Thursday, clean coal technology company ADA-ES, Inc. (ADES) reported a wider net loss for the first quarter on increased expenses, notwithstanding a double-digit growth in revenues.
The Littleton, Colorado-based company reported a first quarter net loss attributable to ADA of $0.54 million or $0.08 per share, wider than $0.17 million or $0.03 per share loss last year.
Seven analysts polled by Thomson Reuters expected the company to report a loss of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly revenues increased 22% to $4.90 million from $4.00 million last year, topping analysts' consensus estimate of $3.69 million for the quarter.
Segment wise, mercury emission control revenues for the quarter increased to $4.80 million from $4.00 million in the year-ago quarter. Flue gas conditioning and other revenues for the period decreased to $77 thousand from $0.10 million last year. Within its mercury emission control segment, activated carbon injection system sales rose 19% year-over-year and accounted for 60% of revenues.
Operating loss for the quarter was $1.52 million, wider than $0.52 million loss in the year-ago quarter, as total expenses for the quarter increased to $3.56 million from $1.84 million in the same quarter of last year.
The company's wider operating and net losses were attributable to a $1.7 million increase in general and administrative expenses relating to higher costs associated with its joint venture, ADA Carbon Solutions, as well as legal expenses relating to ongoing litigation.
ADA also noted that it expects to generate $10 million to $15 million in Activated Carbon sales in 2009 assuming continued consolidation of the results of operations of ADA Carbon Solutions with Energy Capital Partners I, LP and its affiliated funds.
ADES closed Wednesday's trading at $3.43 on the Nasdaq.
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