ThermoEnergy Corporation Reports 74% Increase in Revenue for the Nine Months Ending September 30, 2011

WORCESTER, Mass., Nov. 15, 2011 /PRNewswire/ -- ThermoEnergy Corporation (OTCBB: TMEN), a diversified technologies company engaged in commercializing disruptive wastewater treatment and power generation technologies in global markets, today announced financial and operational results for the third quarter ended September 30, 2011.

(Logo: http://photos.prnewswire.com/prnh/20100816/CL50460LOGO )

Mr. Cary Bullock, President and Chief Executive Officer of ThermoEnergy said, "The third quarter and all of 2011 reflect management's dedication to the Company's strategic growth plan.  In addition to securing two recent commercial contracts, management has also expanded its product offerings and increased its project pipeline.  Management also greatly improved our balance sheet with an $8.1 million reduction of debt and established various industry relationships that we expect to provide near-term opportunities for the Company.  Additionally, ThermoEnergy continues to make progress on the manufacturing aspect of our New York City contract, and remains on target to complete the $13.4 million phase of the agreement on-time.  Going forward, the Company intends to ship a pilot system to major Chinese municipality for review of our Ammonia Recovery Process technology.  We are confident that our cost-saving solutions coupled with our blossoming relationships will continue to provide additional contracts, increased revenue, and improve overall shareholder value. Finally, we are developing very good visibility into 2012 revenue and expect significant growth next year."

2011 Third Quarter Operational and Financial Highlights:

• Increased Nine Month 2011 revenue 74%, to $3.6 million, compared to $2.1 million in Third Quarter 2010.
• Company has begun the $13.4 million manufacturing phase of our $27.1 million New York City contract.
• Signed a contract to supply a CAST® system that will be part of a new wastewater recovery system at a municipal treatment plant in the western region of the U.S.
• Partnered with Envirogen Ireland Ltd to aggressively pursue European markets for the recovery and recycling of Aircraft Deicing Fluids (ADF) from storm water.
• Signed a contract to supply a CAST® system that will recover and recycle glycol from spent antifreeze with a major recycling facility on the west coast.
• Signed an agreement with ProfiNutrients to introduce cost-effective Ammonia Recovery System to European biogas and municipal wastewater treatment markets.
• Improved Balance sheet via an $8.1 million reduction in debt.
• Preparing a pilot system to ship to a major Chinese municipality for ARP technology.

Revenues for the third quarter of 2011 were $1.2 million as compared to $0.6 million in the third quarter of 2010. Revenues for the first nine months of 2011 were $3.6M as compared to $2.1 million in for 2010, an increase of approximately 74%. Operating expenses increased in the first nine months of 2011 to $5.6 million compared to $5.3 million in 2010 as we expanded our sales activities internationally. EBITDA loss for the first nine months of 2011 was $4.4 million and $3.9 million in 2010.

Net loss attributable to common stockholders for the first nine months of 2011 was $0.28/share as compared to a loss of $0.29/share for the first nine months of 2010. Weighted average shares outstanding at the end of the third quarter of 2011 and 2010 were 56.5 million and 53.7 million, respectively.

The Company had cash on hand on September 30, 2011 of $1.8 million and is seeking additional financing for working capital needs.  

For additional details, please see our Form 10-Q filed with the SEC yesterday.

Investor Conference Call

The company will host a conference call this morning at 10:00 a.m. ET. Management will make a brief presentation focusing on the company's results, strategies and operating plans. Those wishing to dial in to the call via telephone can do so at Toll Free: 1-877-941-8418. Toll/International: 1-480-629-9809 Conference ID: 4487437.

A live webcast will be available at
http://viavid.net/dce.aspx?sid=00008FFF

About ThermoEnergy

Founded in 1988, ThermoEnergy is a diversified technologies company engaged in the worldwide development, sales and commercialization of patented and/or proprietary municipal and industrial wastewater treatment and power generation technologies. Additional information on the Company and its technologies can be found on its website at www.thermoenergy.com.

THIS PRESS RELEASE INCLUDES STATEMENTS THAT MAY CONSTITUTE "FORWARD LOOKING" STATEMENTS, USUALLY CONTAINING THE WORDS "ESTIMATE", "PROJECT", "EXPECT" OR SIMILAR EXPRESSIONS. FORWARD LOOKING STATEMENTS INHERENTLY INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM CURRENT EXPECTATIONS. BY MAKING THESE FORWARD LOOKING STATEMENTS, THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THESE STATEMENTS FOR REVISIONS OR CHANGES.

SOURCE ThermoEnergy Corporation