Business
Advanced Emissions Solutions Reports Second Quarter 2021 Results
Company reports continued improvement in APT segment, updates forecast for expected future after-tax net RC cash flows of $30 million to $40 million GREENWOOD
About this update from Arq, Inc.
[{"type":"text","content":"Company reports continued improvement in APT segment, updates forecast for expected future after-tax net RC cash flows of $30 million to $40 million\nGREENWOOD VILLAGE, Colo., Aug. 09, 2021 (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 quarter ended June 30, 2021, 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. Tinuum & Refined Coal (“RC”) Highlights Tinuum's second quarter distributions to ADES totaled $20.6 million compared to $15.4 million in the prior year's quarter.Royalty earnings from Tinuum Group were $3.7 million compared to $3.3 million in the prior year's quarter.RC Segment operating income was $24.9 million compared to $10.8 million in the prior year's quarter. Operating income includes earnings from the Company's equity investments in Tinuum.RC Segment Adjusted EBITDA in the second quarter was $24.1 million compared to $18.1 million in the prior year's quarter.During the quarter, one invested facility reached its tax credit expiration date, bringing the total number of invested facilities to 22.Based on 22 invested RC facilities as of June 30, 2021, expected future after-tax net RC cash flows to ADES are projected to be between $30 million and $40 million. Advanced Purification Technologies (\"APT\") Highlights Second quarter revenue for the APT Segment totaled $16.0 million compared to $8.2 million in the prior year's quarter.APT Segment operating income was $0.3 million compared to a segment operating loss of $30.0 million in the prior year's quarter. The segment operating loss in the second quarter of the prior year resulted from a pre-tax, non-cash impairment charge of $26.1 million related to long-lived assets in the APT segment.APT Segment Adjusted EBITDA totaled $0.3 million compared to a loss of $2.3 million in the prior year. ADES Consolidated Highlights Consolidated revenue was $19.6 million compared to $11.5 million in the prior year's quarter.Consolidated net income was $16.6 million compared to a net loss of $23.8 million in the prior year's quarter.The Company made the final $6.0 million principal paymen...