Etrion Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company generated revenues of $17,224,000 compared with $15,913,000 a year ago. Operating loss was $69,812,000 compared with operating profit of $3,978,000 a year ago. Loss before income tax was $78,849,000 compared with $4,170,000 a year ago. Loss for the period was $88,295,000 compared with $4,389,000 a year ago. Loss attributable to owners of the company was $61,131,000 compared with $3,136,000 a year ago. Basic and diluted loss per share was $0.183 compared with $0.009 a year ago. Total cash flow from operating activities was $4,562,000 compared to $6,153,000 a year ago. Purchases of property, plant and equipment was $22,914,000 compared to $4,871,000 a year ago. Purchases of intangible assets were $1,893,000 compared to $543,000 a year ago. LBITDA was $63,668,000 compared to EBITDA of $10,040,000 a year ago. These adverse results in the third quarter of 2016 were primarily attributable to the impairment expense of $75.7 million and the net deferred tax write off of $6.9 million. Adjusted EBITDA was $12,007,000 compared to $10,453,000 a year ago. Adjusted net income was $1,450,000 compared to $2,531,000 a year ago. Adjusted operating cash flow was $12,579,000 compared to $10,496,000 a year ago. During third quarter 2016, the Group's revenue increased 8.2% compared to the same period in 2015, primarily due to an overall production increase in Italy and Chile, the strong performance in Japan and PPA revenues from Project Salvador, partially offset by lower Market Price affecting part of the electricity produced in Italy and Chile. During third quarter 2016, the Group's project-level EBITDA increased 3.3% compared to the same period in 2015, primarily due to additional production in Japan, net PPA revenues from Project Salvador and management's continued efforts to reduce operating cost and streamline the operations in Italy and Chile. During third quarter adjusted consolidated EBITDA increased by $1.6 million (15%), compared to the same period of 2015, mainly as a result of the positive performance in Japan and the overall reduction of general and administrative expenses.

For the nine months, the company generated revenues of $43,732,000 compared with $43,360,000 a year ago. Operating loss was $64,761,000 compared with operating profit of $7,347,000 a year ago. Loss before income tax was $84,915,000 compared with $15,450,000 a year ago. Loss for the period was $95,399,000 compared with $16,929,000 a year ago. Loss attributable to owners of the company was $66,281,000 compared with $13,977,000 a year ago. Basic and diluted loss per share was $0.198 compared with $0.042 a year ago. Total cash flow from operating activities was $13,880,000 compared to total cash used in operating activities of $4,456,000 a year ago. Purchases of property, plant and equipment was $43,117,000 compared to $28,974,000 a year ago. Purchases of intangible assets were $3,411,000 compared to $1,241,000 a year ago. LBITDA was $46,384,000 compared to EBITDA of $24,781,000 a year ago. Adjusted EBITDA was $28,737,000 compared to $27,662,000 a year ago. Adjusted net income was $7,310,000 compared to $4,535,000 a year ago. Adjusted operating cash flow was $29,562,000 compared to $27,853,000 a year ago. During the nine months ended September 30, 2016, adjusted consolidated EBITDA increased by $1.1 million (4%), compared to the same period of 2015, mainly as a result of the positive performance in Japan and the overall reduction of general and administrative expenses.

Produced approximately 77.8 million kilowatt-hours (kWh) of electricity during the three months ended September 30, 2016 compared to 73.8 million kWh a year ago.

For the quarter, the company reported impairment of $75,675,000.