Navigation Links
Primary Energy Reports Improved First Quarter Results
Date:4/26/2010

OAK BROOK, IL, April 26 /PRNewswire-FirstCall/ - Primary Energy Recycling Corporation (TSX: PRI), (the "Company") a clean energy company that generates revenue from capturing and recycling waste energy from industrial processes, today announced its financial and operational results for the first quarter ended March 31, 2010.

Highlights for the first quarter:

    -   Increased revenues by 4.3% for the three months ended March 31, 2010
        to $15.3 million versus the same period a year ago, and increased
        operating income to $1.7 million compared to a $0.4 million in the
        first quarter of 2009;

    -   Continued to benefit from an ongoing recovery in the steel industry.;

    -   Moved forward on contract renewal discussions with the host at the
        Company's North Lake project, which comes due in 2011;

    -   Subsequent to quarter end, announced the appointment of Mr. Don
        Pether, current Chair of the Board of McMaster University and former
        CEO and Chair of Dofasco Inc., to the Company's Board of Directors.
        During his tenure at Dofasco, the company earned a reputation as a
        premier North American steel organization.

"The positive momentum that we saw in the steel industry at the end of the year continued in the first quarter of 2010 and was ultimately reflected in our financials results," said John Prunkl, President and Chief Executive Officer of Primary Energy Recycling. "Steel production, which results in large amounts of wasted heat and energy, is an ideal process to benefit from our energy recycling technology. Looking beyond steel, we see significant opportunity for growth in recycled energy and combined heat and power in other industries. Going forward, we intend to focus on paying down our debt, advancing contract renewal negotiations with our current host clients, and evaluating opportunities to diversify our customer base."

First Quarter Financial Results

The Company reported revenue of $15.3 million in the first quarter of 2010, an increase of $0.6 million or 4.3%, compared with revenue of $14.7 million for the first quarter of 2009. The increase is related to the variable portion of Energy Service revenue. Market conditions in the steel industry improved in the first quarter of 2010 compared to the same period in 2009 and resulted in increased steel production at the Company's site hosts.

Operating and maintenance expense for the first quarter of 2010 was $2.6 million, which was essentially flat compared to the first quarter of 2009. General and administrative expense for the first quarter of 2010 was $2.6 million versus $3.2 million for the same period a year ago, representing a decrease of $0.6 million or 17.8%. The decrease is primarily due to reductions in accrued property taxes of $0.4 million based upon reductions in tax rates.

Operating income for the first quarter of 2010 was $1.7 million compared to $0.4 million for the first quarter of 2009, an improvement of $1.3 million. The improvement is primarily driven by higher revenue and decreased expenses discussed above.

Interest expense for the first quarter of 2010 was $2.8 million compared to $4.6 million for the first quarter of 2009, a decrease of $1.8 million. This decrease is primarily due to the reduced level of debt outstanding offset by increased deferred finance fees during the first quarter of 2010.

Net loss for the first quarter of 2010 was $0.7 million compared to $5.1 million for the first quarter of 2009, an improvement of $4.4 million. The improvement was the result of the net effect of the items referenced above.

At the end of the first quarter, the Company's cash balance, not including the $3.7 million funded debt service reserve, was $23.0 million after making payments totaling $10.2 million that reduced outstanding senior debt balance.

The Company's full financial statements and Management's Discussion and Analysis are available at www.sedar.com or the Company's website at www.primaryenergy.com.

Conference Call and Webcast

Management will host a conference call to discuss the first quarter results on Tuesday, April 27 2010 at 10:00 a.m. (ET). Following management's presentation, there will be a question and answer session. To participate in the conference call, please dial 1.888.231-8191 or 1.647.427-7450.

A digital conference call replay will be available until midnight on May 4, 2010 (ET) by calling (800) 642-1687 or (416) 849-0833. Please enter the pass code 68542491 when instructed. A webcast replay will be available for 90 days by accessing a link through the Investor Information section at www.primaryenergyrecycling.com.

Forward-Looking Statements

When used in this news release, the words "anticipate", "expect", "project", "believe", "estimate", "forecast" and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks, uncertainties and assumptions pertaining, but not limited, to operating performance, regulatory parameters, and weather and economic conditions and the factors discussed in the Company's public filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect new events or circumstances except as required by applicable securities laws.

About Primary Energy Recycling Corporation

Primary Energy Recycling Corporation owns a majority interest in Primary Energy Recycling Holdings LLC ("PERH"). PERH, headquartered in Oak Brook, Illinois, indirectly owns and operates four recycled energy projects and a 50 per cent interest in a pulverized coal facility (collectively, the "Projects"). The Projects have a combined electrical generating capacity of 283 megawatts and a combined steam generating capacity of 1.8M lbs/hour. PERH creates value for its customers by capturing and recycling waste energy from industrial and electric generation processes and converting it into reliable and economical electricity and thermal energy for resale back to its customers. For more information, please see www.primaryenergy.com.


'/>"/>
SOURCE Primary Energy Recycling Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related biology news :

1. Primary cilia formation provides insight into genetic diseases
2. Primary product
3. Some skin cancer may be mediated by primary cilia activity
4. New type of drug shrinks primary breast cancer tumors significantly in just 6 weeks
5. Single-largest biodiversity survey says primary rainforest is irreplaceable
6. UNH becomes first university in nation to use landfill gas as primary energy source
7. Roof integrated solar energy
8. From bacteria to electricity: The future of green energy
9. Solar energy production has enormous potential in southeastern Ontario: Queens University studies
10. Keeping the weight off after a very low-energy diet
11. Energy crops impact environmental quality
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/8/2016)... India , Dec. 8, 2016 Market Research Future ... Service Market. The global Mobile Biometric Security and Service Market is ... 2016 to 2022. Market Highlights: ... , , Mobile ... pace due to the increasing need of authentication and security from ...
(Date:12/7/2016)... India , December 7, 2016 According to a ... Machine Learning), Software Tool (Facial Expression, Voice Recognition), Service, Application Area, End User, ... is estimated to grow from USD 6.72 Billion in 2016 to USD 36.07 ... Continue Reading ... ...
(Date:12/7/2016)... 2016   Avanade is helping Williams Martini ... in history, exploit biometric data in order to critically ... the competitive edge against their rivals after their impressive, ... Avanade has worked with Williams during the 2016 season ... (heart rate, breathing rate, temperature and peak acceleration) for ...
Breaking Biology News(10 mins):
(Date:1/19/2017)... Jan 19, 2017 Research and Markets ... has announced the addition of the ... - Forecast to 2025" report to their offering. ... The report provides a detailed analysis on current and future market ... 2025, using estimated market values as the base numbers ...
(Date:1/19/2017)...  ArmaGen, Inc., today announced that it has ... executive officer, as well as a member of ... more than 17 years of executive management experience ... and pharmaceuticals. "Mathias is a ... skillset necessary to lead ArmaGen to its next ...
(Date:1/19/2017)... ... , ... FireflySci Inc. is a go-getter type of company that continues to ... two main factors. The first is the amazing customer service that the FireflySci ... all around the world. , 2016 was a tremendous sales year for FFS and ...
(Date:1/19/2017)... , Jan. 18, 2017 Acupath Laboratories, ... announces the formation of an Executive Committee that will ... beyond. John Cucci , a 15-year ... from Director of Business Development to Chief Sales ... Mr. Cucci served in senior sales leadership roles at ...
Breaking Biology Technology: