U.S. Geothermal Inc. Reports First Quarter 2013 Results, Provides 2013 Guidance

U.S. Geothermal Inc. Reports First Quarter 2013 Results, Provides 2013 Guidance 
BOISE, IDAHO -- (Marketwired) -- 05/14/13 -- U.S. Geothermal Inc.

Summary of First Quarter 2013 Financial Results (in millions, except per    
 share amounts):                                                            
                                                 Three Months Ended March 31
                                                          2013          2012
Operating Revenues                               $        7.09 $        1.16
EBITDA                                           $        4.38 $      (1.72)
Net Income (Loss)                                $        2.24 $      (2.42)
Net Income (Loss) Attributable to U.S.                                      
 Geothermal                                      $        1.39 $      (1.64)
  Per Share                                      $        0.01 $      (0.02)
Increase (Decrease) in Cash and Cash Equivalents $        3.56 $      (2.10)
2013 Full Year Guidance (in millions, except per share        
Operating Revenue                                $   25.9-26.8
EBITDA                                           $   12.5-13.4

Recent Achievements:  

--  Operations: 
    --  Generated fleet wide total 84,896 MWh in the first quarter of 2013 
    --  Delivered quarterly average availabilities of: Raft River - 97.7%,
        San Emidio - 94.6%, Neal Hot Springs - 79.8% 
    --  Following fourth quarter commercial operation of Neal Hot Springs,
        continued with final commissioning completion activities. 
    --  Began drilling resource confirmation well at El Ceibillo project in
--  Cash Management: 
    --  Received $32.75 million 1603 Investment Tax Credit Cash Grant from
        Department of Treasury for Neal Hot Springs 
    --  Received remaining $1.05 million 1603 Investment Tax Credit Cash
        Grant from Department of Treasury for San Emidio 
    --  Received Final Certification from Oregon Department of Energy
        qualifying our Neal Hot Springs project for a $10.0 million Business
        Energy Tax Credit (BETC). US Geothermal projects that $7.36 million
        in cash will be received when BETC is monetized. 
    --  Continued completion of CP's required toward close of San Emidio
        long term financing.

Reconciliation of EBITDA: 
EBITDA is calculated as net income before interest, income taxes,
depreciation and amortization, and is not a measurement of financial
performance or liquidity under generally accepted accounting
principles in the United States. EBITDA is presented as a metric
commonly used by securities analysts, investors and other interested
parties in the evaluation of a company's ability to service and/or
incur debt. 

First Quarter 2013 Financial Results             Three Months Ended March 31
                                                          2013          2012
Net Income (Loss)                                $        2.24 $      (2.42)
Interest                                         $        0.48 $        0.00
Income Taxes                                     $        0.00 $        0.00
Depreciation & Amortization                      $        1.66 $        0.70
EBITDA                                           $        4.38 $      (1.72)
Full Year Guidance                                        2013
Net Income (Loss)                                $     4.5-5.4
Interest                                         $         3.2
Income Taxes                                     $           0
Depreciation & Amortization                      $         4.8
EBITDA                                           $   12.5-13.4

U.S. Geothermal Inc. (TSX:GTH)(NYSE MKT:HTM) today reported first
quarter 2013 EBITDA of $4.38 million, compared to ($1.72) million in
the prior year period. Net Income for the first quarter was $2.24
million compared to a Net Loss of $(2.42) million in the prior year
period. Net Income (Loss) attributable to US Geothermal for the first
quarter of 2013 was $1.39 million, or $0.01 per share, compared to
$(1.64) million, or $(0.02) per share, in the prior year period. Cash
& cash equivalents for the first quarter 2013 increased $3.56 million
compared to a decrease in cash & cash equivalents of $(2.10) million
in the prior year period. 
"Our first quarter results were in line with our expectations, driven
by improved operations at our San Emidio power plant and the
successful startup and commissioning of the Neal Hot Springs power
plant in the fourth quarter of 2012," said Dennis Gilles, U.S.
Geothermal's Chief Executive Officer. "It is worth noting that the
fourth quarter of 2012, and this first quarter of 2013 are the first
two quarters that the company has experienced positive EBITDA, Net
Income, and Cash Flows, since the company was started nearly 10 years
ago. We are very proud of this accomplishment and grateful for the
hard work and commitment of our U.S. Geothermal team and all others
that have supported them and been involved in these projects to make
this happen. We also wish to provide our 2013 full-year guidance for
our Operating Revenues of between $25.9 to $26.8 million, and our
EBITDA estimate of between $12.5 to $13.4 million." 
U.S. Geothermal Inc. (TSX:GTH)(NYSE MKT:HTM) will host a telephone
conference call for investors and analysts on Tuesday, May 14th, 2013
at 11:00 a.m. ET (9:00 a.m. MT) to discuss their 2013 1st Quarter
Financials (January 1st - March 31st, 2013), which will be filed
after the Market Close on Monday, May 13th, 2013. 
The conference call may be accessed by dialing (877) 407-8031 in
Canada and the United States, or (201) 689-8031 internationally. A
simultaneous webcast of the conference call will be provided through:
Please visit our Website at: http://www.usgeothermal.com 
About U.S. Geothermal: 
U.S. Geothermal Inc. is a leading renewable energy company focused on
the development, production and sale of electricity from geothermal
energy and is operating geothermal power projects at Raft River,
Idaho, San Emidio, Nevada and Neal Hot Springs, Oregon. The company
is developing El Ceibillo, an advanced stage, steam geothermal
prospect located within a 24,710 acre (100sq km) energy rights
concession area located 8.5 miles (14 km) from Guatemala City, the
largest city in Central America. 
The information provided in this news release may contain
forward-looking statements within the definition of the Safe Harbor
provisions of the US Private Securities Litigation Reform Act of
1995. These statements are based on U.S. Geothermal Inc.'s current
expectations and beliefs and are subject to a number of risks and
uncertainties that can cause actual results to differ materially from
those described.
 Readers are cautioned to review the risk factors
identified by the company in its filings with Canadian and US
securities agencies. Forward-looking statements are based on
management's expectations, beliefs and opinions on the date the
statements are made. U.S. Geothermal Inc. assumes no obligation to
update forward-looking statements if management's expectations,
beliefs, or opinions, or other factors, should change. 
The NYSE MKT and the TSX do not accept responsibility for the
adequacy of this release. 
U.S. Geothermal Inc.
Saf Dhillon
Investor Relations
208-424-1030 (FAX)
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