Etrion Corporation (“Etrion” or the “Company”) (TSX: ETX) (OMX: ETX), an independent solar power producer, today released its condensed consolidated interim financial statements and related management discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2011.
Third Quarter 2011 Highlights
• Production: Produced 30.9 million and 72.4 million kilowatt-hours (“kWh”) of solar electricity from seven solar power projects (Cassiopea, Helios ITA-3, Centauro, Helios ITA, Etrion Lazio, SVE and Nettuno) during the three and nine months ended September 30, 2011, respectively.
• Revenue: Generated solar electricity revenues of US$18.2 million and US$43.3 million during the three and nine months ended September 30, 2011, respectively.
• EBITDA: Recognized adjusted earnings before interest, tax, depreciation and amortization (“EBITDA”) for the renewable energy segment of US$17.3 million and US$39.8 million during the three and nine months ended September 30, 2011, respectively.
• Construction: Completed construction of the 10 megawatt (“MW”) Helios ITA-3 and 2.6 MW Nettuno solar power projects, both connected to the electricity grid in August 2011.
Management Comments
Marco Northland, the Company’s CEO, commented, “Etrion made significant progress in the third quarter of 2011 by completing almost 13 MW of additional solar capacity. With a fully-funded solar portfolio of approximately 60 MW, Etrion has substantial revenues and cash flows from operations. Our solar parks have been producing almost 10% above expectations so far this year, and we continue to review opportunities for growth in Italy and abroad.”
Third Quarter 2011 Results
For the three and nine months ended September 30, 2011, the Company reported a net loss of US$2.8 million (loss per share of US$0.02) and US$6.5 million (loss per share of US$0.04), respectively, compared to a net loss of US$6.4 million (loss per share of US$0.04) and US$14.1 million (loss per share of US$0.09), respectively, for the comparable periods in 2010.
The net results for the three months ended September 30, 2011 were adversely affected by non-cash items of US$1.5 million, primarily related to an equity-based financing fee. Before these non-recurring items, the Company’s net loss for the three months ended September 30, 2011, would have been US$1.3 million (loss per share of US$0.01).
At September 30, 2011, the Company had 187,536,120 common shares outstanding and a cash balance of US$39.2 million.