HIGHLANDS RANCH, Colo. (AP) -- ADA-ES Inc. on Thursday reported a larger-than-anticipated loss for its fourth quarter, as increased costs offset revenue gains in its coal business.
The Littleton, Colo., company's products help coal-burning power plants reduce emissions and meet government regulations.
ADA-ES posted a net loss of $5.4 million, or 54 cents per share, for the quarter that ended Dec. 31. That compares with net income of $17.2 million, or $1.90 per share, in the same quarter of the prior year. The previous period included a non-cash $20.0 million gain for the settlement of an indemnity claim.
Total revenue increased to $67.4 million from $24.6 million. The gains were largely due to a threefold increase in lease payments related to its refined coal facilities. Revenue from its emission controls business increased 40 percent.
The revenue gains were offset by refined coal revenue costs that more than tripled to $58 million. Administrative, research and development, and depreciation and amortization expenses more than doubled to $10 million.
Analysts polled by FactSet expected a loss of 42 cents per share for the period on revenue of $79 million.
President and CEO Michael Durham said that the company achieved a number of milestones in 2012 that will serve as the foundation for future growth; including adding new facilities, an acquisition and the establishment of a key joint partnership.
ADA-ES shares fell 28 cents to $26.79 in afternoon trading.