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Raser Technologies (RZ) Beats Estimates, CEO Resigns For Health Reasons
Raser Technologies (RZ) is another development stage company, possibly on the verge of great things in the geothermal space. Despite the beating the stock has taken, I still think the long term picture looks great. The company reported record revenues with a whopping $410,000 in sales (it’s a start!) as the company begins selling power to Anaheim. They beat on EPS posting a loss of .06/share vs the estimate of .10/share
Some highlights of the quarter:
- Brent Cook stepped down as CEO a few days ago due to health reasons
Said Mr Cook: “With the initial construction of our first power plant complete, I believe the time is right for me to focus on my health and my family and allow Raser to bring in new leadership to move Raser to the next phase in its development plans. I thank the entire Raser team and most especially the Board of Directors for their hard work and confidence. Raser has the proven resources, the expertise and the growth capital to become a recognized leader in geothermal energy. I will work closely with Dick and the Board of Directors, who have my full faith and confidence, to effect a seamless transition and look forward to Raser achieving its goals.”
- Thermo Plant has been selling about 5MW of geothermal power to Anaheim
- expects Thermo to be at full capacity later this year
- potential sale of 110MW of power to Southern Cali Public Power Authority
- still going through applications for government cash to finance 80% of $190 in projects
- first geothermal power plant was recognized as the Alternative Energy – Geothermal “Power Plant of the Year”
- unveiled the Hummer H3E Plug-in Hybrid Electric Vehicle
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