|By Marketwired .||
|May 15, 2014 05:51 PM EDT||
RENO, NV -- (Marketwired) -- 05/15/14 -- 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 quarter ended March 31, 2014. 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.
San Jacinto-Tizate Project
- The San Jacinto-Tizate Power Plant generated 94,959 (net) MWh resulting in revenue of $10.7 million for the quarter ended March 31, 2014 (a decrease of 10% over 2013) and EBITDA (as defined below) of $7.5 million in first quarter 2014 compared to revenue of $11.9 million and EBITDA of $7.9 million in first quarter 2013;
- The Company commenced the 30-day stabilization period of the resource field for the San Jacinto project on April 18, 2014. Following the conclusion of the 30-day stabilization period expected on May 18th, the Company will conduct a 7-day performance test to determine the net operating output of the Project which is expected to conclude on May 25th.
- In April 2014, the Company successfully completed the previously announced transaction with U.S. Geothermal Inc. for the sale of the Geysers project for a total of $6.4 million in cash. The Company's subsidiaries acquired by U.S. Geothermal Inc. as part of the acquisition were Western Geopower, Inc., Skyline Geothermal Holdings, Inc., and Etoile Holdings, Inc., which in turn includes all membership interests in Mayacamas Energy LLC and Skyline Geothermal LLC.
- As previously disclosed, Ram Power formed a Mergers and Acquisitions Committee to explore and evaluate a broad range of strategic alternatives for the Company to enhance shareholder value. Dundee Securities Ltd. has been appointed as financial advisor on the strategic alternatives review process, and is continuing to examine a range of strategic alternatives which may include the acquisition or disposition of assets, joint ventures, the sale of the Company, alternative operating models including maximizing operational efficiencies, or continuing with the current business plan, among other potential alternatives.
The financial results of Ram Power for the quarters ended March 31, 2014 and 2013 are summarized below:
---------------------------------------------------------------------------- Three months ended (all figures in U.S dollars) March 31, 2014 March 31, 2013 ---------------------------------------------------------------------------- Total revenue $ 10,723,304 $ 11,898,730 Other direct costs (1,488,290) (1,247,556) Depreciation and amortization of plant assets (6,413,306) (6,133,362) General and administrative expenses (1,559,480) (2,876,823) Other operating income (costs) (183,096) 83,158 Operating income 1,079,132 1,724,147 Loss on impairment 2,713,257 - Gain on warrant liability valuation (749,029) (1,303,893) Gain on prepayment option valuation (1,159,000) - Other gains (losses) 5,292,333 1,858,336 Current and deferred tax expense (1,886,667) - Total loss and comprehensive loss (1,310,472) (7,928,341) Total loss and comprehensive loss per share $ (0.00) $ (0.03) --------------------------------------- As at March 31, As at December 31, 2014 2013 --------------------------------------- Total assets $ 453,707,332 $ 457,959,404 Long-term debt 44,696,618 239,841,360 Total liabilities 292,575,477 295,537,930 Cash 17,700,245 22,549,994 Working capital* 4,489,797 6,329,850 *As at March 31, 2014, the Company was not in compliance with the financial ratio requirements of the Phase I and Phase II credit agreements allowing the Phase I and Phase II lenders to accelerate the loans at their discretion. As a result, all amounts outstanding under these agreements are classified as short-term liabilities. This classification created a working capital deficit of $184.9 million. The Company anticipates obtaining a waiver from the lenders, which would bring the Company into compliance and eliminate the risk of acceleration of the loans. With the waiver, working capital would be $4.5 million.
For the quarter ended March 31, 2014, the Company reported revenue of $10.7 million and a total loss and comprehensive loss of $1.3 million, or less than $(0.01) per share, compared to revenue of $11.9 million and a total loss and comprehensive loss of $7.9 million, or $(0.03) per share, for first quarter 2013. The 10% decrease in revenue resulted from wells offline for the drilling remediation program in 2014. Total loss and comprehensive loss for the quarter ended March 31, 2014 was the result of non-cash depreciation and amortization expense of $6.4 million and deferred tax expense of $1.9 million, offset by a one-time recovery of impairment of the Geysers project of $2.7 million and other gains of $3.3 million.
EBITDA of $7.5 million for the quarter ended March 31, 2014 compared to $7.9 million for the same period in 2013. The $0.4 decrease in EBITDA principally resulted from a decrease in revenue of $1.2 million and increases in direct costs of $0.5 million, offset by cost savings in general and administrative expenses of $1.3 million.
For the quarter ended March 31, 2014, the Company had net operating cash inflows of $3.4 million, net investing cash outflows of $3.2 million and net financing cash outflows of $5.3 million, which combined for a net decrease in cash of $4.8 million. The Company expended $3.2 million for additions to geothermal properties, principally related to San Jacinto drilling costs. At March 31, 2014, the Company had cash of $17.7 million, of which $16.2 million was held for current use in the San Jacinto project.
"I would like to thank our shareholders for their support during the testing phase at San Jacinto and the strategic process," said Antony Mitchell, Executive Chairman of Ram Power. "We continue to look for additional avenues for maximizing steam flow from San Jacinto and are encouraged with the feedback we have received during the strategic process."
Ram Power will hold its earnings call to discuss the quarter ending March 31, 2014 financial and operating results on Wednesday, May 28, 2014 at 10:00 am EDT (7:00 am PDT). To listen to the call, please dial 1-866-696-5910 by entering the participant pass code 4634739, or on the web at http://bell.media-server.com/m/p/eug9mrvr.
About Ram Power, Corp.
Ram Power is a renewable energy company 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 depreciation and amortization expenses of plant assets are excluded in the calculation of EBITDA. Accordingly, where EBITDA measures are disclosed by the Company, they equal operating income or loss plus depreciation and amortization of plant assets. Although a non-GAAP measure, management believes users of the Company's financial information find 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.
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
Nov. 27, 2014 07:00 PM EST Reads: 1,251
"We help companies that are using a lot of Software as a Service. We help companies manage and gain visibility into what people are using inside the company and decide to secure them or use standards to lock down or to embrace the adoption of SaaS inside the company," explained Scott Kriz, Co-founder and CEO of Bitium, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 27, 2014 07:00 PM EST Reads: 1,349
Some developers believe that monitoring is a function of the operations team. Some operations teams firmly believe that monitoring the systems they maintain is sufficient to run the business successfully. Most of them are wrong. The complexity of today's applications have gone far and beyond the capabilities of "traditional" system-level monitoring tools and approaches and requires much broader knowledge of business and applications as a whole. The goal of DevOps is to connect all aspects of app...
Nov. 27, 2014 06:00 PM EST Reads: 1,098
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Nov. 27, 2014 06:00 PM EST Reads: 1,729
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Nov. 27, 2014 05:00 PM EST Reads: 1,316
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...
Nov. 27, 2014 04:45 PM EST Reads: 1,183
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
Nov. 27, 2014 04:45 PM EST Reads: 1,128
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
Nov. 27, 2014 04:30 PM EST Reads: 1,201
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
Nov. 27, 2014 04:00 PM EST Reads: 1,619
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
Nov. 27, 2014 04:00 PM EST Reads: 1,270
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Nov. 27, 2014 03:00 PM EST Reads: 1,285
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.
Nov. 27, 2014 03:00 PM EST Reads: 978
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
Nov. 27, 2014 03:00 PM EST Reads: 1,453
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
Nov. 27, 2014 01:00 PM EST Reads: 1,652
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
Nov. 27, 2014 11:00 AM EST Reads: 1,266