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ThermoEnergy Corp. (TMEN) Posts Q2 Results reflecting Dramatic Growth in Sales

ThermoEnergy Corp., a diversified technologies company engaged in the municipal and industrial wastewater treatment and power generation technologies, today announced its second-quarter financial and operational results for the three months ended June 30, 2011.

Revenues for the second quarter of 2011 increased 51 percent to $1.4 million compared to $0.3 million in the second quarter of 2010. Revenues for the first half of 2011 increased 70 percent to $2.4 million compared to $1.4 million in the first half of 2010, reflecting the company’s transition from legacy business to its new business model.

Net loss for the second quarter of 2011 was $2.9 million, or $(0.05) per share, compared to a loss of $5.5 million, or $(0.10) per share, in the second quarter of 2010. The company reported a net loss attributable to common stockholders for the first half of 2011 at $(0.10) per share as compared to a loss of $(0.14) per share for the first half of 2010.

“Our second-quarter results reflect significant improvement in the company’s business. Our management team is pleased that we were able to dramatically grow our sales. Throughout the quarter we successfully expanded our global sales pipeline and signed a sales representative agreement in China for the commercialization of our municipal and industrial wastewater treatment technology. This new sales representative agreement has already proven to be a major success as it led to the signing of a LOI with a large Chinese municipality,” Cary Bullock, president and CEO of ThermoEnergy stated in the press release.

Bullock said the company is prepared to launch the next phase of its New York City project, which is expected to generate $13.4 million in revenue over the next several quarters, positioning the company for continued growth through 2012.

“Now that we have begun the manufacturing phase of our New York City project we expect it will assist us in attracting additional wastewater treatment projects throughout the world. Our management team and sales force are working diligently to convert projects from our pipeline into revenue producing contracts,” Bullock stated. “We remain focused on developing key strategic relationships and expanding the market presence for our energy technology to further enhance our revenues.”

For more information visit thermoenergy.com

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