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Executives

Yvonne L. Zappulla - Managing Director, Grannus Financial Advisors, Inc.

Glenn R. Rink - Founder and CEO

Lane J. Castleton - VP, CFO and Treasurer

Bjornulf White - EVP, Corporate Strategy and Business Development

Jonathan Thatcher - COO

Analysts

Ian Cassel - MicroCapClub

Dorian Prosdocimi - Prosdocimi Ltd.

Jay Harris - Axiom Capital

Peter Okin - Stifel Nicolaus

William Volz - Invest-Sure Wealth Management

Richard Keim - Kensington Management

James McIlree - Dominick & Dominick

Tim Gillespie - Private Investor

Abtech Holdings, Inc. (OTCQB:ABHD) Q4 2012 Results Earnings Call March 28, 2013 11:00 AM ET

Operator

Thank you for waiting. Today's event is being recorded, and will be available for replay. I would now like to turn the conference over to Yvonne Zappulla, please go ahead.

Yvonne L. Zappulla

Thanks Amy. Hello, and thanks to all of you toward joining us for Abtech's Full Year 2012 Financial Results Conference Call. I'm Yvonne Zappulla, Grannus Financial Advisors, Abtech's investor relations consultant. The 2012 financial report press release was issued March 27, 2013, just after the market closed. The press release is available on the company's new website, on both the homepage and the investor tab at www.abtechindustries.com. A copy of this call will be available to review, approximately one hour after its completion through the webcast link, on Abtech's homepage, as well as stated in the earnings press release.

Before we begin, I'd like to state the following; during this call, the management and representatives of Abtech Holdings may make comments that may deem to be forward-looking statements which are not purely historical and include many statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include risks, associated with the company's business, involving the company's products, development and distribution, economic and competitive forces, and the company's key strategic relationships and other risks detailed in the company's filings with the Securities and Exchange Commission. Abtech assumes no obligation to update any forward-looking statements, with respect to the announcements described here-in.

With us today is Glenn Rink, Founder and CEO of Abtech Holdings, Inc.; Jonathan Thatcher, the company's Chief Operating Officer; Bjornulf White, Executive Vice President of Business Development; and Lane Castleton; Abtech's Chief Financial Officer, who will review the full year financials before handing the call over to Glenn for an overall business update. Following these opening remarks, Glenn will be joined by Lane, Jonathan and Bjornulf for a question-and-answer period.

I'd now like to turn the call over to Lane Castleton, CFO, Treasurer of Abtech Holdings.

Lane J. Castleton

Thank you, Yvonne and thank you all for joining the call this morning. During 2012, Abtech focused its efforts on preparing operations for anticipated order flow, executing business development strategies to procure new projects and strengthening its balance sheet. While our revenue objectives for the year were not met, the projects expected in 2012 are still live opportunities, albeit delayed, and are in fact growing in number.

Revenues for the year ended December 31, 2012 were primarily derived from legacy distributors and customers and our ancillary sales to the larger opportunities that we are pursuing in the storm water and oil and gas segments. We reported revenue of $717,000 for the year, an increase from $537,000 reported in 2011.

While we lined up many projects during 2012, the unique turnkey solution the company provided and the structural and regulatory events occurring in our initial target market areas, required more time for cities to understand, embrace and resolve than we anticipated.

As Glenn will review in just a moment, we have made significant progress in dealing with these issues, and our opportunities are now multiplying in all verticals of our business.

Abtech reported a net loss for the year ended December 31, 2012 was $10.4 million or $0.19 per basic share, which included interest expense of $4.2 million and a loss related to the valuation of the warrant liability of approximately $944,000. This compares to a net loss of $5.4 million or $0.11 per basic share for the full year 2011, which included interest expense of $2.1 million, and a gain of approximately $242,000 attributed to the valuation of the warrant liability.

Abtech reported a loss from operations of $5.3 million in 2012, versus a loss from operations of $3.7 million during the prior year. The company's gross margin was approximately 32% for 2012, and 14% for 2011, reflecting the cost of excess manufacturing capacity in place, as the company transitions and prepares for a more robust commercialization phase. These gross margins are well below the margins expected, once Abtech achieves full operating capacity, at which point, we anticipate the gross margins to be in excess of 50%.

The company's operating expenses in 2012 totaled $5.5 million, an increase of approximately $1.8 million or 48% over the prior year. This increase was due to an expanded business development effort, including the hiring of nine employees, and additional tradeshow events, the launch of the company's engineering subsidiary, AEWS; the addition of government affairs and investor relations programs; as well as lab and field testing costs associated with heat oil and gas sector.

While Abtech anticipates continued increases in operating expenses going forward, the company will continue to closely manage costs to ensure that operating efficiencies are maintained, relative to revenue growth. The costs we are incurring or currently incurring to establish the business structure and business development opportunities needed to generate revenue growth, resulted in an average monthly cash burn during 2012 of approximately $400,000, compared to $327,000 average monthly cash burn in 2011.

The company incurred interest expense for the year ended December 31, 2012 of $4.2 million compared to $2.1 million in the same period of 2011. The increase in interest expense in 2012 is attributable to the short term convertible promissory notes issued by the company in 2011 and 2012. Of the $4.2 million in interest expense, only $271,000, representative of cash payments for interest accrued on the convertible promissory notes. The balances attributable to non-cash charges for the amortization of note discounts, relative to the derivative warrant liability, $1.4 million, and imputed interest on promissory notes issued with beneficial conversion terms of $1.2 million; amortization of deferred financing costs, related to private offerings of $900,000 and accrued interest of approximately $400,000 on the convertible promissory notes, [unless they are] converted to common stock, or remained payable as of December 31, 2012.

During 2012, the company was able to substantially strengthen its balance sheet by raising additional capital, converting debt to common stock, and reclassifying its warrant liability to additional paid-in capital. Cash and cash equivalents at December 31, 2012 amounted to approximately $2.5 million, accounts receivable totaled $74,000 and we had ending inventory of $398,000. Total assets during 2012 increased approximately $568,000 to $3.1 million, and total liabilities were reduced during 2012 by approximately $4.8 million to approximately $3 million at December 31, 2012.

In February 2012, the company received proceeds of approximately $2.6 million in the final closing of the private offering of secured convertible promissory notes. In September 2012, the company received proceeds of approximately $3,450,000 from a private offering of common stock. The company also received approximately $220,000 from the exercise of warrants during 2012.

The company's debt was substantially reduced during the fourth quarter of 2012. On December 31, 2012, the company's short term debt totaled approximately $1.8 million, a decrease of approximately $2.8 million over the amount of short term debt at September 30, 2012. Long term debt decreased by approximately $1.3 million during the fourth quarter and totaled approximately $531,000 at year end.

During 2012, the company eliminated debt totaling approximately $7.1 million requiring only $275,000 of cash to repay the debt of holders that opted not to convert their debt holdings into company's common stock.

During 2012, the company reclassified warrant liability amounts of approximately $2.6 million to additional paid-in capital, including $338,000 for warrants that were exercised during the year, and $2,239,000 upon the expiration of certain conditional factors that originally caused the warrant values to be classified as a liability. As of December 31, 2012, the warrant liability had been reduced to zero.

With the reclassification of the warrant liability from the substantial conversion of debt to common stock during 2012, the company crossed into positive shareholder equity territory, with total stockholders' equity at December 31, 2012, of approximately $123,000, as compared to a shareholder deficiency of $5.2 million at December 31, 2011. As of December 31, 2012, Abtech had total federal net loss carry forwards of approximately $33.9 million and state net loss carry forwards of approximately $16.2 million, which expired through 2032 and 2017 respectively.

As of today, Abtech had approximately 64.8 million shares of common stock outstanding and fully diluted shares of approximately 92 million, inclusive of all options, warrants and convertible debt, which upon conversion of all options and warrants for cash, will generate up to an additional $10 million of capital to the company.

To further discuss our business opportunities, I'd now like to turn the call over to Glenn Rink, Founder and CEO of Abtech.

Glenn R. Rink

Thank you, Lane and good morning, good afternoon, or good evening I should say to -- depending on where some of you are located in the world. While we projected that 2012 would see significant orders and revenues, particularly towards the latter part of the year, we faced delays due to structural and regulatory events that occurred in our target market areas.

However, during the fourth quarter of last year, we began to diversify and expand our business development operations and now we are starting to see results for those efforts in 2013, reflected in our pipeline and initial orders.

Further, the events occurring in our target market areas in storm water, specifically Southern California, have largely resolved and provided the clarity to move forward. The company has also strengthened its balance sheet, as Lane has just described, developed a more effective organizational structure and further develop product capabilities in 2012.

Let's take a moment to specifically discuss where we stand with potential revenue opportunities in each of our three verticals, with particular focus on the immediate future.

For those new to the company, I'd like to begin by providing a brief summary of Abtech's strategic position. For those of you who are familiar with the company already, I ask your patience as I just go through a brief overview.

Water, is emerging as one of the 21st century's most precious resources. Dwindling water resources, growing industrialization, together with pollution, necessitate immediate and effective measures. The first US intelligence community assessment of global water scarcity predicts that by 2030, humanity's annual global water requirements will exceed current sustainable water supplies by 40%. According to US government report, 36 states are already facing water shortages, or will be facing water shortages within the next few years, and it has been estimated that the state of California only has a 20-year supply of freshwater left, with New Mexico at only a 10-year supply.

Approximately 40% of all rivers in the United States and pp 46% of all lakes in the United States have become so polluted, that they are no longer fit for human use. These are sobering statistics combined with the fact that the majority of America's water infrastructure was built decades or centuries ago, and is in dire need of upgrading.

Indeed, the American society is still engineering, as America's infrastructure has D plus rating. With $3.6 trillion needed in investment by 2020 across 16 categories, six of which pertain to water infrastructure, where the highest rating is D. Perhaps not quite having reached general public awareness yet, the crisis facing America's infrastructure, in particular, it's water infrastructure, and similar situations faced globally are staggering.

Abtech Industries started recognizing this problem years ago, and positioned to provide solutions. We developed sustainable, cost effective technology that address water quality issues in distributed infrastructure, in particular, storm water. We spent the last three years developing comprehensive program offerings, that are entirely unique in the marketplace, and solve some of the greatest challenges faced by municipalities in upgrading their infrastructure.

The company realized that our clients need more than just technical solutions, but also programs, contract structures, O&M offerings and financial terms that are customized and sustainable. The combination of our subsidiary company, AEWS Engineering and Abtech Industries, and now in collaboration with Waste Management, provides an integrated total solutions team, for comprehensive storm water management.

We are starting to see great success for our storm water engineering firm launched just last year, including establishment of the strategic collaboration with North Carolina State University's world renowned storm water engineering program. A unique joint effort with the national environmental services center, that we will be discussing later this spring. The hiring of storm water engineering talent, initial advisory engagements across the country for solving unique storm water challenges, and growing pipeline supporting Abtech's storm water public-private partnership offering.

Abtech now works with third party technologies, in an integrated approach to support its complete storm water management offering. Abtech's native solutions, including our core technology, Smart Sponge and Smart Sponge Plus, which many of you already heard about, address particularly challenging water quality issues, such as bacteria, hydrocarbons and heavy metals.

Switching gears, we are pleased to bring a similar approach of cost effective, integrated and sustainable solutions to the oil and gas industry. This is still a new offering for Abtech, we should note that its less than 18 months that we proved and announced a first application for the oil and gas industry. The industry has already recognized our unique abilities in this industry. We have already won 2012 World Shale Oil and Gas Technology Innovator of the Year award, and just last week, we received the award for the Gulf Coast Water Management Company of the Year award from the oil and gas industry, beating out hundreds of other companies under consideration. In the short 18 months since proving our application, we have designed multiple cost effective systems for solving one of the industry's greatest challenges, water.

We have built a talented business development team, proven our abilities and applicability for the nine largest shale plays in America. Started signing, teaming distribution and licensing agreements with dominant strategic partners in the industry, and expect near term announcement of awards.

I will now discuss our revenue opportunities in the market segment, but I note that I won't discuss some details -- while we will discuss some details, we will not be able to provide specific company names or customer names during this presentation, due to the need to protect our clients from unwanted inquiries and/or for competitive intelligence protection. Any of you have any questions on that, I'd be happy to go into further detail in the Q&A.

Storm water, our opportunity and business update, very exciting. Our commercial rollout of the country's first comprehensive storm water management program occurred only nine months ago, but we are pleased to be seeing significant success. As a company, we have developed more proposals in the last 120 days, than we have in the company's entire history, and I'm pleased to say that our immediate, I want to emphasize, immediate, storm water proposal pipeline at RFP stages, exceeds $10 million, with the first projects having already been awarded. Again, first time in the company's history.

The bulk of our 2012 Q1 to Q3 storm water business development activity last year occurred in Southern California, in conjunction with waste management; where we face the unique perfect storm of structural and regulatory events, that created a lack of clarity in the market. Those events include the first ever storm water US Supreme Court case, which happened to pertain to LA county. The most aggressive and complicated local storm water regulation, finally being passed in LA county, in November of 2012, and finally, resolution regarding the county versus local storm water utility fee structure, finally occurring two weeks ago.

Despite this, we were able to advance the letter of intent stage with the first municipality in that market area, but largely expect that our pipeline in that area, which was delayed to all these challenges, will now be able to advance. Recognizing these challenges however, in Q4 of last year, we began to diversify and significantly expand our offering to the Eastern half of the United States, and now are seeing results.

Indeed, our immediate pipeline that I mentioned earlier, including our first awards, are all on the Eastern half of the United States. The Eastern half of the country is characterized by older infrastructure. The use of combined sewer overflow systems that are under federal mandate to be addressed. Heavily impaired waterways, that become polluted due to thousands of unmitigated storm water outfalls typically, in each county, and a significant infrastructure rebuilding effort, following Hurricane Sandy. Federal, state and local monies have begun to flow for addressing these issues, and Abtech's unique program and cost effective solutions are gaining traction, to the Eastern Seaboard, also very-very exciting.

As we enter the oil and gas overview, our opportunity and business update is primarily driven around our Frac Flowback and Produced Water Treatment Systems and Solutions, combine best of breed available technologies. Innovative systems engineering and Abtech's proprietary Smart Sponge de-oiling technology to remove oil and other contaminants from frac and produced water at oilfield production sites.

As such, we are agnostic to downstream systems and treatment approaches. Over the past several months, we have completed development of a suite of produced water treatment systems, ranging from mobile systems to the previously field tested fixed installations. We have launched our new marketing approach, and have established our position as a water treatment solution in the oil and gas industry.

We began building a proposal pipeline initiated structuring of distributed shifts and teaming relationships. Building a talented business team, establishing on the ground presence based in Texas and Pennsylvania and are now pursuing bid opportunities in the nine largest domestic shale plays and internationally in three different countries.

We have begun signing teaming and distribution and licensing agreements with well established, strategically positioned oilfield services companies. We are focusing initially on service companies, with specialization in water management, well established customer access and in the several billion dollar market cash size range. Our first agreements are either signed or at an advanced document stage, and are already starting to bear fruit in terms of near term opportunities.

Turning to international; storm water and more broadly, surface water treatment in the EU and UK is highly developed. This is being driven largely by water scarcity, which continues to rise in passage of the Water Framework Directive by the European Union. The Water Framework Directive requires that all inland and coastal waterways reach at least good status by 2015, and it defines now this should be achieved through the establishment of environmental objectives and ecological targets for service waters. The regulations impact every aspect of water use, domestic, industrial, agricultural, leisure and environmental conservation. These regulations cover all the nations within the EU, as plans must be developed by basin, versus by country. These regulations include regular testing, and data collection of water quality; basin-wide water quality improvement plans, and most importantly enforcement and financial penalties for non-compliance by the environments agency.

In the fourth quarter of 2012, the environment agency completed a laboratory based study, looking at the efficacy of both Smart Sponge and Smart Sponge Plus. Smart Sponge was found to be effective in treatment for removal of hydrocarbons. In addition, Smart Sponge was found to reduce coliform bacteria by between 97% to 100%. Subsequent to the completion of the study, the environment funded several field trial for antimicrobial [valves], that are now installed and undergoing monitoring. Abtech products have been added to the official Green Book in the UK. The current pipeline for surface water treatment in the UK is 1.4 million.

Since mid-2012, Abtech has been working to integrate a Smart Sponge filter into a patented filtration solution that removes water from diesel fuel, in particular, biodiesel. These filters are typically attached to the diesel tanks that feed mission critical backup generator systems. Biodiesel, because of the surfactants used within the blend, pull water from the air around it during transport and storage. The water will corrode the generators and make the diesel fuel, unusable. The filter systems separate the water from the fuel. Previously, the contaminated water was then removed as a hazardous waste. With the addition of the Smart Sponge filter, this water now maybe discharged directly into the sewer, and the Smart Sponge filter is changed, along with the fuel filter.

Financial institutions, hospitals, first responder facilities, are initial targets for the technology. Abtech has reserved the right to represent the solution in the EU. A marquee global financial institution has committed to deploying the filters throughout their mission critical operations in the US and the EU, and their first system is currently being installed in the US. Each location -- each installation is approximately $100,000 in revenue, as far as ongoing maintenance and service packages. The financial institution reference has approximately 23 such facilities in the EU.

Still within the EU, we have a large opportunity to address landfill leachate and waste water from biogas production with an evaporative technology, using Smart Sponge where indicated. In the EU, there are approximately 2,000 target landfills and in the UK, roughly 200 target biogas facilities. Abtech will recognize revenue upon the sale of the installation of equipment, and then under service agreement, based on the number of metric tons of leachate process. Each unit installed represents $450,000 in equipment and installation revenue, and then monthly revenue under the service agreement.

The current pipeline, includes 25 units to three customers. One is a direct sale of equipment only, and 24 include equipment and service agreement revenues. These opportunities represent a pipeline in excess of $5 million.

Moving on to Australia; as most of you probably remember, we signed a distribution agreement with SPEL Environmental over the last few days of December of 2012. SPEL has 40 plus years of experience in Australia, with nine offices in every major metro area. We are currently working on incorporating Smart Sponge into their two premier storm water, mechanical water treatment devices. SPEL's sales last year totaled $6.8 million in just the second year of the product sales. Over the past two years, there has been active movement in legislation covering storm water and mandating reuse in Australia. SPEL estimates the addressable market to total $300 million annually, as part of the national water plan, that allocated $12.9 billion to address the water issues over the next 10 years. Thus far, we have shipped two orders into Australia, and anticipate acceleration in our order flow from Australia during 2013.

In closing, our product as stated is timely, well positioned and prepared for commercial ramp up. Our team has created numerous opportunities and we have the talent, the capacity, and obviously the patience, as well as the capital to seize the opportunity for not only just the value proposition of our products and systems make sense for our customers, but regulations are decidedly moving in favor of the EPA and state and local mandate. 2013 is going to be our defining year.

With that, I'd like to open the conference call to questions and then afterwards, I will close with some closing comments. Operator, would you assist?

Question-and-Answer Session

Operator

[Operator Instructions]. Our first question comes from Ian Cassel at MicroCapClub.

Ian Cassel - MicroCapClub

Hi Glenn. My first question would be, I don't think I am downplaying it by saying that 2012 was sort of disappointing from a revenue standpoint, for you and also shareholders. How should investors perceive this immediate pipeline you talk about of $10 million that you mentioned in your opening remarks? What are your conservative expectations from the timing of monetizing that pipeline?

Glenn R. Rink

Hi Ian, that's a great question. Thank you for asking, and yes 2012, was a year with great expectations, and as we tried to touch on it, fortunately those expectations of opportunities are still there, albeit, delayed. So in answering your question, Bjornulf is sitting here with me as well, and I would like Bjornulf to touch on the $10 million that you are referencing, as well as the other pipelines noted. I think he can give them.

Bjornulf White

Sure. What I would say about that is that, first of all that is only our immediate pipeline and we are excited about that, and the fact that it has developed so robustly already, and we are just in the first quarter of the year. The project timelines for these opportunities is relatively short, I would say, several months. So in terms of conversion from order to revenue events, you know, these are not long term drawn out projects. The pipeline as we are representing it, pertains to the initial opportunity, so it doesn't describe the overall program value that would contain replacement of media technology's ongoing engineering services, ongoing maintenance, the way we are representing our pipeline right now, is really just the initial projects, with an execution of several months; and when we say immediate, we do expect that these are awarded in the near term, and then begin execution, barring any unforeseen circumstances, very shortly thereafter. Does that help answer your question?

Ian Cassel - MicroCapClub

It does, thanks. That's the only question I had. Thank you.

Glenn R. Rink

Thank you, Ian.

Operator

Our next question comes from Dorian Prosdocimi at Prosdocimi Ltd. And I might be saying that wrong, I apologize. Dorian?

Dorian Prosdocimi - Prosdocimi Ltd.

Hello?

Operator

Please go ahead with your question sir.

Dorian Prosdocimi - Prosdocimi Ltd.

Thank you. Hi Glenn. So, I got a couple of questions. The first is, what is the remaining debt level you have currently, and what is the interest rate you are paying on that, and could you also give us a sense of when that debt is due please?

Glenn R. Rink

Sure, thank you for your question Dorian. Right now, we have two categories of debt that Lane touched on, and Lane, you can correct me if I say this incorrectly, but we have approximately $1.8 million worth of debt that becomes due, very shortly. It's starting to be -- but it really rolls out over 2014 into I believe July of 2014, there is multiple points that there's -- at times where it becomes due, and that is all 0% interest and we are in negotiations right now to eliminate all of that debt by the end of this quarter -- not this quarter, but shortly into this next quarter. But that is $1.8 million at about 0%, and the other balance is about $500,000, which was originally 12% from our previous notes, and that was reduced to 6%, to be consistent with what might the inventory financing, and so that also was expected to be taken out very shortly.

I hope that's helpful in answering that?

Dorian Prosdocimi - Prosdocimi Ltd.

Yes it is, thank you. The other question I had, and just expanding on what the previous gentleman was asking about on the pipeline. So you allude to the $10 million, can you just give us a sense of -- when you refer to it as a pipeline, to what extent is that real, and what I mean by that is, is that an expectation, is it guidance, or to what extent is it actually signed, and is it just a matter of going through sort of legal stuff and whatever else and so can you just give us a sense on that?

Bjornulf White

This is Bjornulf White, I will be happy to answer that. First of all, to work backwards a bit, when projects are actually awarded formally, we will sometime thereafter announce them as awards, and then we will consider to be in a category that we characterize as backlog, as opposed to pipeline. So the events that you are describing, where its subject to final contracting signed, we consider that in the backlog and awarded business category. So our pipeline right now is the precursor to that.

We are being conservative in terms of how we are characterizing our immediate project pipeline, by limiting it to the actual projects that are at RFP stage and are funded, committed projects by the clients, and proposals are being developed, and when we say immediate, these are ones that have solicitation periods ending in the coming few weeks.

Glenn R. Rink

So Dorian, I am hopeful that answers your question, if not, if you'd like further clarification, I'm happy to try to add to it?

Dorian Prosdocimi - Prosdocimi Ltd.

Yeah. That's great. It does answer my question. I am not sure to what extent you can actually answer this, but I am not trying to draw any guidance out of you for the year, because I understand you may be restricted on that. But from my understanding of what was said before, this $10 million is imminent and whether imminent is next few weeks or months, I am not sure, but how many other projects are you working on? When I look at the whole calendar year, to make that number bigger than $10 million. I am just trying to get a sense of, are you comfortable with that $10 million, is there a lot more in the pipeline that you are working, that could make that number significant? I get the market opportunities is clearly remarkable, frankly, but I am just trying to get a sense of what your expectations are for the year, assuming you can talk about?

Glenn R. Rink

As you properly indicated, we have not put up guidance for 2013. We are going to, as Lane indicated, provide a greater level of transparency on not only backlog, but pipeline of awards and also revenues, so that there will be more clarity on that. But I will say that, this early in the year to have $10 million of (inaudible) RFPs the way we described, has never happened in our history before. So for any company having that kind of magnitude of change, and having that in the first quarter already, I would expect that any company, I am not giving out guidance for Abtech, but any company would expect to at least achieve that in the year. But we are not putting out guidance. But again, if we've done that in the first quarter, and it really is just beginning -- it has been a work in progress for many-many years, if not happening overnight. It's just about its now in the eleventh hour, and though later than the eleventh hour, it's beginning to happen.

And so, it was just a small fraction of what's already out there. So Bjornulf, if you'd like to expand on that, as to what other projects and what percentage of that overall projects you expect that to be for the year?

Bjornulf White

Sure. Well, I mean, in terms of our internal working pipeline, which we are not going to be disclosing at this time, but our internal working pipeline for the year, as you would anticipate, would be multiples of what we have already represented. So what we did was, we limited our representation to storm water and to the immediate pipeline, and really that is defined as RFP stage projects, with closing solicitation periods before May 1, by the end of April, and we have a robust pipeline in both the oil and gas and storm water spaces, that are starting to move towards RFP stage. The RFP periods are typically relatively short. Award is typically announced relatively quickly thereafter, and execution periods on these projects is relatively quick, meaning these are not several yearlong projects, these are several month long projects, which is favorable to the company, not only in terms of monetizing, but also because we then move quickly into an annual recurring revenue feature that is a unique aspect of our offering.

So again, what I would say is, this is just the immediate project pipeline, it's just what has moved into RFP stage for the year, and it's just what is closing within the next few weeks. Our internal pipeline, is multiples of that, as you look across the remainder of the year, and certainly over the next 12 to 18 months.

Dorian Prosdocimi - Prosdocimi Ltd.

Thank you. And last question just quickly, by my calculations, assuming OpEx or current OpEx and using a 40% margin, I see breaking even at $7 million of revenues, that (inaudible) the increase in operating expenses. Does that sound right to you, because it looks like you could be profitable easily by year-end?

Glenn R. Rink

Great question. The burn rate and our profitability as we evolve continue to grow. We kept it constant. I would say that, you are right in line with those numbers, somewhere between $7 million and $8 million in line with it, but it is an evolving number. As we start to have a line of sight closer and closer to these projects, especially around RFPs, because it is very specific -- they have very specific timelines on them and things like that when they open and close, and so if you really see what you need to bring in, in advance of increasing your burn rate, and that's very-very helpful.

So we expect that the numbers that you are describing is pretty close to the range, where it is or has been, but it is evolving Dorian, and so you can expect that next month, that number will be higher, as we start to see these developments occur and it could continually move up because of the project sizes and the magnitude of the business we are describing.

But I will defer for a final comment to Lane Castleton, the company's Chief Financial Officer, to see if he wants to bring any further clarification to what I just said?

Lane J. Castleton

Well, I think that's fine Glenn. When you look historically at what our operating expenses have been, specifically for the year 2012, where operating expenses is about $5.5 million and to cover that type of level of expenses with revenues, it would take about $11 million to $12 million in revenues. So the number that I would look at right now, is that it would take about $1 million a month in revenue to put us into a profitable kind of situation, and cover all of our existing expenses. Obviously, those expenses levels will change over time, they will probably go up slightly in 2012. I would think that our breakeven point would still be in that range of about $1 million of revenue per month.

Glenn R. Rink

When you were talking, you said 2012, but you were referencing 2013?

Lane J. Castleton

I am sorry, 2013.

Glenn R. Rink

You were talking about, as we move into 2013, and the expanded budgets and growth that we are talking about.

Lane J. Castleton

Right.

Glenn R. Rink

Is that helpful to you Dorian?

Dorian Prosdocimi - Prosdocimi Ltd.

Perfect. Thank you.

Glenn R. Rink

Thank you.

Dorian Prosdocimi - Prosdocimi Ltd.

Congratulations on the quarter.

Glenn R. Rink

Thank you, sir. Thank you for your time.

Operator

Our next question comes from Jay Harris at Axiom.

Jay Harris - Axiom Capital

Glenn, what was your cash burn in the December quarter, and what do you think it will be in the current quarter? And what arrangements have been made to finance the interim period of cash burn, until we start to generate some cash flow?

Glenn R. Rink

Thank you Jay for your question. I am going to let Lane give the specific numbers o the December month and giving an idea on that burn rate, as well as we move into the first quarter of this year. But I will also say that, we have lots of opportunities now, from the standpoint of funding opportunities, but quite candidly, our focus -- we remain very focused on being non-dilutive to shareholders, and with the magnitude of projects that are coming, that we anticipate coming in awards, we will be looking to go down on debt financing pathway, rather than dilutive pathway, as an ideal manner to take things forward. But right now, Lane, could you give the specific answers to the December month, as well as January of this year?

Lane J. Castleton

Yeah, the fourth quarter of 2012, our cash burn was about $350,000 a month, which was less than what it was on average for the whole year of 2012. Going into 2013, I think that our burn rate will probably be closer to the average burn rate of 2012, that is about $400,000.

Jay Harris - Axiom Capital

Thank you. Then I think you mentioned that the fully diluted share count was currently around 91 million or 92 million shares?

Glenn R. Rink

Yes, that's correct.

Jay Harris - Axiom Capital

All right. Does that include the conversion of the debt that we talked about, that $1.8 million debt?

Glenn R. Rink

It does, and I also should add that it includes -- there is a portion of those that's in there, that also does not best or does not become -- does not best without hitting certain performance metrics around revenue, and it could be to either vendors or it could be to specific employees of the company or consultants. So we are really attaching performance to things that are based on revenue numbers that are going to be suitable for the company, ultimately to become breakeven.

Jay Harris - Axiom Capital

Now I have a nasty question. In your press release, you indicated that it would take now only $50,000 to give you a (inaudible) expansion and capacity. When do you think you will start spending that money?

Glenn R. Rink

Jonathan Thatcher, Chief Operating Officer, would you please provide some thoughts on that and comments?

Jonathan Thatcher

Yeah, hi Jay. Yeah, we actually just completed the preliminary testing over the last couple of weeks, with the new equipment, and our plan actually is to likely move forward, we are still looking at some of the data related to it. It should actually have about a twentyfold increase to a single process line, and would go from a thousand pounds of manufacturing capacity a day, to about 20,000 pounds of capacity per day, and essentially the same equipment footprint that we have today. So there is still some additional testing and optimization of that equipment that needs to occur, but each line is actually around $10,000 in equipment cost.

Jay Harris - Axiom Capital

Do you think you will be spending that money in the third and the fourth quarter?

Jonathan Thatcher

I think in the second quarter, we are likely to order one of the machines, and get it in and begin optimizing it for our particular needs. Our needs, as you know, are a little bit, are quite unique and so, we do not disclose all of the elements to the manufacturing process. We provided them material to run, and asked them to run that in a particular way, so that we could see if it looked likely, this equipment could generate basically the pop-corn form that is the base form of Smart Sponge. The equipment was able to produce a form very close to that or close enough to it, that we are pretty comfortable with it, and we are going to bring one of those pieces of equipment into our facility and do the rest of the optimization process there, so that we are not doing that at a vendor's or equipment manufacturer's site.

Glenn R. Rink

Just as a point of reference Jay, you may know this. You know, we do have 17 patents domestically and 16 internationally, but we also have about 25% or even above that in trade secrets and so what Jonathan is relaying is that, the trade secret portion of that, we keep very much in-house, so that we control that. So even a vendor that we might have a very close relationship with, we hold that very tight to our best. So that's quite a bit. So I hope that answers your question?

Jay Harris - Axiom Capital

It did. Very well, I have another question on produced water. Last year, you talked about at one point, sending out -- I am going to call it skid mounted facilities which could be moved from well-to-well. What's the extent of that program now, and where do you think the produce -- how do you see the produce water opportunity evolving this year?

Bjornulf White

This is Bjornulf White. Well, I can at least start by saying that this is a very exciting segment, as we said. We moved into it 18 months ago really, when we proved it. The skid mounted system that you are describing are really one of the core offering that we have. So we range from mobile, up to fixed installations. The industry is moving more towards mobile in a lot of locations, just because of the way the process of operating these wells works. We do have other products that go into the industry, including the SmartDrum product that we announced. So that is actually being well received in the oil and gas space, although, it was developed for the industrial water treatment space.

At this point, we are again, bidding actively for nine domestic shale plays, three different countries. This is a fast moving segment, unlike storm water, which is characterized by municipal sales cycles. This is the oil and gas phase. So we spent the last several months developing all the very strategic relationships, going out to conferences and getting our name out there, our materials out there, educating the client base, talking to operators. Now we have moved to bid stage, and are actively putting together bids for all these various locations. Teaming up with the right partners, who have the right client access, and I expect that we will start to see, given that the sales cycles on these bids is relatively short. I expect that we will be able to announce initial development this spring, in this phase, and then really start to, from there, see a healthy expansion throughout the remainder of the year, continuing to grow.

Initial bid opportunities, we will have a few in each area, and then once you start to have some penetration in the given shale play, and operators start to know you, you start to expand from there. So you have a multiplier effect on a shale play basis.

Jay Harris - Axiom Capital

Do we have much capital tied up in this program now?

Bjornulf White

We don't have much capital tied up per se, it's part of the business development and marketing effort.

Glenn R. Rink

Quite honestly or quite candidly, sir, we have -- the structure we are doing is very similar to what we are doing in, Jay, what we are doing in the waste management relationship, is working through a (inaudible) strategic consortium of plays. However, we are doing it with service companies who already have a cadre of customers and clients, and so that we can land in this space with credibility and speed and endurance, quite honestly, and it limits our need to put money out on the table, in the magnitude one might assume one would have to do if one was building a new segment. And so I want to really clarify that.

The other thing I just want to clarify for you, Jay, before you -- you had asked about the debt, and whether or not that was calculated into the numbers and the dilution was going to be added on to that. That debt, all of it, $1.8 million and the other debt that we talked about, all of that debt has already been calculated into that number, so that that's not adding another level of dilution that has not been calculated into that number. So I want to make sure, that we do make that clear that that has already been included.

Jay Harris - Axiom Capital

Well, we both share the notion that the prospects for this company look superb and we all know we have been sitting at the edge of our chair too long.

Glenn R. Rink

We are not only thankful for your support and your commitment, your patience, as we have all had to be patient here, knowing that we are gaining ground and gaining traction each day, but we are very cognizant of the time and how important revenue, revenue, revenue is and I can tell you that we are all focused on it, [full tell] position, awake at night and wanting to see these things come true for those shareholders that have been so committed to us.

Jay Harris - Axiom Capital

I wish you and myself luck.

Glenn R. Rink

Thank you, sir.

Jay Harris - Axiom Capital

Bye.

Glenn R. Rink

Well I think you will have a nice summer. We are going to have a very nice summer.

Jay Harris - Axiom Capital

Thank you.

Glenn R. Rink

Next question operator?

Operator

The next question comes from Peter Okin at Stifel Nicolaus.

Peter Okin - Stifel Nicolaus

Hi guys. I just have a question based on the press release and something that was said recently. Storm water proposal off these stages exceed $10 million, and someone said I thought that those will be decided by May 1st. So what I am getting at is, when can we start to see announcements of actual contracts, that will start to ramp up the revenue, that we were obviously disappointed with in 2012, and is there really something that we could look forward to, as far as 2013 as a revenue number? Also, this is the storm water, what is the opportunity in fracking for 2013?

Glenn R. Rink

Okay. Let me start, so there were three questions here, the first one was specifically around --

Bjornulf White

Yeah this is Bjornulf White, I can clarify on the May 1st comment you made. I had said that the solicitations period on this pipeline closed by May 1st. It's obviously difficult to predict when the client is going to announce awards after the closing of the solicitation period, nothing is guaranteed. But typically we see announcement of award, after these types of solicitations, relatively quickly, and by relatively quickly, I mean, inside of 30 days afterwards. So that's the type of timeline we are looking at, in terms of announcement of awards, and then thereafter, moving to execution phase is typically relatively quick after that, several weeks barring any unforeseen circumstance.

Glenn R. Rink

Again, so your question about when we are going to see revenues, so the first thing that Bjornulf has described is, we are going to start seeing the awards and the notification of these awards, that will be the first component, and then it will probably be -- could be the 30-45 days. After that we are -- you could start to see the contracts and the projects moving forward, but a lot of these projects, particularly on the eastern side of the -- East Coast, you know, time sensitive to weather. So you are going to be looking to see installations occur during the summer months, or as early as possible, because obviously during the winter months, not as much happens.

You'd asked two other variations of questions, you had asked about the fracking industry and there has been no specific guidance put out on fracking, we have a variety of projects that are in the pipeline. We have identified some pipeline business, but we will be identifying pipeline, more specific transparency on pipelines in that space, in the very near term. We want to get a little bit, because of our wanting to have some -- we want to have clarity on traction, and we want that traction to start occurring, and we can then project it out with the basis of accuracy, rather than assuming that certain timing is going to occur. So that's why we are holding back on any guidance and any specific area, other than what's been articulated so far.

Peter Okin - Stifel Nicolaus

Is storm water a bigger opportunity than fracking?

Bjornulf White

For 2013, I think the answer is yes, and these municipal -- again, if you go back to what we have said over the last year or so is, that we have really positioned to go after municipal projects and these infrastructure projects and storm water, as total program offerings. So these are very large typically, larger than an individual frac opportunity. So at least for 2013, we feel comfortable say, that storm water is a larger opportunity.

Peter Okin - Stifel Nicolaus

Aren't a lot of these already in progress, these RFPs and maybe something comes up before May or June or July? I mean, this stuff has been going on for all of 2012, are there opportunities for announcements in the near future?

Glenn R. Rink

Their awards, as we indicated in the presentation today, that there are awards that are already in process, or that have been closed, and so we fully expect that we will be having some of those components coming out. We are just trying to be very guarded about setting expectations. I would rather under promise and over deliver, which is something that we have not done to-date, and I am trying to do that right now, we are all trying to do that right now. So we have tremendous expectations with the very near term. But we are trying to be very careful about letting our investor base down, because they have been very dedicated and committed to us.

Operator

Our next question comes from Bill Volz at Invest-Sure Wealth Management.

William Volz - Invest-Sure Wealth Management

Good morning Glenn.

Glenn R. Rink

Hello Bill.

William Volz - Invest-Sure Wealth Management

And everybody. I just want to tell you that tomorrow is my birthday, and I couldn't ask for a better birthday present than to know that the Smart Sponge express is leaving the station. So congratulations to you and the whole dedicated team and that's it for me, I'm signing off.

Glenn R. Rink

Happy birthday, and I am pleased to be a part of your birthday in any way possible, and I thank you for your commitment and your group's commitment to the company and thank you for the kind message.

William Volz - Invest-Sure Wealth Management

Okay.

Operator

Our next question comes from Richard Keim at Kensington Management.

Richard Keim - Kensington Management

Thank you for taking my call. I have a couple of questions. First of all, congratulations of what you are talking about. If you take the $10 million that you refer to the pipeline, is there any -- you have made the definition between backlog and pipeline, is there any -- at this point, is there any backlog?

Lane J. Castleton

Well, we have to be a little bit cautious on the timing of announcement of awards, because it has to be a coordinative process with the clients, who ultimately have approval over when we announce those. So what we had said was that, of that pipeline, the first couple have actually been awarded already. One of those recently, we actually announced the location and the size of the award, but we couldn't specifically mention the client, and that's as much as we are at liberty to say at this point.

Richard Keim - Kensington Management

I can well understand that you don't necessarily want to give us the name of the client, and I think you mentioned that first (inaudible) I think you were talking about less than $0.5 million, if I am not mistaken, is that correct?

Glenn R. Rink

Yeah, there is three types of -- and answering your question about backlog, there is some backlog of awards that are -- award pipeline that's out there. And I will tell you that, there are probably going to be three types of announcements that are coming forward. The first announcement is going to be around projects of the magnitude that are in the millions of dollars, because they are very large projects. That could be a public-private partnership, which was one category primarily focused on to-date on the West Coast, but in other regions of the country as well. In addition to that, there are large infrastructure projects that are of the magnitude of the same size. So you are seeing these multimillion dollar projects that are out there, and then you are going to see some individual projects, like the one you just described about, that's actually $437,000 I believe, that you have individual cities that have money of their own, that they have a specific problem, and they want to solve that specific problem, and they don't need anybody's help, they just want to --

Richard Keim - Kensington Management

I understand what you are saying. But at this point, backlog is backlog, and backlog means that you have a -- you have a specific order and a specific timeframe to deliver it, and so again, I will repeat my question. Do you have any backlog now?

Glenn R. Rink

We have a backlog right now, a pipeline backlog or award backlog, as we do right now, and its more than one order. It's not been released --

Richard Keim - Kensington Management

Again, I am not asking you for who the people are, and I can understand the confidentiality of it, but I can't understand if you can't understand if you can't give us a number of total backlog as of right now? And why is that?

Glenn R. Rink

I am sorry. We are just discussing what we have received in the hand, and what we can classify, and what I am going to have to say to you is that we are going to have to come back to you with the specific backlog that I can give you, because I want the number to be accurate. I wouldn't want to give a number on this [haul] and not have it be accurate.

Richard Keim - Kensington Management

Okay wonderful. I look forward to hearing from you. Second question is, on your SG&A, can you give us a breakdown? I know you did -- it was a significant increase in SG&A and could you give us like a breakdown of selling, general and administration?

Glenn R. Rink

Absolutely, we'd love to, and that's why thrilled to have Lane be on the call. Lane Castleton, the Chief Financial Officer, would you respond to that question?

Lane J. Castleton

Yeah, I am not sure what kind of specifics that you wanted there, but we've talked about the majority of the increase there was attributable to what we were doing in the business development area, hired additional new employees. We had additional travel expenses, we were attending more trade shows and events like that to make contact with these key market customers, and those were the areas that caused our expenses to go up.

Richard Keim - Kensington Management

How about administrative, if you book that out? How much did that go up?

Lane J. Castleton

I couldn't give you those figures right now. I don't have those.

Richard Keim - Kensington Management

Okay, well maybe you guys can get back to me. There are two questions, just I'd like to see how you -- the backlog and number two on the SG&A, how it has been [decided up].

Lane J. Castleton

Yeah okay.

Richard Keim - Kensington Management

As I said, the future sounds wonderful, but if you would get back to me.

Glenn R. Rink

Yeah, absolutely and Lane has it all broken out on the SG&A. He is very-very good with that, and details. But he is also very careful about putting out numbers that are not exactly accurate.

Richard Keim - Kensington Management

Welcome aboard Lane, I think this is -- you are going to be a helpful factor in all of this.

Glenn R. Rink

Thank you for that. Thank you for your questions.

Richard Keim - Kensington Management

Sure. I am done.

Glenn R. Rink

Operator?

Operator

Our next question comes from Jim McIlree at Dominick & Dominick.

James McIlree - Dominick & Dominick

Thank you, and good morning. The $10 million in pipeline that you've referred to, I just want to make sure I understand, that is exclusively for the storm water market, is that correct?

Glenn R. Rink

Yes, that is correct.

James McIlree - Dominick & Dominick

Okay, and for that, just on that pipeline, is that primarily for or can you characterize it in terms of trials versus actual whole blown production systems that the customers have said? We know what your stuff does, now we just need to figure out if we are going to use it versus something else, and so it wouldn't be a [hands-on] trial, it would be, let's call it a production system. Can you characterize the pipeline in that respect, test trials versus production?

Glenn R. Rink

Sure, and the companies do of course characterize pipelines very differently. I am going to be very specific on how we do ours. Our pipeline does not include, at this point, the way we are characterizing it. Our expected future RFPs, it only pertains to actual active pending proposals and RFPs and 100% of the figure given today are commercial projects, none of them are pilot or demonstration type or testing type projects, nor do any of them contain such a contingent phase in the beginning. These are all straight commercial projects.

James McIlree - Dominick & Dominick

Great, that's helpful. Then again, just focusing on that $10 million pipeline, I want to make sure that, I understand you correctly. So there is dollars attached to it, so whether its Sandy dollars or regular operating dollars coming out of the budget that has been allocated for these kind of things. There's dollars, there's wood behind this. There's dollars allocated to execute on these projects?

Lane J. Castleton

Yes there is in 100% of the pipeline that we've reported.

Glenn R. Rink

And that is probably one of the most exciting parts about is, there are dollars there. Not dollars to be found and not dollars to be financed.

James McIlree - Dominick & Dominick

Great, and just one more, again, focusing on that pipeline. Can you characterize it in terms of how much of that is you bidding on your own, versus how much is you bidding as part of a team to do these projects?

Bjornulf White

It's a combination. Some of that, a minority Abtech is the prime technical solution, but is technically a subcontractor. A majority of it, Abtech is the prime, that is bidding on that, and in 100% of the situation, Abtech is going in with a team, either we being the prime, or having a (inaudible).

James McIlree - Dominick & Dominick

I am sorry, I just didn't quite hear you when you said the majority of the project that Abtech is the prime or isn't the prime?

Bjornulf White

Is the prime.

James McIlree - Dominick & Dominick

Is the prime. So it's legally the prime contractor on these?

Bjornulf White

Exactly.

James McIlree - Dominick & Dominick

Great. That's very helpful, thank you so much and good luck.

Glenn R. Rink

Thank you so much for your questions. Do we have time for another caller, operator?

Operator

Certainly, our last question comes from Tim Gillespie, a private investor.

Tim Gillespie - Private Investor

Yes, thank you for taking my call. I have a question, as far as the $10 million in the pipeline. Is there competition involved in this, or is this something that Abtech and people have looked at already, the customers, and give me a slightest estimate of the competition that you do face in this, and is your product that unique for storm water? And also, in the oil and gas, I know the reverse osmosis is taking a lot of that, and where would you stand against that?

Glenn R. Rink

I will let Bjornulf respond to that, I will just frame a little bit though of your first category, with regards to the projects that we have under the $10 million. They are all driven by the antimicrobial, and the antimicrobial technology, you have to understand, we have an EPA approved product, and so that really gives us a unique position, as well as our patents. But I am going to let Bjornulf give the details further, to try to give you that information and also to touch on the oil and gas question.

Tim Gillespie - Private Investor

All right. Thank you.

Bjornulf White

Yeah. Hi. As I am sure you can appreciate, these are all in the storm water segment, and this will always be the case for any of these municipal projects. They are all public agency competitive solicitations. So all of them are competitive projects. But we are confident, based on having educated the marketplace, including the specific customers and public agencies that put out these type of RFPs of our technology, and our solution and the advantages of it, and what I would say is that, our technologies are unique in the storm water segment. In that, they enable specific types of infrastructure projects, that otherwise would not be possible, and that's part of the uniqueness of our offering. So for example, on the antimicrobial technology, that is something that is very unique in the marketplace, not just in terms of patents and advantages, but also in terms of the actual approach that it enabled from an infrastructure perspective.

On the oil and gas side, there, the solicitation period and solicitation processes will be private processes. We will probably not be announcing them with as much detail as the storm water side. But again, those will be quicker, so the announcement on the awards of those will happen quicker. Is there anything -- again, realizing that we have to walk a fine line and be cautious there, is there anything more that I can offer to help?

Tim Gillespie - Private Investor

I think what I am getting at, maybe I didn't explain it well enough is, do you really have a lot of competition on both segments, or is your product that unique that you encapsulate the solution yourselves? Are you competing with the GEs of the world or the Siemens, that do get into some water applications?

Bjornulf White

On the oil and gas side, we absolutely are -- because we are agnostic to downstream systems, we absolutely can work with pretty much any treatment approach. So we are not really competitive as much as we are complementary to anything that's out there, which actually makes us a unique offering, because typically you do have a binary choice between two types of approaches, or two different types of technologies, let's say. But in our case, we will work with the reverse osmosis membrane, we will work with the electro-coagulation processes. We typically are very attractive to operators who are the end customer, because we enhance the overall economics.

As far as, when you are talking about storm water, if you are talking about storm water, the majority of the problems around bacteria, we have an approved ETA product, and it is, to my knowledge, the only approved product that has been approved for outdoor use. But besides that, we have 17 patents, of which five are around the antimicrobial. So it is very unique in its capabilities, and it has been approved for usage in the field and making claims. So it is, for storm water, if that is their interest, its storm water and their interest is putting pipes in the ground and not treating the water. But when you are getting into treating of water, that is a unique play for us, where approve to -- position to be it. So I hope that's helpful for you for today.

Tim Gillespie - Private Investor

It is yeah. Thank you very much.

Glenn R. Rink

Thank you very much. Operator?

Operator

Yes sir?

Glenn R. Rink

So I know we are out of time, I have gotten the message that we have exceeded our time and I thank everyone very much for calling in. I know there are still some questions that are there, and I would ask any of those folks that have questions to please give us a call, and I would provide you that number in just a moment to call directly where we are right now, so we can answer those questions for you; and I truly appreciate everyone's patience for this call, as well as those of you who have questions and that we were not able to answer it on the call. We promise you, we would to love to do that, right after it. So thank you for your time and your interest in Abtech.

One quick housekeeping note, especially for those on the East Coast, we are holding our annual shareholder meeting on June 3, 2013, at 10 a.m. Eastern Time. The meeting will be held in New York City, at Grannus Financial Services at 1120, Avenue of the Americas, which is the Hippodrome building at 44th and Sixth Avenue. All are welcome.

Also just a couple days prior, on May 30, also in New York, we will be presenting at the Annual Marcum Conference. I truly look forward to our next conference call when we can review the first quarter of 2013 and really in particular, having the opportunity potentially to meet you in May or June. In the meantime, those of you who have questions, if we are not able to answer it or anybody else, please feel free to contact myself or Yvonne Zappulla at 212-681-4108. Again it's 212-681-4108. You can also call the office if you have questions after today. Feel free to call the office and ask for myself or Lane Castleton or Jonathan Thatcher, and we would be happy to get any questions answered that you have.

With that, I thank you again, have a good day and a wonderfully long weekend.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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