Ram Power Corp.

Published : March 30th, 2015

RAM POWER ANNOUNCES 2014 YEAR END RESULTS

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RAM POWER ANNOUNCES 2014 YEAR END RESULTS

Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company") is pleased to announce its operating results for the year ended December 31, 2014. This earnings release should be read in conjunction with Ram Power's financial statements, and management's discussion and analysis ("MD&A"), which are available on the Company's website at www.ram-power.com and have been posted on SEDAR at www.sedar.com.

HIGHLIGHTS

San Jacinto-Tizate Project Overview

  • The San Jacinto-Tizate Power Plant generated 429,740 (net) MWh resulting in revenue of $48.1 million for the year ended December 31, 2014 (an increase of 4% over the same period in 2013) compared to revenue of $46.2 million for the year ended December 31, 2013. The revenue increase was caused by the 3% annual tariff increase coupled with a slight increase in production as a result of wells being offline for the San Jacinto drilling remediation program in 2013.
  • The plant generated operating income in 2014 of $7.4 million, a 23% increase ($1.4 million) from $6 million generated in 2013, and cash flows from operations of $13.2 million increased 56% ($4.7 million) from $8.4 million in 2013.

Ram Power Corporate Update

  • As previously disclosed, Ram Power formed a Mergers and Acquisitions Committee to explore and evaluate a broad range of strategic alternatives for the Company to enhance shareholder value. The Mergers and Acquisitions Committee is tasked with exploring opportunities to increase operational efficiencies, strategic partnerships, asset sales or purchases, joint ventures, the sale of the Company, alternative operating models, or continuing with the current business plan, among other potential alternatives. The Company has received a number of proposals from interested third parties and continues to work with its stakeholders and potential investors to bring a transaction to conclusion.

Phase I and II Subordinated Debt Facilities

  • The Company has not made the aggregate US$3,833,323principal and interest payments required to be made on September 15, December 15, 2014 and March 15, 2015 in respect of its Phase I and Phase II subordinated debt facilities. As the Company has previously disclosed, we continue to work alongside our Phase I and Phase II Senior and Subordinated Lenders, and both parties are interested in bringing to close a transaction in early 2015. As a result of the fact that the subordinated debt payments were not made, the amounts outstanding under these agreements have been classified by the Company as short-term liabilities.

FINANCIAL RESULTS

For the year ended December 31, 2014, the Company reported revenue of $48.1 million and a total loss and comprehensive loss of $23.9 million, or $(0.06) per share, compared to revenue of $46.2 million and a total loss and comprehensive loss of $50.9 million, or $(0.17) per share, for 2013. The 4% increase in revenue resulted from the 3% annual tariff increase coupled with a slight increase in production as a result of wells being offline for the San Jacinto drilling remediation program in 2013. Total loss and comprehensive loss for year ended December 31, 2014 was the result of non-cash depreciation and amortization expense of $26.1 million and deferred tax expense of $11.9 million, offset by unrealized foreign exchange gains on translation of the Company's debentures of $3.6 million and a gain on the sale of the Geysers project of $2.4 million.

For the year ended December 31, 2014, the Company had net operating cash inflows of $13.2 million, net investing cash outflows of $2.7 million and net financing cash outflows of $17.7 million, which combined for a net decrease in cash of $7.2 million. The Company expended $9.9 million for additions to geothermal properties, principally related to San Jacinto drilling and turbine overhaul costs. At December 31, 2014, the Company had cash of $15.3 million, of which $14.1 million was held for current use in the San Jacinto project.

The Company will need to raise additional capital through the strategic process in order to continue funding operating and exploration and development expenditures. However, it is not possible to predict whether financing efforts will be successful on terms acceptable to the Company (or at all) or if the Company will attain profitable levels of operations. The audited annual consolidated financial statements being released today do not give effect to adjustments that would be necessary should the Company be unable to continue as a going concern.

The Company believes sales of assets, capital raises and future activities of the Company will be sufficient to allow the Company to fulfill its current obligations and continue to operate for the foreseeable future. Should additional capital requirements or the replacement of debt be necessary, the Company expects it could satisfy these requirements through debt restructurings, capital raises or asset sales. However, the outcome of these matters cannot be predicted with certainty at this time.

As a result of the continuing strategic process of the Company, there will not be an annual earnings call with management for the year-end results. The Company will provide an update with respect to the strategic process at such time as developments require disclosure in accordance with applicable securities laws.

[A full text of the release can be found as attached]

Read the rest of the article at www.noodls.com

Ram Power Corp.

CODE : RPG.TO
ISIN : CA7513081074
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Ram Power is a gold and copper development stage company based in Canada.

Ram Power develops gold, copper and in Nicaragua, and holds various exploration projects in Canada.

Its main asset in development is SAN JACINTO-TIZATE in Nicaragua and its main exploration property is ANA in Canada.

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Financings of Ram Power Corp.
4/20/2015, Corp. Announces Private Placement and Recapitalization Tra...
3/20/2013, Corp. Announces Anticipated Closing Date for Senior Debent...
3/2/2011. Announces Closing of $50 Million Credit Facility
Nominations of Ram Power Corp.
9/30/2011, Corp. Announces Selby F. Little as Acting Chief Financial ...
9/28/2011, Corp. Announces Shuman Moore as President and Chief Execut...
Financials of Ram Power Corp.
10/31/2013Announces Release Date for Third Quarter Results
8/7/2013Announces 2013 Second Quarter Results
5/16/2013Announces 2013 First Quarter Results
4/25/2013Announces Release Date for First Quarter Results
3/27/2013Announces 2012 Year End Results
3/11/2013Announces Release Date for 2012 Year End Results
1/28/2013Announces a Corporate Reorganization and Strategic Initiativ...
11/1/2012Announces Release Date for Third Quarter Results
8/14/2012Announces Continued Positive Results With Record Revenue and...
8/2/2012Announces Release Date for Second Quarter Results
5/15/2012Announces Record First Quarter 2012 Results
5/3/2012Announces Release Date for First Quarter Results
3/31/2012Announces 2011 Year End Results
3/12/2012Announces Release Date for 2011 Year End Results
8/15/2011Announces Second Quarter 2011 Results
8/9/2011Announces Release Date for Second Quarter 2011 Results
6/6/2011Announces Release Date for First Quarter 2011 Results
4/1/2011Announces Fourth Quarter and 2010 Year End Results
Project news of Ram Power Corp.
8/15/2013(San Jacinto-tizate), Corp. Announces Updates for the San Jacinto-Tizate Project
7/18/2013(San Jacinto-tizate)Commences Drilling Operations at San Jacinto-Tizate
2/7/2013(San Jacinto-tizate), Corp. Announces Updates for the San Jacinto-Tizate Project
11/5/2012(San Jacinto-tizate)Announces Update for Its San Jacinto-Tizate Project
10/10/2012(San Jacinto-tizate)Announces Tariff Increase for San Jacinto-Tizate Project
7/26/2012(San Jacinto-tizate)Receives Initial Equity Distribution From Its San Jacinto-Ti...
6/7/2012(San Jacinto-tizate)Announces Update for San Jacinto-Tizate Project and Corporat...
2/21/2012(San Jacinto-tizate), Corp. Announces Updates for the San Jacinto-Tizate Project
2/6/2012(San Jacinto-tizate), Corp. Announces Updates for the San Jacinto-Tizate Project
3/25/2011(San Jacinto-tizate) Announces Successful Drilling Results at San Jacinto-Tizate
2/7/2011(San Jacinto-tizate) Announces General Corporate Update
Corporate news of Ram Power Corp.
9/28/2015POLARIS INFRASTRUCTURE ANNOUNCES SIGNING OF RIG SERVICES CON...
9/28/2015POLARIS INFRASTRUCTURE ANNOUNCES CHANGE OF AUDITOR
4/20/2015IIROC Trade Resumption - RPG
4/20/2015IIROC Trading Halt - RPG
4/20/2015Ram Power, Corp. Announces Private Placement and Recapitaliz...
3/30/2015RAM POWER ANNOUNCES 2014 YEAR END RESULTS
3/25/2015RAM POWER ANNOUNCES RELEASE DATE FOR YEAR END 2014 RESULTS
1/26/2015TSX Delisting Review - Ram Power, Corp. (Symbols: RPG and RP...
1/26/2015RAM POWER ANNOUNCES NOTIFICATION OF TSX CONTINUED LISTING RE...
1/26/2015Ram Power Announces Notification of TSX Continued Listing Re...
12/31/2014Ram Power Announces Strategic Process and Corporate Update
11/13/2014Ram Power Announces 2014 Third Quarter Results
11/13/2014RAM POWER ANNOUNCES 2014 THIRD QUARTER RESULTS
11/10/2014RAM POWER ANNOUNCES RELEASE DATE FOR THIRD QUARTER 2014 RESU...
11/10/2014Ram Power Announces Release Date for Third Quarter 2014 Resu...
8/12/2014Ram Power Announces 2014 Second Quarter Results
8/6/2014Ram Power Announces Release Date for Second Quarter Results
6/17/2014Ram Power Announces Results of Annual Meeting
5/27/2014Ram Power, Corp. Announces Completion of 30-Day Stabilizatio...
5/15/2014Ram Power Announces 2014 First Quarter Results
4/28/2014Ram Power, Corp. Announces Commencement of 30-Day Stabilizat...
4/22/2014Ram Power, Corp. Completes Sale of Geysers Project
4/7/2014Ram Power, Corp. Announces Stock Purchase Agreement With US ...
4/1/2014Ram Power Announces 2013 Year End Results
10/2/2013, Corp. Announces Operational Update Including:
8/20/2013(San Jacinto-tizate), Corp. Announces Update for San Jacinto-Tizate
8/1/2013(San Jacinto-tizate), Corp. Announces Conversion of San Jacinto-Tizate Phase II ...
7/2/2013, Corp. Announces Agreement With Project Lenders to Extend C...
6/18/2013Announces Results of Annual and Special Meeting
6/4/2013, Corp. Announces Signing of Drilling Contract and Agrees Wi...
3/27/2013, Corp. announces closing of C$50.9 million Senior Debenture...
12/12/2012Announces Termination of Power Purchase Agreement for Clayto...
3/27/2012, Corp. Announces the Signing of a Letter of Intent With SNC...
3/26/2012, Corp. Announces the Signing of a Mandate Letter With IFC f...
2/23/2012, Corp. Announces Updates for the Casita Project
1/9/2012(San Jacinto-tizate), Corp. Announces Commercial Operation of the Phase I Expans...
12/22/2011(San Jacinto-tizate), Corp. Announces Synchronization of the Phase I Expansion a...
12/6/2011, Corp. Announces Execution of Amendments to Credit Facility
10/26/2011, Corp. Announces San Jacinto Project, Casita Project and Ge...
9/15/2011, Corp. Announces San Jacinto Project and Corporate Finance ...
8/15/2011(San Jacinto-tizate)Confirms Resource and Closes $160 Million Credit Facility fo...
6/10/2011Northern California Power Agency Signs Power Purchase Agreem...
6/9/2011(San Jacinto-tizate), Corp. Announces Successful Production Test Results at San ...
6/8/2011, Corp. Announces Resolution of Credit Facility Non-Complian...
3/29/2011Northern California Power Agency Approves Power Purchase Agr...
3/24/2011(San Jacinto-tizate), Corp. Announces Successful Drilling Results at San Jacinto...
3/2/2011, Corp. Announces Closing of $50 Million Credit Facility
2/7/2011 Announces General Corporate Update
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