SEATTLE, Nov. 9, 2017 /PRNewswire/ -- ClearSign
Combustion Corporation (NASDAQ: CLIR), an innovative provider of
industrial combustion technologies that deliver superior reduction
of pollutant emissions while improving operational costs, today
announced its results for the third quarter ended September 30, 2017.
"Our optimistic outlook continues to be reinforced by the
positive reception and implementation of our Duplex™ Technology
amongst core market participants and industry incumbents," said
Steve Pirnat, ClearSign Chairman and
CEO. "We believe that our technology provides cost effective
solutions for our customers' environmental and operational needs.
We continue to pursue broader industry adoption, both domestically
and in emerging markets, particularly China, where the government has expressed its
intention to improve air quality," concluded Mr. Pirnat.
Strategic and operational highlights during and subsequent to
the third quarter included:
- ClearSign Texas Refinery Project Successfully Concludes
Operational Testing - Clearsign completed the first
installation of its product, The Duplex Plug and Play™, for
industrial process heaters at a refinery in Texas.
- California Regulator Approves Funding for Collaborative
Demonstration Project with Major Refiner- Board of the South
Coast Air Quality Management District (SCAQMD) unanimously approved
funding to demonstrate ClearSign's Duplex products within the
Torrance Refinery.
- 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 Clearsign's first
project outside of the U.S.
- Received order from a supermajor oil company to qualify
Duplex technology – A supermajor oil company is funding a test
to determine Duplex's suitability for a variety of refinery process
heaters and conditions. This qualification, if successful, is
a precursor to an installation at one its refineries. If
successful, Clearsign expects that the Duplex technology will see
greater deployment throughout this oil company and potentially
other major oil companies in general.
- Hired industry veteran as new SVP of Business Development
– Stephen M. Sock recently joined Clearsign and will replace
Andrew Lee, who has previously
announced plans to retire this year. Steve brings vast oil
and gas experience along with knowledge of the combustion industry
from his 25 plus years at Foster Wheeler and other industry related
engineering and construction firms.
Revenue and gross profits from our Duplex technology in the
third quarter were $0 and
$(15,000), respectively, and were
attributed to an increase in expected warranty costs. The net loss
for the quarter was $2.5 million
compared to $3.8 million a year ago,
primarily due to a decrease in intellectual property expenses.
Working capital at September 30,
2017 totaled $2.7 million
including cash and equivalents of $3.5
million. Shares outstanding at September 30, 2017 total 15,603,853.
Conference Call
A conference call discussing the release of the Company's
results for the third quarter ending September 30, 2017 will be held today,
November 9, 2017, at 4:30 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/987/23414 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 10114230. 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™, Duplex Plug & Play™
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 identified in our Annual Report on Form 10-K filed
with the Securities & Exchange Commission and available at
www.sec.gov 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
September 30,
|
|
For the Nine
Months Ended
September 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Sales
|
|
$
-
|
|
$
260,000
|
|
$
360,000
|
|
$
260,000
|
|
Cost of goods
sold
|
|
15,000
|
|
47,000
|
|
266,000
|
|
47,000
|
|
Gross profit
(loss)
|
|
(15,000)
|
|
213,000
|
|
94,000
|
|
213,000
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research
and development
|
|
1,330,000
|
|
1,226,000
|
|
3,644,000
|
|
3,767,000
|
|
General
and administrative
|
|
1,131,000
|
|
2,840,000
|
|
3,569,000
|
|
5,342,000
|
|
Total operating
expenses
|
|
2,461,000
|
|
4,066,000
|
|
7,213,000
|
|
9,109,000
|
|
Loss from
operations
|
|
(2,476,000)
|
|
(3,853,000)
|
|
(7,119,000)
|
|
(8,896,000)
|
|
Interest income,
net
|
|
3,000
|
|
7,000
|
|
32,000
|
|
30,000
|
|
Net loss
|
|
$
(2,473,000)
|
|
$
(3,846,000)
|
|
$
(7,087,000)
|
|
$
(8,866,000)
|
|
Net Loss per
share
|
|
$
(0.16)
|
|
$
(0.30)
|
|
$
(0.46)
|
|
$
(0.69)
|
|
Balance
Sheets
|
|
(unaudited)
|
|
|
|
September
30,
|
|
|
2017
|
|
2016
|
|
ASSETS
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
3,511,000
|
|
$
1,259,000
|
|
Accounts
receivable
|
|
-
|
|
103,000
|
|
Contract
assets
|
|
126,000
|
|
-
|
|
Prepaid expenses and
other assets
|
|
575,000
|
|
535,000
|
|
Total current
assets
|
|
4,212,000
|
|
1,897,000
|
|
|
|
|
|
|
Fixed assets, net,
and other assets
|
|
564,000
|
|
654,000
|
|
Patents and other
intangible assets, net
|
|
1,836,000
|
|
1,735,000
|
|
|
|
|
|
|
Total
Assets
|
|
$
6,612,000
|
|
$
4,286,000
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
863,000
|
|
$
755,000
|
|
Current portion of
lease liabilities
|
|
157,000
|
|
150,000
|
|
Accrued compensation
and taxes
|
|
501,000
|
|
669,000
|
|
Contract
liabilities
|
|
-
|
|
115,000
|
|
Total current
liabilities
|
|
1,521,000
|
|
1,689,000
|
|
Long Term
Liabilities:
|
|
|
|
|
|
Long term lease
liabilities
|
|
235,000
|
|
353,000
|
|
Total
liabilities
|
|
1,756,000
|
|
2,042,000
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
Common stock, $0.0001
par value, 15,606,353 and 12,983,938 shares issued
and outstanding at September 30, 2017 and December 31,
2016, respectively
|
|
2,000
|
|
1,000
|
|
Additional paid-in
capital
|
|
52,272,000
|
|
42,574,000
|
|
Accumulated
deficit
|
|
(47,418,000)
|
|
(40,331,000)
|
|
Total stockholders'
equity
|
|
4,856,000
|
|
2,244,000
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
6,612,000
|
|
$
4,286,000
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/clearsign-combustion-corporation-announces-third-quarter-2017-results-300553080.html
SOURCE ClearSign Combustion Corporation