U.S. Geothermal, Inc, reports First Six Months 2013 Results, confirms 2013 Guidance and Provides 2014 Guidance

U.S. Geothermal Inc. (NYSE MKT: HTM, TSX: GTH) today reported EBITDA for the first six months of 2013 of $5.18 million, compared to ($2.85) million in the
prior year period. Net Income for the first six months was $0.27 million compared to a Net Loss of $(4.24) million in the prior year period. Net Income (Loss) attributable to U.S. Geothermal for the first six months of 2013 was $0.01 million, or $0.00 per share, compared to $(2.57) million, or $(0.03) per share, in the prior year period. Cash & cash equivalents for the first six months of 2013 increased $35.37 million compared to an increase in cash & cash equivalents of $1.99 million in the prior year period.

“Our second quarter results were in line with our expectations, driven by outages at all three of our facilities to make necessary modifications and repairs,” said Dennis Gilles, U.S. Geothermal’s Chief Executive Officer. “The second quarter of the year has the lowest energy prices for two of our plants and was the optimal time to make the desired modifications and upgrades, minimizing the overall economic impact. All three facilities are now operating as expected and we look forward to high availabilities for the balance of the year which has the highest energy prices. Even with the decreased availabilities this quarter, we were still able to achieve positive EBITDA, Net Income, and Cash Flows for the year to date. We also wish to confirm our prior 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 $13.7 million, and now provide 2014 full-year guidance for our Operating Revenues of between $27.9 to $29.5 million, and our EBITDA estimate of between $13.8 to $15.2 million.”

U.S. Geothermal Inc. will host a telephone conference call for investors and analysts on Thursday, August 15th, 2013 at 11:00 a.m. ET (9:00 a.m. MT) to discuss their 2013 2nd Quarter Financials (April 1st – June 30th, 2013), which will be filed after the Market Close on Wednesday August 14th, 2013.

The conference call may be accessed by dialing (877) 407-8133 in the United States or Canada, or (201) 689-8040 internationally. A simultaneous webcast of the conference call will be provided through: http://www.investorcalendar.com/IC/CEPage.asp?ID=171370

Recent Achievements:
• Operations:
– Generated fleet wide total 65,303 MWh in the second quarter of 2013
– Delivered quarterly average availabilities of: Raft River – 89.3%, San Emidio – 91.5%, Neal Hot Springs – 72.2%
– Continued with final commissioning completion activities at Neal Hot Springs including 15-20 day outages at each plant to make final corrections, and received the certificate of final completion from the EPC contractor on June 27, 2013. Held 6 and 10 day planned outages at San Emidio and Raft River respectively to make normal repairs, upgrade equipment, and conduct warranty modifications.
– Completed drilling resource confirmation well at El Ceibillo project in Guatemala, and began well testing.
– Prepared for start of drilling at San Emidio 2 plant expansion.

• Cash Management:
– Engaged broker to sell Business Energy Tax Credits certified by the Oregon Department of Energy. Neal Hot Springs project qualifies for $10.0 million Business Energy Tax Credit (BETC), and US Geothermal projects that $7.36 million in cash (less fees) will be received when BETC is monetized.
– Began settlement discussions with Enbridge on final ownership interest at Neal Hot Springs
– Continued completion of CP’s to finalize DOE loan draws for Neal Hot Springs.
– Reached final settlement with TAS Energy regarding final payment for Neal Hot Springs.
– Continued completion of CP’s required toward close of San Emidio long term financing.
– Reached final settlement and entered short term bridge loan agreement with SAIC for San Emidio
– Received final loan advance from DOE after completing all required CP’s.

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.

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.

Source: U.S. Geothermal

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