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Nevada Geothermal Power Reports Results for the Quarter ended December 31, 2010

VANCOUVER, British Columbia, Feb 25, 2011 (BUSINESS WIRE) -- Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF) today announced results for the quarter ended December 31, 2010. Gross margin for the three months was $3.0 million and the net profit was $20,231. The full financial results are available at www.sedar.com and on the Company's website at http://www.nevadageothermal.com.

 

 

 (millions of US $ unless stated otherwise)           Three months ended December 31                                                                 -------------------------------                                                                   2010     2009                  Change                                                       -------  -------                --------- Revenue                                                  5.8      2.6                 123 %    Gross margin                                             3.0      0.2                1400 %    Operating expenses                                       1.8      1.2                  50 %    EBITDA                                                   3.7     (0.6 )               717 %    Net profit (loss)                                        Nil     (1.0 )               n/a      Net profit (loss) per share (basic and diluted) ($)      0.0    (0.07 )               n/a      Total assets                                           197.3    194.2                   2 %    Short & Long term liabilities                          165.1    159.3                   4 %    ---------------------------------------------------  -------  -------                ---- ---    
Commenting on the results, the Company's president and CEO Mr. Brian Fairbank said, "Operations at Blue Mountain have shown a steady improvement throughout the last year and this is reflected in this quarter's financial results. The plant generated an average of approximately 47MW (gross), 36 MW (net) during the quarter, despite electrical repair work lowering production. The Company expects further improvement in plant output once current well field work has been completed."

Highlights

Drilling began at Crump Geyser under a Joint Venture Agreement with Ormat to develop an up to 30 MW project that is anticipated to qualify for an American Recovery and Reinvestment Act (ARRA) Federal Treasury Grant. Downward revision of long term Blue Mountain power production forecast results in (non cash) gain of $3.6 million during the quarter, as a result of a lower estimate of the cash settled option value in 2023 and further deferral of EIG (previously TCW) loan costs.

Subsequent to quarter end

Agreement reached to purchase Imperial Valley, California properties from Iceland America Energy, Inc. adds development opportunities. Testing of recently completed wells is underway at Blue Mountain and Crump Geyser.

Mr. Fairbank said, "We are excited about the start of development drilling at Crump Geyser with Ormat and acquiring two new advanced stage projects in the Imperial Valley, Southern California."

About Nevada Geothermal Power Inc.:

Nevada Geothermal Power Inc. operates the 49.5 MW Faulkner 1 geothermal plant in Nevada. It is a growing, renewable energy developer focused on producing clean, efficient and sustainable geothermal electric power from high temperature geothermal resources in the United States. NGP currently owns leasehold interests in five properties: Blue Mountain, Pumpernickel Valley, Edna Mountain and North Valley in Nevada, and Crump Geyser, in Oregon. These properties are at different levels of exploration and development. NGP estimates a potential of between 150 MW and 300 MW from its current leaseholds.

Nevada Geothermal Power Inc.

Brian D. Fairbank, P. Eng.

President & CEO

http://www.nevadageothermal.com

This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Nevada Geothermal Power Inc.

 

 

 

 CONTACT:            
Investor Inquiries: Nevada Geothermal Power Inc. Paul Mitchell, 604-688-1553 X118 Direct Line: 604-638-8784 Toll Free: 866-688-0808 X118 pmitchell@nevadageothermal.com
 Copyright Business Wire 2011  

Nevada Geothermal Power

http://www.nevadageothermal.com/s/Home.asp

Quarterly Newsletter January 2011 is available at:

http://www.nevadageothermal.com/i/pdf/NGPNewsletterJanuary2011_online.pdf

 

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#681   NGLPF one for 2 reverse split: Renee 08/04/16 04:25:45 PM
#680   Related Quotes mick 12/22/15 01:04:26 PM
#679   They drilled one deep hole which was hard Nodraj 04/20/13 07:54:20 PM
#678   You are right, its getting thumped. malc stone 04/15/13 03:55:12 PM
#677   and likely to drop to below one cent awalkinthesun 04/05/13 04:27:03 PM
#676   Yup, and back to having nothing but some malc stone 04/01/13 05:44:17 PM
#675   Nevada Geothermal Power, Inc. changed to Alternative Earth Renee 04/01/13 04:47:50 PM
#674   well that sucks bigtime...5 to 1...R/S banking it 02/15/13 09:28:40 AM
#673   Reverse Split Coming folks. frankie_fillet 01/29/13 09:35:34 AM
#672   The Circular also contains a Report to Shareholders OCKHAM'S RAZOR 07/02/12 03:39:14 PM
#671   what is current sharestructure ? xr_biotech_consult 06/30/12 12:33:13 PM
#670   what is current sharestructure ? xr_biotech_consult 06/30/12 12:32:40 PM
#669   did you say reverse split? I don't have frankie_fillet 06/29/12 11:33:54 AM
#668   Well folks, if you havent seen the letter awalkinthesun 06/29/12 05:34:20 AM
#667   Good article OCKHAM'S RAZOR 05/04/12 04:13:21 AM
#666   Not sure if you read this recent news trinityd 04/06/12 04:05:08 PM
#665   Back in today at .069 malc stone 04/05/12 09:42:10 PM
#664   Clean-Mining Technology Pulls Key Metals Out of Water frankie_fillet 03/06/12 03:43:03 PM
#663   WTF is up? Matilda007 01/31/12 01:59:49 PM
#662   this is a good article and shows how frankie_fillet 01/13/12 10:00:51 AM
#661   NGLPF already has plant up and running..some glitches...geo OCKHAM'S RAZOR 11/07/11 07:01:52 PM
#660   I share your skeptical outlook in light of malc stone 10/11/11 05:58:51 PM
#659   I suggest that you remain on the outside 10 bagger 10/11/11 09:25:20 AM
#658   GL hank and see you around I'm sure. malc stone 10/10/11 05:55:37 PM
#657   I sold my position and took my lumps 10 bagger 10/10/11 10:12:08 AM
#656   low oil prices are not helping the situation either frankie_fillet 10/10/11 08:49:58 AM
#655   Article regarding Nevada Geothermal in this Sundays Arkansas malc stone 10/10/11 08:21:29 AM
#654   this one is trying to recover but its frankie_fillet 10/08/11 08:48:51 AM
#653   Nice company as I look forward to buying trinityd 09/28/11 03:11:35 PM
#652   NGLPF.. $0.1225.. 10 bagger 09/28/11 12:31:21 AM
#651   NGLPF.. $0.1225...Company Information.. 10 bagger 09/28/11 12:24:28 AM
#650   Tue Sep 27, 2011 10 bagger 09/28/11 12:22:37 AM
#649   Fri Sep 16, 2011 10 bagger 09/28/11 12:21:59 AM
#648   Wed Sep 7, 2011 10 bagger 09/28/11 12:21:20 AM
#647   Wed Jul 27, 2011 10 bagger 09/28/11 12:20:48 AM
#646   Thu Jul 14, 2011 10 bagger 09/28/11 12:20:14 AM
#645   Wed Jun 8, 2011 10 bagger 09/28/11 12:19:24 AM
#644   NGLPF.. $0.1225.. 10 bagger 09/28/11 12:10:02 AM
#643   financials ending June out. frankie_fillet 09/27/11 08:58:01 PM
#642   Thanks for that info. Lets all hope malc stone 09/21/11 05:35:10 PM
#641   this thing is working on this huge bottom... frankie_fillet 09/07/11 11:05:47 AM
#640   Last years audited annual financial statement was filed zomniac 09/01/11 09:54:44 AM
#639   Wheres Q2? Whats the delay? Anyone malc stone 09/01/11 08:48:37 AM
#638   Shouldnt we be expecting Q2 coming out any malc stone 08/30/11 09:17:33 AM
#637   could be looking at a potential 13/50 cross frankie_fillet 07/25/11 07:52:33 PM
#636   Seems I picked a great day to add malc stone 07/14/11 06:27:06 PM
#635   Added to my position today at .185 malc stone 07/14/11 01:28:39 PM
#634   picked up some, zomniac 06/09/11 01:22:01 PM
#633   NGLPF Video Chart 6/9/11 QualityStocks 06/09/11 09:44:26 AM
#632   Re established a position here this morning at .2391. malc stone 06/06/11 12:41:24 PM
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