 | |
- close
- close
|
GreenHunter Energy Reports Second Quarter 2009 Financial Results
Business Wire
Aug 14, 2009
GREENHUNTER ENERGY, INC. (NYSE Amex: GRH), a diversified renewable energy company focused on wind development projects, biomass power generation and the production of biodiesel, announced today financial and operating results for the three months ended June 30, 2009. For the second quarter of 2009, the Company reported net income to common shareholders, including one-time events, of $4.45 million ($0.13 per fully diluted common share) on total revenues of $1.7 million, compared to a net loss of $7.3 million ($0.37 loss per fully diluted common share) on total revenues of $468 thousand in the second quarter of 2008.
For the six months ended June 30, 2009, GreenHunter reported a net loss of $4.3 million ($0.20 loss per fully diluted common share), as compared to a net loss of $15.6 million ($0.79 loss per fully diluted common share) for the six months ended June 30, 2008.
Since the beginning of fiscal 2009, GreenHunter Energy management has worked to continue to improve its balance sheet by paying down outstanding indebtedness and implementing significant reductions in total selling, general, and administrative expenses.
Commenting on GreenHunter Energy’s second quarter financial results, Mr. Gary C. Evans, Chairman, President, and CEO, stated, “Our Company has been in survival mode since late last year after the hurricane strike on our largest asset, our Houston biodiesel refinery, and the subsequent collapse of the financial markets. The renewable sector was especially hurt by the unprecedented decline in fossil fuel prices which resulted in similar declines in the price of our finished product, biodiesel. We feel that we are methodically working through our very tight capital issues with a specific game plan that should allow for future opportunities within the renewable space. Our ability to negotiate the final settlement of substantial insurance claims as well as sell and monetize certain non-core assets has to-date provided sufficient working capital to keep our Company viable.”
Forward-Looking Statements
Any statements in this press release about future expectations and prospects for GreenHunter Energy and its business and other statements containing the words “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 the substantial capital expenditures required to fund its operations, the ability of the Company to implement its business plan, government regulation and competition. GreenHunter Energy undertakes no obligation to update these forward-looking statements in the future.
GreenHunter Energy is focused on the renewable energy sectors of wind, hydro, geothermal, solar, biofuels, and biomass power plants. Our assets consist of leases of real property for future development of wind energy projects located in Montana, New Mexico, California, Texas, Wyoming and The Peoples Republic of China, the nation’s largest biodiesel refinery located in Houston, Texas, a biomass-fired power plant located in Brawley, California, and an option to lease acreage associated with a terminaling facility in Port Sutton, Florida. Headquartered in Grapevine, Texas, GreenHunter Energy was formed to be the first publicly traded renewable energy company based in the U.S. that provides to investors a portfolio of diversified assets in the alternative energy sector. Additional information about GreenHunter Energy may be found at www.greenhunterenergy.com.
| GREENHUNTER ENERGY, INC. | ||||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30 | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| REVENUE: | ||||||||||||||||
| Product sales | $ | 1,521,673 | $ | 186,375 | $ | 4,378,575 | $ | 316,152 | ||||||||
| Terminal revenues | 195,802 | 281,733 | 362,821 | 329,733 | ||||||||||||
| Processing revenue | - | - | 165,697 | - | ||||||||||||
| Total revenue | 1,717,475 | 468,108 | 4,907,093 | 645,885 | ||||||||||||
| COSTS AND EXPENSES (RECOVERIES): | ||||||||||||||||
| Cost of sales and services | 2,064,586 | 1,038,294 | 7,483,793 | 1,189,799 | ||||||||||||
| Hurricane repairs and losses (insurance proceeds) | (9,340,979 | ) | - | (10,835,557 | ) | - | ||||||||||
| Project costs | 69,913 | 119,902 | 196,946 | 194,234 | ||||||||||||
| Depreciation expense | 1,082,617 | 98,739 | 2,146,065 | 187,146 | ||||||||||||
| Selling, general and administrative | 1,385,936 | 5,849,201 | 5,583,146 | 13,666,182 | ||||||||||||
| Loss on asset impairments | - | - | 1,651,161 | - | ||||||||||||
| Total costs and expenses (recoveries) | (4,737,927 | ) | 7,106,136 | 6,225,554 | 15,237,361 | |||||||||||
| OPERATING INCOME (LOSS) FROM CONTINUING | ||||||||||||||||
| OPERATIONS | 6,455,402 | (6,638,028 | ) | (1,318,461 | ) | (14,591,476 | ) | |||||||||
| OTHER INCOME (EXPENSE): | ||||||||||||||||
| Interest and other income | 73,244 | 180,997 | 109,889 | 468,747 | ||||||||||||
| Interest, accretion and other expense | (1,554,341 | ) | (615,612 | ) | (3,009,379 | ) | (979,574 | ) | ||||||||
| Total other income (expense) | (1,481,097 | ) | (434,615 | ) | (2,899,490 | ) | (510,827 | ) | ||||||||
| Income (loss) from continuing | ||||||||||||||||
| operations before noncontrolling | ||||||||||||||||
| interest | 4,974,305 | (7,072,643 | ) | (4,217,951 | ) | (15,102,303 | ) | |||||||||
| Noncontrolling Interest | 15,895 | - | 59,496 | - | ||||||||||||
| Income (loss) from continuing operations | 4,990,200 | (7,072,643 | ) | (4,158,455 | ) | (15,102,303 | ) | |||||||||
| Gain (loss) on sale of discontinued operations | (309,725 | ) | - | 549,029 | - | |||||||||||
| Loss from discontinued operations, net | ||||||||||||||||
| of taxes | (5,649 | ) | - | (215,304 | ) | - | ||||||||||
| Net Income (Loss) | 4,674,826 | (7,072,643 | ) | (3,824,730 | ) | (15,102,303 | ) | |||||||||
| Preferred stock dividends | (225,639 | ) | (250,000 | ) | (472,972 | ) | (500,000 | ) | ||||||||
| Net income (loss) to common stockholders | $ | 4,449,187 | $ | (7,322,643 | ) | $ | (4,297,702 | ) | $ | (15,602,303 | ) | |||||
| Basic earnings (loss) per share: | ||||||||||||||||
| Income (loss) from continuing | ||||||||||||||||
| operations | $ | 0.22 | $ | (0.37 | ) | $ | (0.22 | ) | $ | (0.79 | ) | |||||
| Income (loss) from discontinued | ||||||||||||||||
| operations | $ | (0.01 | ) | $ | - | $ | 0.02 | $ | - | |||||||
| Net income (loss) per share | $ | 0.21 | $ | (0.37 | ) | $ | (0.20 | ) | $ | (0.79 | ) | |||||
| Diluted earnings (loss) per share: | ||||||||||||||||
| Income (loss) from continuing | ||||||||||||||||
| operations | $ | 0.13 | $ | (0.37 | ) | $ | (0.22 | ) | $ | (0.79 | ) | |||||
| Income (loss) from discontinued | ||||||||||||||||
| operations | $ | - | $ | - | $ | 0.02 | $ | - | ||||||||
| Net income (loss) per share | $ | 0.13 | $ | (0.37 | ) | $ | (0.20 | ) | $ | (0.79 | ) | |||||
| GREENHUNTER ENERGY, INC. | ||||||||
| UNAUDITED SELECTED BALANCE SHEET DATA | ||||||||
| June 30, 2009 | December 31, 2008 | |||||||
| Cash, cash equivalents, and restricted cash | $ | 4,030,060 | $ | 1,019,289 | ||||
| Total current assets | 13,551,758 | 12,629,429 | ||||||
| Net fixed assets | 61,289,524 | 63,096,551 | ||||||
| Total assets | 85,980,550 | 93,738,970 | ||||||
| Total current liabilities | 61,878,176 | 31,018,469 | ||||||
| Total long-term liabilities | 28,118,561 | 63,014,601 | ||||||
| Total stockholders’ deficit | (4,016,187 | ) | (294,100 | ) | ||||
(c) 2009 Business Wire, Inc., All rights reserved. All of the news releases and other content contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. Any copying or reproduction (other than for an individual user's personal reference), redistribution, reposting or other transmission or communication is expressly prohibited without prior written permission of Business Wire, Inc
| ||||||
Wikinvest © 2006, 2007, 2008, 2009. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
|
|
