BOISE, IDAHO--(Marketwired - May 14, 2013) - U.S. Geothermal Inc. (TSX:GTH)(NYSE MKT:HTM) -

Summary of First Quarter 2013 Financial Results (in millions, except per share amounts):
Three Months Ended March 31
2013 2012
Operating Revenues $ 7.09 $ 1.16
EBITDA $ 4.38 $ (1.72)
Net Income (Loss) $ 2.24 $ (2.42)
Net Income (Loss) Attributable to U.S. Geothermal $ 1.39 $ (1.64)
Per Share $ 0.01 $ (0.02)
Increase (Decrease) in Cash and Cash Equivalents $ 3.56 $ (2.10)
2013 Full Year Guidance (in millions, except per share amounts):
Operating Revenue $ 25.9-26.8
EBITDA $ 12.5-13.4

Recent Achievements:

  • Operations:
    • Generated fleet wide total 84,896 MWh in the first quarter of 2013
    • Delivered quarterly average availabilities of: Raft River - 97.7%, San Emidio - 94.6%, Neal Hot Springs - 79.8%
    • Following fourth quarter commercial operation of Neal Hot Springs, continued with final commissioning completion activities.
    • Began drilling resource confirmation well at El Ceibillo project in Guatemala.
  • Cash Management:
    • Received $32.75 million 1603 Investment Tax Credit Cash Grant from Department of Treasury for Neal Hot Springs
    • Received remaining $1.05 million 1603 Investment Tax Credit Cash Grant from Department of Treasury for San Emidio
    • Received Final Certification from Oregon Department of Energy qualifying our Neal Hot Springs project for a $10.0 million Business Energy Tax Credit (BETC). US Geothermal projects that $7.36 million in cash will be received when BETC is monetized.
    • Continued completion of CP's required toward close of San Emidio long term financing.

Reconciliation of EBITDA:

EBITDA is calculated as net income before interest, income taxes, depreciation and amortization, and is not a measurement of financial performance or liquidity under generally accepted accounting principles in the United States. EBITDA is presented as a metric commonly used by securities analysts, investors and other interested parties in the evaluation of a company's ability to service and/or incur debt.

First Quarter 2013 Financial Results Three Months Ended March 31
2013 2012
Net Income (Loss) $ 2.24 $ (2.42)
Interest $ 0.48 $ 0.00
Income Taxes $ 0.00 $ 0.00
Depreciation & Amortization $ 1.66 $ 0.70
EBITDA $ 4.38 $ (1.72)
Full Year Guidance 2013
Net Income (Loss) $ 4.5-5.4
Interest $ 3.2
Income Taxes $ 0
Depreciation & Amortization $ 4.8
EBITDA $ 12.5-13.4

U.S. Geothermal Inc. (TSX:GTH)(NYSE MKT:HTM) today reported first quarter 2013 EBITDA of $4.38 million, compared to ($1.72) million in the prior year period. Net Income for the first quarter was $2.24 million compared to a Net Loss of $(2.42) million in the prior year period. Net Income (Loss) attributable to US Geothermal for the first quarter of 2013 was $1.39 million, or $0.01 per share, compared to $(1.64) million, or $(0.02) per share, in the prior year period. Cash & cash equivalents for the first quarter 2013 increased $3.56 million compared to a decrease in cash & cash equivalents of $(2.10) million in the prior year period.

"Our first quarter results were in line with our expectations, driven by improved operations at our San Emidio power plant and the successful startup and commissioning of the Neal Hot Springs power plant in the fourth quarter of 2012," said Dennis Gilles, U.S. Geothermal's Chief Executive Officer. "It is worth noting that the fourth quarter of 2012, and this first quarter of 2013 are the first two quarters that the company has experienced positive EBITDA, Net Income, and Cash Flows, since the company was started nearly 10 years ago. We are very proud of this accomplishment and grateful for the hard work and commitment of our U.S. Geothermal team and all others that have supported them and been involved in these projects to make this happen. We also wish to provide our 2013 full-year guidance for our Operating Revenues of between $25.9 to $26.8 million, and our EBITDA estimate of between $12.5 to $13.4 million."

U.S. Geothermal Inc. (TSX:GTH)(NYSE MKT:HTM) will host a telephone conference call for investors and analysts on Tuesday, May 14th, 2013 at 11:00 a.m. ET (9:00 a.m. MT) to discuss their 2013 1st Quarter Financials (January 1st - March 31st, 2013), which will be filed after the Market Close on Monday, May 13th, 2013.

The conference call may be accessed by dialing (877) 407-8031 in Canada and the United States, or (201) 689-8031 internationally. A simultaneous webcast of the conference call will be provided through:

Please visit our Website at:

About U.S. Geothermal:

U.S. Geothermal Inc. is a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy and is operating geothermal power projects at Raft River, Idaho, San Emidio, Nevada and Neal Hot Springs, Oregon. The company is developing El Ceibillo, an advanced stage, steam geothermal prospect located within a 24,710 acre (100sq km) energy rights concession area located 8.5 miles (14 km) from Guatemala City, the largest city in Central America.

The information provided in this news release may contain forward-looking statements within the definition of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements are based on U.S. Geothermal Inc.'s current expectations and beliefs and are subject to a number of risks and uncertainties that can cause actual results to differ materially from those described. Readers are cautioned to review the risk factors identified by the company in its filings with Canadian and US securities agencies. Forward-looking statements are based on management's expectations, beliefs and opinions on the date the statements are made. U.S. Geothermal Inc. assumes no obligation to update forward-looking statements if management's expectations, beliefs, or opinions, or other factors, should change.

The NYSE MKT and the TSX do not accept responsibility for the adequacy of this release.

Contact Information:

U.S. Geothermal Inc.
Saf Dhillon
Investor Relations
208-424-1030 (FAX)