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GreenHunter Energy reports financial results for the third quarter and nine months ended September 30, 2012

Tuesday, Nov 20, 2012

GreenHunter Energy, Inc. (NYSE MKT: GRH) (NYSE MKT: GRH.PRC), a diversified water resource, waste management and environmental services company specializing in the unconventional oil and natural gas shale resource plays, announced today financial and operating results for the three and nine months ended September 30, 2012.

FINANCIAL RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012

Revenues for the three months ended September 30, 2012 were $4.9 million, compared to revenues of $230 thousand during the third quarter of 2011. The significant increase in revenues was due to the strategic shift in the Company’s business plan to our water management products and services business activities which were initiated in late 2011. The operating loss for the three months ended September 30, 2012 was $12.9 million, compared to an operating loss of $686 thousand during the third quarter of 2011. Net loss to common shareholders was $15.5 million, ($(0.52) loss per common share basic and diluted) for the three months ended September 30, 2012 compared to a net loss of $1.0 million, ($(0.04) loss per common share basic and diluted), during the third quarter of 2011. During the 2012 third quarter, we recorded an impairment of asset value (non-cash) for the Mesquite Lake Biomass Project of $12.9 million ($(0.44) per common share basic and diluted.) We also recorded a net deemed dividend (non-cash) of $1.6 million ($(0.06) per common share basic and diluted) during the third quarter of 2012 from the conversion of our Series A and B Preferred stock into a combination of shares in Series C Preferred stock and common stock.

Source: Business Wire

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