SEATTLE, Aug. 14, 2017 /PRNewswire/ -- ClearSign
Combustion Corporation (NASDAQ: CLIR), a leading provider of
industrial combustion technologies that deliver unmatched reduction
of pollutant emissions while improving operational costs, today
announced its results for the second quarter ended June 30, 2017.
"We continue to make significant progress with our Duplex
Technology and are experiencing increasing interest among key
customers and regulators," said Steve
Pirnat, ClearSign Chairman and CEO. "Over the past
days we have added a supermajor oil company to our list of clients
and have embarked on a demonstration project in China, a massive market with a dire need for
our solution. We are excited and continue to be very
encouraged about the attention we are getting within the industry,
from operators and regulators alike," concluded Mr.
Pirnat.
Strategic and operational highlights during and subsequent to
the second quarter included:
- Pilot test with large Chinese Heating District – CLIR
entered into a Memorandum of Understanding (MOU) with one of
China's largest providers of
heating services to run a pilot test. This is the Company's
first project outside of the U.S.
- Received order from a Supermajor oil company to qualify
Duplex™ technology – The supermajor oil company is funding the
test to determine Duplex's suitability for a variety of refinery
process heaters and conditions. We believe that this
qualification will be a precursor to an installation at one of its
refineries.
- California regulator
proposes Duplex demonstration at major refiner – The Technology
Committee of the SCAQMD unanimously approved and sent to the
governing board a recommendation to partially fund a Duplex
demonstration at a major refinery.
- Hired industry veteran as new Head of Business Development
– Stephen M. Sock recently joined the Company and will replace
Andrew Lee, who has previously
announced plans to retire this year. Stephen brings vast oil
and gas experience along with knowledge of the combustion
industry.
- Secured follow-on order from California refinery – This is the second
order from the California-based
refinery and we believe that it further validates the Duplex
technology. The installation marks the first installation of
the Duplex technology into a new heater rather than a retrofit into
a heater with an existing burner.
The net loss for the second quarter was $2.2 million compared to $2.4 million a year ago due to a decrease in
operating expenses. Working capital at June 30, 2017 totaled $5.0
million including cash and equivalents of $5.5 million. Shares outstanding at
August 14, 2017 total
15,603,853.
Conference Call
A conference call discussing the release of the Company's
results for the second quarter ending June
30, 2017 will be held today, August
14, 2017, at 5:00 PM Eastern
Time. To listen to the conference call, you should dial
1-866-372-4653 (international: +1-412-902-4217) five to ten minutes
before the scheduled start time and request to be connected to the
ClearSign Combustion Corporation conference call. To listen by
webcast, use this link:
https://www.webcaster4.com/Webcast/Page/987/22101 or visit
ClearSign's Investor Relations page. If you wish to
listen to a replay of the conference call, you may dial
1-877-344-7529 (international: +1-412-317-0088) and enter
conference ID 10111056. The replay will be available for 7 days
after the conference call.
About ClearSign Combustion Corporation
ClearSign
Combustion Corporation designs and develops products and
technologies for the purpose of improving key performance
characteristics of combustion systems, including emissions and
operational performance, energy efficiency and overall
cost-effectiveness. Our patented Duplex™ and Electrodynamic
Combustion Control™ platform technologies enhance the performance
of combustion systems in a broad range of markets, including the
energy (upstream oil production and down-stream refining),
commercial/industrial boiler, chemical, petrochemical, and power
industries. For more information, please visit
www.clearsign.com.
Cautionary note on forward-looking statements
All
statements in this press release that are not based on historical
fact are "forward-looking statements." While management has based
any forward-looking statements included in this press release on
its current expectations, the information on which such
expectations were based may change. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of risks, uncertainties and other
factors, many of which are outside of our control, which could
cause actual results to materially differ from such statements.
Such risks, uncertainties and other factors include, but are not
limited to, general business and economic conditions, the
performance of management and our employees, our ability to obtain
financing, competition, whether our technology will be accepted and
other factors that are to be detailed in our periodic and current
reports available for review at www.sec.gov. Furthermore, we
operate in a competitive environment where new and unanticipated
risks may arise. Accordingly, investors should not place any
reliance on forward-looking statements as a prediction of actual
results. We disclaim any intention to, and undertake no obligation
to, update or revise forward-looking statements to reflect events
or circumstances that subsequently occur or of which we hereafter
become aware.
ClearSign
Combustion Corporation
|
Statements of
Operations
|
(unaudited)
|
|
|
For the Three
Months Ended June 30,
|
|
For the six Months
Ended June 30,
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
Sales
|
$
-
|
|
$
-
|
|
$
360,000
|
|
$
-
|
Cost of goods
sold
|
-
|
|
-
|
|
251,000
|
|
-
|
Gross profit
|
-
|
|
-
|
|
109,000
|
|
-
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
1,141,000
|
|
1,216,000
|
|
2,315,000
|
|
2,541,000
|
General and
administrative
|
1,110,000
|
|
1,226,000
|
|
2,438,000
|
|
2,502,000
|
Total operating
expenses
|
2,251,000
|
|
2,442,000
|
|
4,753,000
|
|
5,043,000
|
Loss from
operations
|
(2,251,000)
|
|
(2,442,000)
|
|
(4,644,000)
|
|
(5,043,000)
|
Interest income,
net
|
15,000
|
|
11,000
|
|
29,000
|
|
23,000
|
Net Loss
|
$
(2,236,000)
|
|
$
(2,431,000)
|
|
$
(4,615,000)
|
|
$
(5,020,000)
|
Net Loss per
share
|
$
(0.14)
|
|
$
(0.19)
|
|
$
(0.30)
|
|
$
(0.39)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheets
|
(unaudited)
|
|
|
|
|
|
June
30,
|
|
|
2017
|
|
2016
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
5,460,000
|
|
$
1,259,000
|
Accounts
receivable
|
|
103,000
|
|
103,000
|
Contract
assets
|
|
84,000
|
|
|
Prepaid expenses and
other assets
|
|
563,000
|
|
535,000
|
Total
current assets
|
|
6,210,000
|
|
1,897,000
|
|
|
|
|
|
Fixed assets, net,
and other assets
|
|
593,000
|
|
654,000
|
Patents and other
intangible assets, net
|
|
1,818,000
|
|
1,735,000
|
|
|
|
|
|
Total
Assets
|
|
$
8,621,000
|
|
$
4,286,000
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
644,000
|
|
$
755,000
|
Current portion of
lease liabilities
|
|
155,000
|
|
150,000
|
Accrued compensation
and taxes
|
|
355,000
|
|
669,000
|
Contract
liabilities
|
|
13,000
|
|
115,000
|
Total
current liabilities
|
|
1,167,000
|
|
1,689,000
|
Long Term
Liabilities:
|
|
|
|
|
Long term lease
liabilities
|
|
275,000
|
|
353,000
|
Total
liabilities
|
|
1,442,000
|
|
2,042,000
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
Common stock, $0.0001
par value, 15,603,853 and 12,983,938 shares issued
and outstanding at June 30, 2017 and
December 31, 2016, respectively
|
|
2,000
|
|
1,000
|
Additional paid-in
capital
|
|
52,123,000
|
|
42,574,000
|
Accumulated
deficit
|
|
(44,946,000)
|
|
(40,331,000)
|
Total
stockholders' equity
|
|
7,179,000
|
|
2,244,000
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity
|
|
$
8,621,000
|
|
$
4,286,000
|
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SOURCE ClearSign Combustion Corporation