U.S. Geothermal Inc. on March 8 reported adjusted EBITDA of $5 million during the fourth quarter of 2017, down from $6.4 million in the same quarter of 2016.
Net income attributable to the company for fourth quarter 2017, as adjusted, was flat at $1.8 million, compared to the same period of 2016.
On a GAAP basis, U.S Geothermal reported a fourth quarter 2017 net loss attributable to the company of $260,000, or a loss of 1 cent per share, from net income of $950,000, or 5 cents per share, in fourth quarter 2016.
Operating revenues for the company during fourth quarter 2017 were $10.50 million, compared with $10.6 million in the prior-year quarter.
On a full-year basis, adjusted EBITDA was $15.0 million, compared to $17.1 million recorded in 2016. Net income attributable to the company for 2017 as adjusted was $1.1 million, lower than $2.0 million in 2016. Operating revenues in 2017 were $32.1 million, compared to $31.5 million in 2016.
"While we made up a significant amount of the generation lost due to the mechanical issues suffered at two of our plants earlier in the year, the repair costs and the non-recurring costs negatively impacted our financial results for the year," said Douglas Glaspey, U.S. Geothermal interim CEO. "We remain on schedule to close the previously announced merger agreement with Ormat Technologies Inc. and expect the transaction to close in the second quarter of 2018."
Ormat Technologies plans to acquire U.S. Geothermal in an all-cash transaction for a total consideration of approximately $109.9 million.
