Advanced Emissions Solutions (ADES) reported a profit of US$4.4 million in 1Q15 compared to a loss of US$6.1 million the year before, according to its latest results statement.
Operating losses continued, however, albeit at a reduced level and despite a slight rise in revenue. The company reported an operating loss of US$3.3 million in 1Q16 compared to a loss of US$6.9 million in 1Q15.
“We executed very well against our strategic priorities during the first quarter and were happy to deliver positive next income,” said L. Heath Sampson, President and CEO of ADES.
Revenue was driven by the companies emissions control business, which saw growing momentum in its activated carbon injection and chemicals businesses with several significant sales expected during 2Q16.
The company also said it expected to transition an investor from a lower-tonnage to a higher-tonnage refined coal facility, resulting in a US$7 million payment to ADES, in 2Q16.
At the end of the quarter, the company said it has cash and cash equivalents of US$5.5 million – a fall of 41% on the end of the previous quarter following US$3 million principal debt repayments.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/power/11052016/ades-records-profit-in-1q16-2016-754/