Business
Advanced Emissions Solutions Reports Second Quarter 2020 Results
Cash distributions from Tinuum Group total $15.4 million in the quarter GREENWOOD VILLAGE, Colo., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Advanced Emissions
About this update from Arq, Inc.
[{"type":"text","content":"Cash distributions from Tinuum Group total $15.4 million in the quarter\nGREENWOOD VILLAGE, Colo., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (NASDAQ: ADES) (the \"Company\" or \"ADES\") today filed its Quarterly Report on Form 10-Q and reported financial results for the second quarter ended June 30, 2020, including information about its equity investments in Tinuum Group, LLC (\"Tinuum Group\") and Tinuum Services, LLC (\"Tinuum Services\") (collectively \"Tinuum\"), of which ADES owns 42.5% and 50%, respectively.\n Tinuum & Refined Coal (“RC”) Highlights Tinuum distributions to ADES for the second quarter were $15.4 million compared to $18.6 million in the prior year, a decrease of 17%Royalty earnings from Tinuum Group in the second quarter were $3.3 million compared to $4.2 million in the prior year, a decrease of 21%RC Segment operating income in the second quarter was $10.8 million compared to $24.6 million in the prior yearRC Segment Adjusted EBITDA in the second quarter was $18.1 million compared to $22.6 million in the prior yearBased on 20 invested RC facilities as of June 30, 2020, expected future net RC cash flows to ADES are projected to be between $100 million and $125 million through year end 2021During July 2020, Tinuum completed two additional RC transactions, potentially adding $5.0 million - $7.0 million in cash flows to ADES through year end 2021 Power Generation and Industrials (\"PGI\") Highlights Recognized second quarter segment revenue of $7.1 million, compared to $11.0 million in the prior yearDuring the quarter, the Company recorded a pre-tax, non-cash impairment charge of which approximately $23.2 million are related to long-lived assets in the PGI segmentSegment operating loss in the second quarter was $25.7 million most significantly due to the impairment charge, compared to an operating loss of $3.9 million in the prior yearSegment Adjusted EBITDA loss in the second quarter was $1.0 million, compared to a segment Adjusted EBITDA loss of $3.1 million in the prior year ADES Consolidated Highlights Consolidated revenue was $11.5 million during the second quarter compared to $15.6 million in the prior yearDuring the quarter, the Company recorded a pre-tax, non-cash impairment charge of approximately $26.1 million related to long-lived assetsConsolidated net loss was $23.8 milli...