DAILY NEWS Nov 12, 2012 3:59 PM - 0 comments

Primary Energy Recycling Corporation posts Q3 results

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Primary Energy Recycling Corporation, a clean energy company that generates revenue from capturing and recycling recoverable heat and byproduct fuels from industrial processes, has announced its third quarter financial results.

Primary Energy implemented a new dividend policy to pay a US$0.20 per share annual dividend, payable quarterly.  A quarterly dividend payment of US$0.05 was declared with a record date of November 15, 2012 and a payment date of November 30, 2012.

"The announcement of our new dividend policy improved the liquidity of the company's shares," said Primary Energy President and CEO John Prunkl in a November 2012 statement to media. "The transition to self-management has gone smoothly, and the corporate costs are about the same as the costs experienced under the prior third party manager arrangement. For the short term, the renewal of the Cokenergy contract remains our primary focus."

Financial Results                        
(in 000's of US$)                        
    Three Months Ended September 30,    Nine Months Ended September 30,
    2012   2011   2012   2011
Revenues    $ 13,660    $ 13,808    $ 40,447    $ 39,903
Operations and maintenance expense     4,422     3,159     12,798     10,025
Operating income (loss)      1,193     3,479     (1,883)     4,974
Net (loss) income and comprehensive (loss) income     (213)     428     (5,114)     (2,512)
EBITDA (1)     7,498     9,738     17,022     27,444
Adjusted EBITDA (2)     9,149     10,138     27,377     28,544
Net cash provided by operating activities     5,409     7,012     12,054     23,610
Free Cash Flow (3)     1,255     6,716     332     19,186
Cash and cash equivalents     30,281     21,605     -     -
Credit facility debt balance     83,156     50,626     -     -

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