U.S. Geothermal Inc. Reports First Six Months 2013 Results, Confirms 2013 Guidance and Provides 2014 Guidance

U.S. Geothermal Inc. Reports First Six Months 2013 Results, Confirms 2013 
Guidance and Provides 2014 Guidance 
BOISE, IDAHO -- (Marketwired) -- 08/14/13 -- U.S. Geothermal Inc.
(TSX:GTH)(NYSE MKT:HTM) -  


 
Summary of first Six Months 2013 Financial Results:                         
(in millions, except per share amounts             Six Months Ended June 30 
                                                           2013        2012 
                                                     ----------  ---------- 
Operating Revenues                                  $     12.06 $      2.44 
EBITDA                                              $      5.18 $     (2.85)
Net Income (Loss)                                   $      0.27 $     (4.24)
Net Income (Loss) Attributable to US Geothermal     $      0.01 $     (2.57)
  Per Share                                         $      0.00 $     (0.03)
Increase (Decrease) in Cash and Cash Equivalents    $     35.37 $      1.99 
                                                                            
Full Year Guidance (in millions):                          2013        2014 
                                                     ----------  ---------- 
Operating Revenue                                   $ 25.9-26.8 $ 27.9-29.5 
EBITDA                                              $ 12.5-13.7 $ 13.8-15.2 

 
U.S. Geothermal Inc. (TSX:GTH)(NYSE MKT:HTM)  today reported EBITDA
for the first six months of 2013 of $5.18 million, compared to
($2.85) million in the prior year period. Net Income for the first
six months was $0.27 million compared to a Net Loss of $(4.24)
million in the prior year period. Net Income (Loss) attributable to
U.S. Geothermal for the first six months of 2013 was $0.01 million,
or $0.00 per share, compared to $(2.57) million, or $(0.03) per
share, in the prior year period. Cash & cash equivalents for the
first six months of 2013 increased $35.37 million compared to an
increase in cash & cash equivalents of $1.99 million in the prior
year period. 
"Our second quarter results were in line with our expectations,
driven by outages at all three of our facilities to make necessary
modifications and repairs," said Dennis Gilles, U.S. Geothermal's
Chief Executive Officer. "The second quarter of the year has the
lowest energy prices for two of our plants and was the optimal time
to make the desired modifications and upgrades, minimizing the
overall economic impact. All three facilities are now operating as
expected and we look forward to high availabilities for the balance
of the year which has the highest energy prices. Even with the
decreased availabilities this quarter, we were still able to achieve
positive EBITDA, Net Income, and Cash Flows for the year to date. We
also wish to confirm our prior 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 $13.7 million, and now provide 2014
full-year guidance for our Operating Revenues of between $27.9 to
$29.5 million, and our EBITDA estimate of between $13.8 to $15.2
million." 
U.S. Geothermal Inc. will host a telephone conference call for
investors and analysts on Thursday, August 15th, 2013 at 11:00 a.m.
ET (9:00 a.m. MT) to discuss their 2013 2nd Quarter Financials (April
1st - June 30th, 2013), which will be filed after the Market Close on
Wednesday August 14th, 2013. 
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=171370  
Recent Achievements: 


 
--  Operations: 
    --  Generated fleet wide total 65,303 MWh in the second quarter of 2013 
    --  Delivered quarterly average availabilities of: Raft River - 89.3%,
        San Emidio - 91.5%, Neal Hot Springs - 72.2% 
    --  Continued with final commissioning completion activities at Neal Hot
        Springs including 15-20 day outages at each plant to make final
        corrections, and received the certificate of final completion from
        the EPC contractor on June 27, 2013. Held 6 and 10 day planned
        outages at San Emidio and Raft River respectively to make normal
        repairs, upgrade equipment, and conduct warranty modifications. 
    --  Completed drilling resource confirmation well at El Ceibillo project
        in Guatemala, and began well testing. 
    --  Prepared for start of drilling at San Emidio 2 plant expansion.
 
--  Cash Management: 
    --  Engaged broker to sell Business Energy Tax Credits certified by the
        Oregon Department of Energy. Neal Hot Springs project qualifies for
        $10.0 million Business Energy Tax Credit (BETC), and US Geothermal
        projects that $7.36 million in cash (less fees) will be received
        when BETC is monetized. 
    --  Began settlement discussions with Enbridge on final ownership
        interest at Neal Hot Springs 
    --  Continued completion of CP's to finalize DOE loan draws for Neal Hot
        Springs. 
    --  Reached final settlement with TAS Energy regarding final payment for
        Neal Hot Springs. 
    --  Continued completion of CP's required toward close of San Emidio
        long term financing. 
    --  Reached final settlement and entered short term bridge loan
        agreement with SAIC for San Emidio 
    --  Received final loan advance from DOE after completing all required
        CP's.

 
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 Six Months Financial Results                 Six Months Ended June 30 
                                                           2013        2012 
                                                     ----------  ---------- 
Net Income (Loss)                                   $      0.27 $     (4.24)
Interest                                            $      1.60 $      0.00 
Income Taxes                                        $      0.00 $      0.00 
Depreciation & Amortization                         $      3.31 $      1.92 
  EBITDA                                            $      5.18 $     (2.85)
                                                                            
Full Year Guidance                                                          
                                                           2013        2014 
                                                     ----------  ---------- 
Net Income (Loss)                                   $   1.8-3.0 $   2.7-4.1 
Interest                                            $       3.9 $       4.1 
Income Taxes                                        $         0 $         0 
Depreciation & Amortization                         $       6.8 $       7.0 
  EBITDA                                            $ 12.5-13.7 $ 13.8-15.2 

 
Please visit our Website at: http://www.usgeothermal.com 
About US 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.
Contacts:
U.S. Geothermal Inc.
Saf Dhillon
Investor Relations
866-687-7059
208-424-1030 (FAX)
saf@usgeothermal.com
www.usgeothermal.com