Delaware
(State of Incorporation)
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001-34023
(Commission File Number)
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84-1472231
(I.R.S. Employer Identification)
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Exhibit No.
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Description
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3.1
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Certificate of Amendment of the Certificate of Incorporation of U.S. Geothermal Inc.
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99.1
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Press Release dated November 9, 2016.
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99.2 | Corporate Presentation, Q3 2016 Earnings Call. | |
Dated: November 9, 2016
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U.S. Geothermal Inc.
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By:
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/s/ Kerry D. Hawkley
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Kerry D. Hawkley
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Chief Financial Officer and Secretary
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Exhibit No.
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Description
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3.1
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Certificate of Amendment of the Certificate of Incorporation of U.S. Geothermal Inc.
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99.1
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Press Release dated November 9, 2016.
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99.2 | Corporate Presentation, Q3 2016 Earnings Call. | |
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U.S. GEOTHERMAL, INC.
By:
/s/ Kerry D. Hawkley
Kerry D. Hawkley
Chief FInancial Officer
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·
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Sixteenth consecutive quarter of positive EBITDA and Cash Flow from Operations
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·
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Approved 1 for 6 share consolidation to begin trading on a split-adjusted basis on November 10, 2016
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·
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Testing newly drilled wells at San Emidio II indicates large commercial resource
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·
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Drilling and testing of first large diameter well at El Ceibillo confirms commercial resource
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·
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Completed drilling new well leg at Raft River and placed into service
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Summary for the First Nine Months of 2016 Financial Results:
(in millions, except per share amounts)
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Nine Months Ended September 30 | |||
2016
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2015
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|||
Operating Revenue
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$
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20.90
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$
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21.26
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EBITDA
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$
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8.74
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$
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9.86
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Adjusted EBITDA
*
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$
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10.63
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$
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10.91
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Net Income
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$
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1.07
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$
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1.81
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Net Income, As Adjusted
*
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$
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1.76
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$
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2.28
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Net Income Attributable to US Geothermal
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$
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(0.49)
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$
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0.78
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Per Share
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$
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(0.00)
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$
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0.01
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Net
Income Attributable to US Geothermal, As
Adjusted
*
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$
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0.20
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$
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1.25
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Per Share, As Adjusted
*
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$
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0.00
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$
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0.01
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Website
:
www.usgeothermal.com
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NYSE
MKT
: HTM
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(in millions)
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|||
Operating Revenue
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$
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29 – 34
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Adjusted EBITDA
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$
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15 – 19
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EBITDA
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$
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14 – 18
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Net Income, As Adjusted
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$
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4 – 8
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(in millions)
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Adjusted EBITDA
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$
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9 – 12
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Net Income, As Adjusted
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$
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1 – 4
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·
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Received draft Small Generator Interconnection Agreement from Nevada Energy for the 10 MW San Emidio II expansion, increasing San Emidio interconnection allowed from 16 MW to 19.9 MW.
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·
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Completed the drilling of a second production leg on well RRG-2 at Raft River. The well is now back in production and heat up is in progress.
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·
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Completed the drilling and testing of a production size well at El Ceibillo in Guatemala. Results confirm the shallow resource is commercial.
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U.S. Geothermal Inc.
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390 E Parkcenter Blvd, Ste 250, Boise, ID www.usgeothermal.com
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208-424-1027
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·
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Completed the deepening and testing of two existing temperature gradient wells at San Emidio II. Both wells encountered high permeability and a resource that is 44°F hotter than Phase I resource.
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·
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Adjusted Projected Commercial Operation Dates for advanced development projects.
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·
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Finalized award of the $1.5 million grant by the Department of Energy for Crescent Valley and San Emidio to advance resource evaluation through innovative techniques.
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-
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Achieved average availabilities for the Third Quarter for each plant (excluding planned maintenance hours) as follows: Neal Hot Springs – 99.5%, Raft River – 100%, and San Emidio – 99.2%.
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-
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Generated fleet wide total 66,055 megawatt-hours for the period, as compared to 68,372 megawatt-hours in the prior year.
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-
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Generation during the quarter was negatively impacted by:
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o
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Unit 3 at Neal Hot Springs underwent its annual outage in September for 10.5 days
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o
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Loss of production from well RRG-2 at Raft River for 2½ months of the quarter. This caused approximately 2,210 megawatt-hours of lost production.
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-
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Completed drilling the second leg on Raft River well RRG-2, in an attempt to increase overall power generation.
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-
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Increased outreach and market visibility.
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-
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Elected two new independent directors to our Board of Directors and expanded the board to seven members.
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-
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Received approval from stockholders and board approved a 1 for 6 share consolidation and will begin trading on a split-adjusted basis when the market opens on November 10, 2016.
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-
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Ended the First Nine Months with $240.1 million in Total Assets, Cash and Cash Equivalents of $13.1
million, and Restricted Cash of $28.7
million.
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U.S. Geothermal Inc.
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390 E Parkcenter Blvd, Ste 250, Boise, ID www.usgeothermal.com
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208-424-1027
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U.S. Geothermal Inc.
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390 E Parkcenter Blvd, Ste 250, Boise, ID www.usgeothermal.com
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208-424-1027
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Operating Revenue by Quarter:
(in millions)
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Q1
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Q2
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Q3
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Q4
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||||
2016
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$
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8.50
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$
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5.66
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$
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6.74
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$
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tbd
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2015
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$
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8.47
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$
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5.86
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$
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6.93
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$
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9.94
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·
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Impact by Item
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o
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Neal Unit 3 scaling and NHS-8 pump replacement impact of $1.14 million
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o
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SE refrigerant pump breakdown impact of $0.34 million
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o
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RRG-2 pump breakdown and redrill revenue loss impact of $0.82 million
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First Nine Months Financial Results (Consolidated): | Nine Months Ended September 30 | ||||
(in millions)
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2016
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2015
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Net Income
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$
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1.07
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$
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1.81
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Interest
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$
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3.22
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$
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2.86
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Income Taxes Expense
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$
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(0.30)
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$
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0.47
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Depreciation & Amortization
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$
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4.75
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$
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4.72
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EBITDA
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$
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8.74
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$
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9.86
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Exploration costs, Stock based comp.
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$
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0.90
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$
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1.05
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Non-recurring – Financial Advisory and Marketing Fees
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$
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0.99
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$
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0.00
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Adjusted EBITDA
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$
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10.63
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$
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10.91
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Full Year Guidance (Consolidated):
(in millions)
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2016
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Net Income
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$
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2.5 – 6.5
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Income Taxes Expense
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$
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1.0
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Interest
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$
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3.6
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Depreciation & Amortization
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$
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6.5
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EBITDA
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$
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13.6 – 17.6
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Exploration costs, Stock based compensation, and Non-recurring
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$
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1.7
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Adjusted EBITDA
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$
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15.3 – 19.3
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Net Income, As Adjusted (Consolidated): | Nine Months Ended September 30 | |||
(in millions, except per share amounts)
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2016
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2015
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Net Income
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$
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1.07
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$
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1.81
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Income Taxes Expense
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$
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(0.30)
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$
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0.47
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Non-recurring – Financial Advisory and Marketing Fees
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$
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0.99
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$
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0.00
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Net
Income, As
Adjusted
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$
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1.76
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$
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2.28
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2016
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Net Income
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$
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2.5 – 6.5
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Income Taxes Expense
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$
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1.0
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Non-recurring Expenses
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$
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0.0
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Net
Income, As
Adjusted
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$
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3.5 – 7.5
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First Nine Months Financial Results (Attributable to US Geothermal): | Nine Months Ended September 30 | ||||
(in millions)
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2016
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2015
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Net Income
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$
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(0.49)
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$
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0.78
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Interest
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$
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2.73
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$
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2.32
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Income Taxes Expense
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$
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(0.30)
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$
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0.47
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Depreciation & Amortization
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$
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2.45
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$
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2.44
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EBITDA
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$
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4.39
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$
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6.01
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Exploration costs, Stock based comp.
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$
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0.90
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$
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1.05
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Non-recurring – Financial Advisory and Marketing Fees
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$
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0.99
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$
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0.00
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Adjusted EBITDA
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$
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6.28
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$
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7.06
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Full Year Guidance (Attributable to US Geothermal):
(in millions)
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2016
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Net Income
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$
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0.1 – 2.6
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Income Taxes Expense
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$
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1.0
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Interest
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$
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3.0
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Depreciation & Amortization
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$
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3.4
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EBITDA
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$
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7.5 – 10.0
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Exploration costs, Stock based compensation, and Non-recurring
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$
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1.7
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Adjusted EBITDA
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$
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9.2 – 11.7
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Net Income, Attributable to US Geothermal, As Adjusted | Nine Months Ended September 30 | |||
(in millions, except per share amounts)
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2016
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2015
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Net Income Attributable to US Geothermal
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$
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(0.49)
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$
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0.78
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Income Taxes Expense
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$
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(0.30)
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$
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0.47
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Non-recurring – Financial Advisory and Marketing Fees
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$
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0.99
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$
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0.00
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Net
Income Attributable to US Geothermal, As
Adjusted
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$
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0.20
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$
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1.25
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Per Share, As Adjusted
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$
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0.00
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$
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0.01
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2016
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||||
Net Income Attributable to US Geothermal
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$
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0.1 – 2.6
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Income Taxes Expense
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$
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1.0
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Non-recurring Expenses
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$
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0.0
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Net
Income Attributable to US Geothermal, As
Adjusted
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$
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1.1 – 3.6
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U.S. Geothermal Inc.
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390 E Parkcenter Blvd, Ste 250, Boise, ID www.usgeothermal.com
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208-424-1027
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·
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Non-recurring Expenses
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o
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Financial Advisory and related costs of $0.75 million
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o
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Enhanced marketing program cost of $0.15 million
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o
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Costs associated with share consolidation of $0.09 million
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