May 18, 2015

U.S. Geothermal Inc. Reports First Quarter 2015 Result

U.S. Geothermal Inc., a leading and profitable renewable energy company focused on the development, production, and sale of electricity from geothermal energy, announced its financial and operating results for the First 3 months ending March 31, 2015 (the "First Three Months" or "First Quarter"), reaffirmed guidance for 2015, and highlighted notable achievements for the First Three Months. This earnings release should be read in conjunction with U.S. Geothermal's financial statements, and management's discussion and analysis ("MD&A"), which are available on the Company's website at www.usgeothermal.com and have been posted on SEDAR at www.sedar.com and at the U.S. Securities and Exchange Commission website at www.sec.gov.
 
Revenue for the First Three Months of 2015 was $8.47 million, compared to $8.50 million for the prior year period. Adjusted EBITDA for the First Three Months of 2015 was $5.13 million, compared to $5.26 million for the prior year period, while EBITDA was $4.72 million for the First Three Months of 2015 compared to $5.09 million for the prior year. Net Income for the First Three Months of 2015 was $1.76 million, compared to $2.55 million in the prior year period. Net Income attributable to U.S. Geothermal as adjusted for the First Three Months of 2015 was $1.17 million, or $0.01 per share, compared to $1.34 million, or $0.01 per share in the prior year period. 
 
"We are very pleased with the high availability of our operating plants during this first quarter, with corresponding financial results fully meeting our expectations," said Dennis Gilles, U.S. Geothermal's Chief Executive Officer. "Starting the year with a strong quarter, in spite of the unseasonably warm weather experienced during this first quarter, positions us well for achieving the financial results provided as guidance. This continuing strong operational and financial condition supports our continued growth of the company; both from developing our internal project pipeline and through strategic acquisitions." 
 
U.S. Geothermal reaffirms 2015 full-year guidance for Operating Revenue estimated between $28 and $33 million, 2015 Adjusted EBITDA estimated at between $15 and $19 million, 2015 EBITDA estimated between $12 and $16 million, and provides 2015 full-year guidance for Net Income as Adjusted of between $1.9 and $5.9 million. 
 
U.S. Geothermal, will host a telephone conference call for investors and analysts on Tuesday, May 19th, 2015 at 2:00 p.m. ET (11:00 a.m. PT) to discuss their First Quarter 2015 results, which were filed after the Market Close on Friday May 15th, 2015.
 
The conference call may be accessed by dialing (877) 407-8133 in the United States or Canada, or (201) 689-8040 internationally. A simultaneous webcast of the conference call will be provided through: http://www.investorcalendar.com/IC/CEPage.asp?ID=173967
 
Notable Achievements for First Three Months of 2015 include:
 
Operations:
  • Generated fleet wide total 95,926 megawatt-hours for the period, as compared to 98,884 megawatt-hours in prior year
  • Delivered annual average availabilities for each plant (excluding planned maintenance hours) as follows: Raft River - 99.7%, San Emidio -99.9%, Neal Hot Springs - 96.9%
  • Completed the drilling of the first production/injection well for the Crescent Valley project
  • Finalized permits and approvals for drilling a water supply well at Neal Hot Springs to support the potential hybrid cooling project
  • Worked with the Guatemalan Ministry of Energy and Mines toward finalizing the adoption of a new project construction schedule for the El Ceibillo project
  • Permitted new temperature gradient wells at San Emidio for Phase II.
Cash Management:
  • Received combined $4.6 million cash flow from the 3 operating projects
  • Ended the Quarter with $230.5 million in Total Assets, and Cash and Cash Equivalents of $13.3 million
  • Reduced long-term debt by $2.5 million.
Additional accomplishments can be found in the April 29, 2015 First Quarter 2015 project update press release at the following link: http://www.usgeothermal.com/News.aspx
 
U.S. Geothermal Inc.