ThermoEnergy Reports First Quarter 2010 Financial Results

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  Published in Business and Finance on Wednesday, May 12th 2010 at 18:20 GMT by Market Wire
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ThermoEnergy Reports First Quarter 2010 Financial Results -- LITTLE ROCK, Ark., May 12 /PRNewswire-FirstCall/ --

LITTLE ROCK, Ark., May 12 /PRNewswire-FirstCall/ --ThermoEnergy Corporation (Pink Sheets: TMEN) today reported first quarter 2010 revenues of $1.2 million as compared to the first quarter of 2009 revenues of $400 thousand. Operating expenses were $1.7 million in 2010 versus $2.6 million in 2009. Net loss attributable to common stockholder's for the first quarter of 2010 and 2009 was $1.9 million and $3.2 million, respectively. 2009 included other noncash charges relating to our financing transactions during the year. We had cash on hand on March 31, 2010 of $1.7 million. For additional details, please see our 2010 Form 10-Q filed with the SEC today.

Mr. Cary Bullock, the President and Chief Executive Officer of ThermoEnergy said, "Our first quarter financial results reflect improvement over last year but we have much work to do to grow the business and achieve profitability. We are expanding our sales organization, preparing to start work on our NYC ARP project, developing additional strategic partnerships, possibly contracting to build a ZEBS pilot plant, and raise additional capital. More on our plans during our investor call later today."

About ThermoEnergy:

Founded in 1988, ThermoEnergy, with its subsidiary CASTion Corporation, is a diversified technologies company engaged in the worldwide commercialization of patented and/or proprietary municipal and industrial wastewater treatment and power generation technologies. Additional information on the Company and its technologies can be found on its website at [ www.thermoenergy.com ], or [ www.castion.com ].

THIS PRESS RELEASE INCLUDES STATEMENTS THAT MAY CONSTITUTE "FORWARD LOOKING" STATEMENTS, USUALLY CONTAINING THE WORDS "ESTIMATE", "PROJECT", "EXPECT" OR SIMILAR EXPRESSIONS. FORWARD LOOKING STATEMENTS INHERENTLY INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM CURRENT EXPECTATIONS. BY MAKING THESE FORWARD LOOKING STATEMENTS, THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THESE STATEMENTS FOR REVISIONS OR CHANGES.

SOURCE ThermoEnergy Corporation

RELATED LINKS
[ http://www.thermoenergy.com ]