Boise energy developer U.S. Geothermal Inc. took a $1.5 million net loss — 2 cents per share — in the quarter ending Dec. 31, 2011, according to records filed Thursday with the Securities and Exchange Commission.
The company reported a net loss of about $827,000 — 1 cent per share — in the same quarter last year.
It reported a net loss for the nine months ending Dec. 31, 2011, of $4.7 million, or 5 cents per share, which was a 45.7 percent increase from the same period in 2010.
One factor was a surge in net loss from a San Emidio plant in Nevada. The quarterly net loss for the plant was 321.2 percent higher for the quarter ending Dec. 31, 2011, than it was the previous year, the company said.
The company told shareholders that it spent the most recent quarter focused on:
- Building and starting up a new San Emidio power plant in Nevada.
- Drilling injection wells and building a new Neal Hot Springs project in Oregon.
- Finishing the repair of a well at its Raft River project in southern Idaho.
- Starting to drill wells for a second-phase San Emidio project in Nevada, in conjunction with a Department of Energy Innovative Exploration program.
- Negotiating long-term financing for San Emidio projects in Nevada and discussing development funding for a third-phase project there.
- Negotiating with potential equity partners for an El Ciebillo project in Guatemala.
- Evaluating potential new geothermal projects acquisitions.
