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US Geothermal posts lower Q1 adjusted EBITDA, reaffirms '16 outlook

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US Geothermal posts lower Q1 adjusted EBITDA, reaffirms '16 outlook

U.S.Geothermal Inc. on May 10 reported its first-quarter 2016 financialresults and reaffirmed its full-year guidance.

First quarter adjusted EBITDA fell to $4.8 million from $5.1million, while adjusted net income attributable to the company dropped to$990,000, or 1 cent per share, from $1.2 million, or 1 cent per share in theprior-year period

On a GAAP basis, net income attributable to the company forthe first quarter of the year fell to $150,000, compared to $730,000, or 1 centper share in the same period in 2015. The result was largely affected by aone-time non-recurring payment of $750,000 associated with financial advisoryservices and related costs.

"Our first quarter demonstrated steady and reliableperformance from our operating assets. However our results were negativelyimpacted by onetime expenses associated with financial advisory services,"U.S. Geothermal CEO Dennis Gilles said.

U.S. Geothermal's fleet generated a total of about 93.8 GWhfor the 2016 first quarter compared to 95.9 GWh in the 2015 first quarter.

The company continues to target full-year 2016 adjustedEBITDA between $15 million and $19 million, operating revenue between $29million and $34 million, and adjusted net income between $4 million and $8million.