.
Jan. 27, 2015 12:30 AM EST Reads: 5,411
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP and chief architect at BSQUARE Corporation; Seth Proctor, CTO of NuoDB, Inc.; and Andris Gailitis, C...
Jan. 27, 2015 12:00 AM EST Reads: 3,959
SYS-CON Media announced that Cisco, a worldwide leader in IT that helps companies seize the opportunities of tomorrow, has launched a new ad campaign in Cloud Computing Journal. The ad campaign, a webcast titled 'Is Your Data Center Ready for the Application Economy?', focuses on the latest data center networking technologies, including SDN or ACI, and how customers are using SDN and ACI in their organizations to achieve business agility. The Cisco webcast is available on-demand.
Jan. 26, 2015 11:30 PM EST Reads: 2,181
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Jan. 26, 2015 09:00 PM EST Reads: 3,999
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
Jan. 26, 2015 07:45 PM EST Reads: 3,910
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Jan. 26, 2015 06:15 PM EST Reads: 5,149
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness, and in-car entertainment and this excitement will bleed into other areas. On the commercial side, m...
Jan. 26, 2015 06:00 PM EST Reads: 4,581
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
Jan. 26, 2015 06:00 PM EST Reads: 2,686
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science from the University of California, Berkeley.
Jan. 26, 2015 06:00 PM EST Reads: 4,869
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
Jan. 26, 2015 05:45 PM EST Reads: 5,245
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 26, 2015 02:30 PM EST Reads: 4,042
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
Jan. 26, 2015 02:15 PM EST Reads: 4,832
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
Jan. 26, 2015 01:45 PM EST Reads: 3,430
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Jan. 26, 2015 01:15 PM EST Reads: 3,851
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Jan. 26, 2015 01:00 PM EST Reads: 5,668
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 26, 2015 11:30 AM EST Reads: 3,501
Advanced Persistent Threats (APTs) are increasing at an unprecedented rate. The threat landscape of today is drastically different than just a few years ago. Attacks are much more organized and sophisticated. They are harder to detect and even harder to anticipate. In the foreseeable future it's going to get a whole lot harder. Everything you know today will change. Keeping up with this changing landscape is already a daunting task. Your organization needs to use the latest tools, methods and expertise to guard against those threats. But will that be enough? In the foreseeable future attacks w...
Jan. 26, 2015 11:00 AM EST Reads: 4,524