ADA-ES INC

CIK:0001223112|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues
Refined coal	$ 58,123	$ 15,174
Emission control	8,769	2,764
CO2 capture	1,422	282
Total revenues	68,314	18,220
Cost of Revenues
Refined coal	51,469	12,043
Emission control	6,253	2,068
CO2 capture	848	117
Total cost of revenues	58,570	14,228
Gross Margin before Depreciation and Amortization	9,744	3,992
Other Costs and Expenses
General and administrative	7,313	3,639
Research and development	703	564
Depreciation and amortization	1,422	1,024
Total expenses	9,438	5,227
Operating Income (Loss)	306	(1,235)
Other Income (Expense)
Net equity in net income from unconsolidated entity	323	36
Other income including interest	70	99
Interest expense	(383)	(470)
Settlement of litigation and arbitration award	(673)	(284)
Total other income (expense)	(663)	(619)
Loss Before Income Taxes and Non-controlling Interest	(357)	(1,854)
Income Taxes
Net Loss Before Non-controlling Interest	(357)	(1,854)
Income Attributable to Non-controlling Interest	(1,812)	(566)
Net Loss Attributable to ADA-ES, Inc.	$ (2,169)	$ (2,420)
Net Loss Per Common Share – Basic and Diluted Attributable to ADA-ES, Inc.	$ (0.22)	$ (0.24)
Weighted Average Common Shares Outstanding	10,050	9,999
Weighted Average Diluted Common Shares Outstanding	10,050	9,999

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Cash Flows from Operating Activities
Net loss	$ (2,169)	$ (2,420)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	1,422	1,024
Expenses paid with stock, restricted stock and stock options	635	131
Net equity in net income from unconsolidated entity	(323)	(36)
Non-controlling interest in income from subsidiary	1,812	566
Changes in operating assets and liabilities:
Receivables, net	(4,634)	(1,643)
Prepaid expenses and other assets	791	(62)
Accounts payable	1,534	(3,427)
Accrued payroll, expenses and other related liabilities	(90)	(1,425)
Deposits	(4,700)	(3,000)
Deferred revenue and other liabilities	23,058	1,434
Settlement awards and related accrued liabilities	(274)	(300)
Net cash provided by (used in) operating activities	17,062	(9,158)
Cash Flows from Investing Activities
Investment in securities	(993)	105
Capital expenditures for equipment, patents and development projects	(792)	(6,033)
Net cash used in investing activities	(1,785)	(5,928)
Cash Flows from Financing Activities
Net borrowings (repayment) under line of credit	(3,000)	3,146
Loan to unconsolidated entity	(138)	(500)
Distributions to non-controlling interest		(106)
Exercise of stock options	69	17
Stock issuance and registration costs		(22)
Net cash provided by (used in) financing activities	(3,069)	2,535
Increase (Decrease) in Cash and Cash Equivalents	12,208	(12,551)
Cash and Cash Equivalents, beginning of period	9,737	40,879
Cash and Cash Equivalents, end of period	21,945	28,328
Supplemental Schedule of Non-Cash Flow Financing Activities
Stock and stock options issued for services	635	131
Cash paid for interest	683	686
Accrued capital expenditures		$ 1,920

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Current Assets
Cash and cash equivalents	$ 21,945	$ 9,737
Receivables, net of allowance for doubtful accounts	15,659	11,025
Investment in securities	2,634	1,641
Prepaid expenses and other assets	2,119	2,888
Total current assets	42,357	25,291
Property and Equipment, at cost	54,318	53,542
Less accumulated depreciation and amortization	(10,337)	(8,931)
Net property and equipment	43,981	44,611
Investment in unconsolidated entity	2,173	1,850
Other assets	3,975	3,997
Total other assets	6,148	5,847
Total Assets	92,486	75,749
Current Liabilities
Accounts payable	8,964	6,615
Accounts payable to related parties	4,267	5,082
Accrued payroll and related liabilities	2,479	2,569
Line of credit		3,000
Current portion of notes payable	564	559
Deposits	16,500	21,200
Deferred revenue and other liabilities	17,407	6,919
Settlement awards and related accrued liabilities	3,179	3,453
Total current liabilities	53,360	49,397
Long-term Liabilities
Long-term portion of notes payable	2,162	2,305
Settlement awards and indemnity liability	2,500	2,500
Deferred revenue	13,259	875
Accrued warranty and other liabilities	995	809
Total long-term liabilities	18,916	6,489
Total Liabilities	72,276	55,886
Commitments and Contingencies (Note 10)
Temporary Equity - Non-controlling Interest Subject to Possible Redemption	60,000	60,000
ADA-ES, Inc. stockholders’ deficit
Preferred stock: 50,000,000 shares authorized, none outstanding
Common stock: no par value, 50,000,000 shares authorized, 10,063,135 and 10,028,269 shares issued and outstanding, respectively	64,428	63,724
Accumulated deficit	(81,934)	(79,765)
Total ADA-ES, Inc. stockholders’ deficit	(17,506)	(16,041)
Non-controlling interest	(22,284)	(24,096)
Total Stockholders’ Deficit	(39,790)	(40,137)
Total Liabilities, Temporary Equity and Stockholders’ Deficit	$ 92,486	$ 75,749