FINANCIAL OVERVIEW
For the fiscal quarter ended September 30, 2013, the Company reported revenue of $11.2 million compared to revenue of $6.9 million for the same period in 2012. The 62% increase in revenue resulted primarily from commencement of San Jacinto Phase II operations in December 2012. EBITDA, as defined below, increased $4.7 million to $6.9 million for the quarter ended September 30, 2013 compared to $2.2 million for the quarter ended September 30, 2012, which was primarily the result of $4.3 million increase in revenue from San Jacinto operations.
For the nine months ended September 30, 2013, the Company reported revenue of $36.3 million compared to revenue of $20.3 million for the same period in 2012. The 79% increase in revenue resulted primarily from commencement of San Jacinto Phase II operations in December 2012. EBITDA, as defined below, increased $16.1 million to $23.8 million for the nine months ended September 30, 2013 compared to $7.7 million for the nine months ended September 30, 2012, which was primarily the result of $16 million increase in revenue from San Jacinto operations.
For the fiscal quarter ended September 30, 2013, the Company reported a total loss and comprehensive loss of $11.9 million, or $(0.04) per share, compared to a total loss and comprehensive loss of $3.2 million, or $(0.01) per share, for the same period in 2012. Total loss and comprehensive loss for the quarter included non-cash depreciation and amortization expense of $6.1 million, mark-to-market valuation losses of $5.6 million and unrealized foreign exchange losses of $1.2 million. The valuation and foreign exchange losses are the result of volatility in certain market factors used in the valuation and are not a reflection of Company performance.
For the nine months ended September 30, 2013, the Company reported a total loss and comprehensive loss of $39.7 million, or $(0.13) per share, compared to a total loss and comprehensive loss of $5.7 million, or $(0.02) per share, for the same period in 2012. Total loss and comprehensive loss for the nine months ended September 30, 2013 was the result of non-cash depreciation and amortization expense of $18.4 million, a one-time loss on impairment of the Geysers and other North America projects of $18.3 million, mark-to-market valuation losses of $4.2 million, and nonrecurring corporate restructuring costs of $1.3 million.
For the nine months ended September 30, 2013, the Company had net operating cash inflows of $6.4 million, net investing cash outflows of $16.9 million and net financing cash outflows of $16 million, which combined for a net decrease in cash of $26.5 million. The Company expended $19.3 million for additions to property, plant and equipment and geothermal properties, including $10.6 million for Phase II expansion of the San Jacinto project and $8.3 million for the costs related San Jacinto drilling and remediation activities. At September 30, 2013, the Company had cash of $24.9 million, of which $24.4 million was held for current use in the San Jacinto project.
