Midwest Energy Emissions Corp. Announces Preliminary Q3 2016 Revenues; Reiterates Full Year 2016 Revenue Guidance
Q3 2016 Revenues to Increase at Least 225% to Record $11.7 Million
LEWIS CENTER, OH -- (Marketwired) -- 10/13/16 -- Midwest Energy Emissions Corp. (OTCQB: MEEC) ("ME2C" or the "Company"), a leader in mercury emissions control in North America, has provided an operational update and preliminary revenue results for its third quarter ended September 30, 2016, as well as reiterated its revenue guidance for the full year ending December 31, 2016.
Preliminary Q3 2016 Results
The Company expects total revenues for the third quarter of 2016 to be in excess of $11.7 million, an increase of at least 225% when compared to revenue of $3.6 million in the third quarter of 2015. Sequentially, this represents an increase of at least 24% when compared to revenue of $9.4 million in the second quarter of 2016.
Total revenues for the nine months that ended September 30, 2016, will be in excess of $24.4 million, an increase of at least 270% when compared to revenue of $6.6 million in the nine months that ended September 30, 2015.
This substantial growth is primarily attributed to the Company operating all of its Mercury and Air Toxics Standard (MATS)-compliant systems under contract during the quarter. Final recognized revenue is subject to the ME2C's quarterly review and will be released with the Company's unaudited financial statements and related quarterly report.
Full Year 2016 Revenue Guidance
For the full year ending December 31, 2016, the Company reiterates expected revenues of at least $30 million, an increase of at least 137% when compared to revenue of $12.6 million for the full year that ended December 31, 2015, based on current power demand forecasts and plant projections.
"Our continued quarterly record revenue growth is due to the strong demand for our proprietary SEA™ Technology from coal fired power plants," said Richard MacPherson, President and CEO of ME2C. "Our company has become the go-to solution in North America to meet compliance demands. Given our established position in the mercury control market and the immense value proposition we bring to our customers, we have successfully experienced some pricing power, and therefore, enhanced margins that should continue to grow as we add value to our utility customers throughout the country."
"Ultimately, our strong demand is due to our ability to fix problems in the previously discussed 10-15% 'hard to get into compliance' boilers. Most of these approximately 120 boilers are using a standard activated carbon injection system and are encountering significant balance-of-plant issues with this first generation approach. Now that we are in October and the MATS 6-month grace period has passed, utilities across the United States are recognizing our inherent patented solutions as a necessary option."
MacPherson concluded: "As predicted, our momentum has continued to accelerate during 2016 given our advantages in cost and effectiveness. Going forward, we expect our revenue and cash flow will continue to produce record growth for our shareholders as we continue to optimize the hundreds of installed systems across North America."
About Midwest Energy Emissions Corp. (ME 2 C)
Midwest Energy Emissions Corp. (OTCQB: MEEC) delivers patented and proprietary solutions to the global coal-power industry to remove mercury from power plant emissions, providing performance guarantees, and leading-edge emissions services. The U.S. Environmental Protection Agency (EPA) MATS rule, which has been subject to legal challenges, requires that all coal- and oil-fired power plants in the U.S., larger than 25 mega-watts, must remove roughly 90% of mercury from their emissions starting April 15, 2015. ME2C has developed patented technology and proprietary products that have been shown to achieve mercury removal levels compliant with MATS at a significantly lower cost and with less operational impact than currently used methods, while preserving the marketability of fly-ash for beneficial use. For more information, please visit www.midwestemissions.com.
Safe Harbor Statement
With the exception of historical information contained in this press release, content herein may contain "forward-looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by using words such as "anticipate," "believe," "plan," "expect," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, capacity factor fluctuations of power plant operations and power demands, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, availability of capital and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.
Chief Executive Officer
Midwest Energy Emissions Corp.
Investor Relations Contact:
Senior Vice President
MZ Group - MZ North America
Source: Midwest Energy Emissions Corp.
Released October 13, 2016