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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
Ram Power Announces Continued Strong Operating Results for Third Quarter of 2012

RENO, NV -- (Marketwire) -- 11/14/12 -- Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce its operating results for the third quarter ended September 30, 2012. This earnings release should be read in conjunction with Ram Power's financial statements, and management's discussion and analysis ("MD&A"), which are available on the Company's website at and have been posted on SEDAR at


The achievement of commercial operation of the Phase I expansion at San Jacinto in January 2012 continued to generate strong year-over-year revenue growth for the Company of $6.9 million and $20.3 million for the three and nine months ended September 30, 2012, respectively, compared to $1.3 million and $3.3 million for the same periods in 2011. Adjusted EBITDA, as defined below, increased to $3.1 million and $9.2 million for the three and nine months ended September 30, 2012 compared to $(3.8) million and $(13.1) million for the three and nine months ended September 30, 2011.

Significant highlights include:

  • In October 2012, the Company received a 17% increase to the power sales tariff under its power purchase agreement for the San Jacinto project, effective October 1, 2012, with annual escalation of 3% through and including 2022 and 1.5% thereafter through 2028;
  • The new tariff is expected to result in an increase in annual revenue of approximately $10 million when the San Jacinto Project reaches the full production capacity of the 72 MW expansion;
  • Revenue increased 452% and 511% for the three and nine months ended September 30, 2012, respectively, compared to the same periods in 2011;
  • Adjusted EBITDA increased $6.9 million and $22.3 million for the three and nine months ended September 30, 2012, respectively, compared the same periods in 2011;
  • The San Jacinto-Tizate Phase I expansion (the "Phase I Expansion") operated with a net capacity factor of 97%, and 98% availability for the quarter;
  • The San Jacinto-Tizate Phase II expansion continues to progress on schedule and on budget, with a projected commercial operation date in December 2012; and
  • In August 2012, the Company submitted an application to the Nicaragua Ministry of Energy and Mines for rights to obtain an exploitation concession for the Casita project.


The financial results of Ram Power for the three and nine months ended September 30, 2012 and 2011 and certain key balance sheet items as at September 30, 2012 and December 31, 2011 are summarized below:

                     For the three months ended   For the nine months ended
(all figures in U.S    September     September     September     September
 dollars)              30, 2012      30, 2011      30, 2012      30, 2011
                     ------------  ------------  ------------  ------------
                                   (As Restated)               (As Restated)
Total revenue        $  6,923,134  $  1,253,362  $ 20,289,964  $  3,320,408
Direct cost            (1,157,363)     (419,228)   (3,238,738)   (1,321,096)
Gross profit            5,765,771       834,134    17,051,226     1,999,312
General and
 expenses              (3,075,891)   (4,321,213)   (8,249,508)  (12,762,425)
Depreciation and
 amortization          (3,190,193)     (546,413)   (9,594,127)   (1,622,220)
Other operating
 costs                   (423,395)            -      (878,021)            -
Operating income
 (loss)                  (923,708)   (4,033,492)   (1,670,430)  (12,385,333)
Other gains and
 losses                 1,077,760    11,315,081     4,881,944     5,300,873
Deferred taxes                  -       897,683             -     2,469,165
Total income (loss)
 and comprehensive
 income (loss)         (3,174,100)    7,434,881    (5,668,840)   (5,725,512)
Total income (loss)
 and comprehensive
 income (loss) per
 share               $      (0.01) $       0.03  $      (0.02) $      (0.03)
Adjusted EBITDA         3,149,011    (3,770,282)    9,180,724   (13,070,603)

                                ---------------------  ---------------------
                                        As at                  As at
                                  September 30, 2012     December 31, 2011
                                ---------------------  ---------------------
                                                           (As Restated)
Cash                            $          42,994,213  $          57,195,330
Total assets                              533,985,700            510,825,081
Long-term debt, net                       196,573,148            212,984,403
Total liabilities                         276,036,733            248,321,132
Working capital                           (17,477,324)            42,918,495

For the three months ended September 30, 2012, the Company reported revenue of $6.9 million and a net loss of $3.2 million ($0.01 per share) versus revenue of $1.3 million and net income of $7.4 million ($0.03 per share) for the same period in 2011. Increased revenue resulted from the Phase I Expansion being placed in service in January 2012.

For the nine months ended September 30, 2012, the Company reported revenue of $20.3 million and a net loss of $5.7 million ($0.02 per share) versus revenue of $3.3 million and a net loss of $5.7 million ($0.03 per share) for the same period in 2011. Increased revenue resulted from the Phase I Expansion being placed in service in January 2012.

Adjusted EBITDA increased to $9.2 million for the nine months ended September 30, 2012 from Adjusted EBITDA of $(13.1) million in the prior year's comparable period. The increase in Adjusted EBITDA of $22.3 million principally resulted from:

  • $15.1 million increase in gross profit from San Jacinto operations;
  • $3.3 million increase due to the 2011 delay damages and other gains and losses;
  • $2.7 million increase due to reduced salaries and benefits related to the 2011 Company restructuring;
  • $1.6 million increase due to reduced supplier taxes; and
  • $0.4 million decrease due to other expenses.

For the nine months ended September 30, 2012, the Company used $4.9 million of cash for operating activities and $44.3 million for additions to geothermal properties and other capital assets, with $38 million of cash provided by the San Jacinto Phase II credit facility less $2.9 million in repayments of the San Jacinto Phase I credit facility. As of September 30, 2012, the Company had cash of approximately $43 million, of which $36 million was held for use in the San Jacinto project and operations.

Negative working capital as of September 30, 2012 resulted from the reclassification to current portion of long-term debt of the $50 million corporate credit facility, which matures on September 30, 2013.

"The Company has made substantial progress in the quarter and I am pleased with the results," stated Shuman Moore, President and CEO of Ram Power. "The favorable conclusion of the tariff negotiation improves our capability to deliver low-cost base load electricity to Nicaragua and demonstrates our continued positive working relationship with the Nicaraguan government and Disnorte-Dissur, the power purchaser for the San Jacinto project. Once the Phase II unit is in commercial operation and the San Jacinto project reaches its full 72MW net output, the higher tariff is expected to increase annual revenue and EBITDA by approximately $10 million."


In its financial statements for the year ended December 31, 2011, the Company incorrectly reversed stock compensation expense for forfeitures of vested stock options, which resulted in a $3.8 million understatement of stock compensation expense. Accordingly, the Company has restated its financial statements and MD&A for the year ended December 31, 2011 to correct the error. The error and its correction had no effect on the Company's cash flows, cash balances or total equity. The restated financial statements and MD&A are available on the Company's website at and have been posted on SEDAR under the Company's profile at

Ram Power will hold its earnings call to discuss the third quarter ending September 30, 2012 financial and operating results on Thursday, November 15, 2012 at 10:00 am EST (7:00 am PST). To listen to the call, please dial 1-866-696-5910 by entering the participant pass code 8897919, or on the web at

About Ram Power, Corp.

Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties, and has interests in geothermal projects in the United States, Canada, and Latin America.


Certain non-GAAP measures referenced in this news release have no standardized meaning under International Financial Reporting Standards ("IFRS") and, therefore, are unlikely to be comparable to similar measures presented by other issuers. Where we reference non-GAAP measures, we provide definitions. For example, EBITDA is commonly defined as earnings before interest, taxes, depreciation and amortization. EBITDA is most directly comparable to the GAAP measure operating income or loss, except that depreciation and amortization expenses are included and other gains and losses are excluded in measuring operating income or loss, but depreciation and amortization expenses are excluded and other gains and losses are included in measuring EBITDA. Accordingly, where EBITDA measures are disclosed by the Company, they equal operating income or loss plus depreciation and amortization expenses and other gains, less other losses. Although a non-GAAP measure, management believes users of the Company's financial information find EBITDA and EBITDA adjusted to exclude non-cash stock compensation expense and credits, and warrant liability gains and losses ("Adjusted EBITDA") useful in assessing the Company's financial performance. In the Company's earnings releases, consolidated financial statements and MD&As, unless otherwise noted, all financial data is prepared in accordance with IFRS.

Cautionary Statements

This news release contains certain "forward-looking information" which may include, but is not limited to, statements with respect to future events or future performance, management's expectations regarding the Company's growth, results of operations, estimated future revenue, requirements for additional capital, revenue and production costs, future demand for and prices of electricity, business prospects and opportunities. In addition, statements relating to estimates of recoverable geothermal energy "reserves" or "resources" or energy generation are forward-looking information, as they involve implied assessment, based on certain estimates and assumptions, that the geothermal resources and reserves described can be profitably produced in the future. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current geothermal energy production, development and/or exploration activities and the accuracy of probability simulations prepared to predict prospective geothermal resources; changes in project parameters as plans continue to be refined; possible variations of production rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the geothermal industry; political instability or insurrection or war; labor force availability and turnover; delays in obtaining governmental approvals or in the completion of development or construction activities, or in the commencement of operations; as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form. These factors should be considered carefully and readers of this news release should not place undue reliance on forward-looking information.

Although the forward-looking information contained in this news release is based upon what management believes to be reasonable assumptions, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The information in this news release, including such forward-looking information, is made as of the date of this news release and, other than as required by applicable securities laws, Ram Power assumes no obligation to update or revise such information to reflect new events or circumstances.

Steven Scott
Director of Investor Relations
Ram Power, Corp.
Phone: 775-398-3711
Email: Email Contact

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