EVERGREEN ENERGY INC (EEE, Financial) filed Quarterly Report for the period ended 2009-09-30.
Evergreen Energy Inc has a market cap of $50.79 million; its shares were traded at around $0.38 with and P/S ratio of 0.86.
Ash disposal expenses include employee-related costs, consulting costs, costs of repairs and maintaining culverts and drainage ponds, transportation, and heavy equipment costs and other costs associated with the ash disposal facility. Ash disposal expenses were $752,000 and $1.6 million for the quarters ended September 30, 2009 and 2008, respectively. Ash disposal expenses for the nine months ended September 30, 2009 and 2008 were $2.7 million and $4.2 million, respectively. The decrease in the third quarter 2009 and the nine months ended September 30, 2009 is in correlation with the decrease in revenue when compared to the same periods ended 2008.
Subsequent to the idling of the Fort Union plant, costs primarily consist of liability insurance, salaries and wages, security and repair and maintenance. Previously plant costs primarily included purchased raw materials, coal transportation, outsourced engineering and technical support, fluid processing, byproducts and water disposal, and employee-related costs, which are reflected in our Plant segment. Plant costs were $293,000 and $2.4 million for the three months ended September 30, 2009 and 2008, respectively. Plant costs were $1.3 million and $16.5 million for the nine months ended September 30, 2009 and 2008, respectively. Plant costs decreased for the three and nine months ended September 30, 2009 due to the idling of our Fort Union plant in late March 2008. While we anticipate further plant costs reductions, we will continue to incur various costs related to maintaining the site in a non-operating mode.
compensation expenses were $3.0 million and $4.7 million for the nine months ended September 30, 2009 and 2008, respectively, substantially all of which relate to our Technology segment. The increase for the three month ended September 30, 2009 can be attributed to a transition agreement we entered onto with a former officer. Pursuant to the agreement, we accelerated his restricted stock grant and recorded $1.6 million of non-cash compensation. The decrease for the nine months ended September 30, 2009 is primarily due to the retirement, of our former Chief Executive Officer and his restricted stock grant. Since his restricted shares never vested and were forfeited upon his retirement the cumulative non-cash compensation expense recorded since 2005 was reversed. This reversal of non-cash compensation totaled $2.9 million for the nine months ended September 30, 2009.
Employee-related costs were $2.8 million and $3.3 million for the three months ended September 30, 2009 and 2008, respectively. Employee-related costs were $9.5 million and $10.1 million for the nine months ended September 30, 2009 and 2008, respectively. The decrease for the three months ended September 30, 2009 is primarily due to our cost cutting measures which resulted in lower employee count in our Technology segment. Offsetting these decreases for nine months ended September 30, 2009, were primarily due to adding personnel to our C-Lock segment and accrued severance expense for two former executive officers in the amount of $557,000 in our Technology segment.
Professional fees were $2.6 million and $1.0 million for the three months ended September 30, 2009 and 2008, respectively. Professional fees were $5.1 million and $3.0 million for the nine months ended September 30, 2009 and 2008, respectively. The increase for the three and nine months ended September 30, 2009 compared to the same periods ended September 30, 2008 was due to legal fees related to previous financing transactions that were not consummated, fees related to the sale of Buckeye, international work all in our Technology segment and filing patent applications for our GreenCert technology in our C-Lock segment.
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Evergreen Energy Inc has a market cap of $50.79 million; its shares were traded at around $0.38 with and P/S ratio of 0.86.
Highlight of Business Operations:
Coal mining operating expenses include employee-related costs, outside contracted mining costs for our underground mines, internal and external coal transportation costs, blasting, drilling, heavy equipment costs, purchased coal and other mining-related costs. Coal mining operating expenses were $8.4 million and $9.9 million for the third quarters ended 2009 and 2008, respectively. Coal mining operating cost for the nine months ended September 30, 2009 and 2008 were $34.0 million and $31.1 million, respectively. The increase during the three months and nine months ended September 30, 2009, was primarily due to more than expected ash and rock content thus increasing transportation costs and preparation/separation costs.Ash disposal expenses include employee-related costs, consulting costs, costs of repairs and maintaining culverts and drainage ponds, transportation, and heavy equipment costs and other costs associated with the ash disposal facility. Ash disposal expenses were $752,000 and $1.6 million for the quarters ended September 30, 2009 and 2008, respectively. Ash disposal expenses for the nine months ended September 30, 2009 and 2008 were $2.7 million and $4.2 million, respectively. The decrease in the third quarter 2009 and the nine months ended September 30, 2009 is in correlation with the decrease in revenue when compared to the same periods ended 2008.
Subsequent to the idling of the Fort Union plant, costs primarily consist of liability insurance, salaries and wages, security and repair and maintenance. Previously plant costs primarily included purchased raw materials, coal transportation, outsourced engineering and technical support, fluid processing, byproducts and water disposal, and employee-related costs, which are reflected in our Plant segment. Plant costs were $293,000 and $2.4 million for the three months ended September 30, 2009 and 2008, respectively. Plant costs were $1.3 million and $16.5 million for the nine months ended September 30, 2009 and 2008, respectively. Plant costs decreased for the three and nine months ended September 30, 2009 due to the idling of our Fort Union plant in late March 2008. While we anticipate further plant costs reductions, we will continue to incur various costs related to maintaining the site in a non-operating mode.
compensation expenses were $3.0 million and $4.7 million for the nine months ended September 30, 2009 and 2008, respectively, substantially all of which relate to our Technology segment. The increase for the three month ended September 30, 2009 can be attributed to a transition agreement we entered onto with a former officer. Pursuant to the agreement, we accelerated his restricted stock grant and recorded $1.6 million of non-cash compensation. The decrease for the nine months ended September 30, 2009 is primarily due to the retirement, of our former Chief Executive Officer and his restricted stock grant. Since his restricted shares never vested and were forfeited upon his retirement the cumulative non-cash compensation expense recorded since 2005 was reversed. This reversal of non-cash compensation totaled $2.9 million for the nine months ended September 30, 2009.
Employee-related costs were $2.8 million and $3.3 million for the three months ended September 30, 2009 and 2008, respectively. Employee-related costs were $9.5 million and $10.1 million for the nine months ended September 30, 2009 and 2008, respectively. The decrease for the three months ended September 30, 2009 is primarily due to our cost cutting measures which resulted in lower employee count in our Technology segment. Offsetting these decreases for nine months ended September 30, 2009, were primarily due to adding personnel to our C-Lock segment and accrued severance expense for two former executive officers in the amount of $557,000 in our Technology segment.
Professional fees were $2.6 million and $1.0 million for the three months ended September 30, 2009 and 2008, respectively. Professional fees were $5.1 million and $3.0 million for the nine months ended September 30, 2009 and 2008, respectively. The increase for the three and nine months ended September 30, 2009 compared to the same periods ended September 30, 2008 was due to legal fees related to previous financing transactions that were not consummated, fees related to the sale of Buckeye, international work all in our Technology segment and filing patent applications for our GreenCert technology in our C-Lock segment.
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