Raser Technologies announces Q4 results

Alexander Richter 18 Mar 2009

In a company statement, U.S. Raser Technologies announces its 4th quarter financial results. While the company is today primarily focused on geothermal power development and technology licensing, the company continues to work on its transportation and industrial business.

The major source of revenues for the company has been from research and development subcontracts, administered through contractors with certain government agencies. Revenue for the fourth quarter was $5,880, a decrease from $117,860 in the fourth quarter of 2007. Revenue decreased over the prior year as a result of completing the ARINC research subcontract for the Army that began in October 2006.

The company’s major milestone on its geothermal business has been the start of power generation and transmitting of “test” electricity at its Thermo No.1 project in Beaver County, Utah in December 2008. The plant is now about to go online providing electricity.

Total operating expenses were $19.8 million in the fourth quarter of 2008 compared to $4.8 million in the same period for the prior year. The increase is primarily due to the Company’s decision to expense and take an impairment charge on certain geothermal wells at its Truckee and Thermo sites resulting in a non-cash expense of $13.6 million. The Company’s net loss applicable to common stockholders in the fourth quarter of 2008 was $23.8 million, or $(0.39) per basic and fully diluted share, compared to a net loss of $4.5 million, or $(0.08) per basic and fully diluted share, in the fourth quarter of 2007.

Revenue for the year ended December 31, 2008 was $172,303, a decrease from $320,072 for the prior year. Revenue decreased over the prior year as a result of completing the ARINC research subcontract in 2007.

Source: Trading Markets, Raser Technologies 10-K via Marketwatch