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Ram Power releases Q2 financial results for 2011

Drilling Rig at Orita Well #3, California (source: Ram Power)
Alexander Richter 18 Aug 2011

Ram Power releases financial results for the second quarter of 2011, reporting a net loss of $13 million for the first 6 months of 2011.

Last week, Ram Power reported its financial and operating results for the second quarter ended June 30, 2011.

For the six months ended June 30, 2011, the Company reported a net loss of approximately $13.1 million ($0.07 per share). On a cash basis, for the same period, the Company had a negative cash flow of about $8.9 million from operating activities and spent approximately $103.3 million on additions to geothermal properties and capital assets, including approximately $81.6 million on the Phase I and II San Jacinto-Tizate expansions and approximately $19 million on the Orita Project. At June 30, 2011, the Company had free cash of approximately $32.7 million.

Concurrent with the release, Walt Higgins, Interim President and CEO of Ram Power, stated, “The second quarter and subsequent events leading to full access to the Phase II credit facility for the San Jacinto project represent a significant achievement for the management, employees and consultants of the Company. The resulting changes to our control procedures, organization and reporting structure combined with the use of outside experts to assist the Company through this period have been the catalyst to proving the resource and closing the Phase II credit facility. I am very happy with the results, and look forward to the future of the Company.”

In the official release the company als provides updates on its projects in Nicaragua, California and its recent credit facility for its San Jacinto-Tizate project.

For the full release see link below.

Source: Company release via Marketwatch