hmmmm, their financials improved but still at a loss...
For the year ended December 31, 2013, the Company reported revenue of $46.2 million and a total loss and comprehensive loss of $50.9 million, or $(0.17) per share, compared to revenue of $28.1 million and a total loss and comprehensive loss of $60.2 million, or $(0.21) per share, for 2012. The 65% increase in revenue resulted from commencing operations of the San Jacinto Phase II expansion in January 2013. Total loss and comprehensive loss for year ended December 31, 2013 was the result of non-cash depreciation and amortization expense of $24.5 million, a one-time loss on impairment of the Geysers and other North America projects of $20.3 million, deferred tax expense of $8.2 million and nonrecurring corporate restructuring costs of $1.3 million.
EBITDA increased to $30.5 million for the year ended December 31, 2013 compared to $9.7 million for the prior year. The $20.8 million increase in EBITDA for the year ended December 31, 2013 principally resulted from an $18.1 million increase in revenue and a $4.5 million decrease in general and administrative expenses and other operating costs, offset by increases in direct costs of plant operations of $1.8 million.
For the year ended December 31, 2013, the Company had net operating cash inflows of $8.4 million, net investing cash outflows of $20.4 million and net financing cash outflows of $16.8 million, which combined for a net decrease in cash of $28.8 million. The Company expended $24.8 million for additions to geothermal properties, including $8 million related to completion of Phase II of the San Jacinto expansion and $19.2 million related to San Jacinto drilling costs. At December 31, 2013, the Company had cash of $22.5 million, of which $19.9 million was held for current use in the San Jacinto project.
Antony Mitchell, Executive Chairman of Ram Power, said, "I am proud of what we have accomplished in 2013. Through a hard look at our overhead costs, we have emerged a leaner Company, with a sharp focus on the execution of our immediate goal of returning San Jacinto closer to its design capacity. And though the process of thermal recovery from our remediation program has taken longer than expected, I would like to thank our shareholders who continue to support the Company as we continue to work to maximize value for shareholders.
AI
