Etrion Corporation reported consolidated earnings and production results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported revenues of $6,185,000 compared to $7,005,000 reported in the same period last year. EBITDA was $4,131,000 against $2,512,000 reported last year. Adjusted EBITDA was $3,667,000 against $2,512,000 reported last year. Net loss was $1,453,000 against net profit of $35,161,000 reported last year. Cash flow from operations was $3,854,000 against cash used in operations of $1,493,000 reported last year. Adjusted operating cash flow was $3,259,000 against $2,732,000 reported last year.

For the nine months, the company reported revenues of $15,452,000 compared to $19,245,000 reported in the same period last year. EBITDA was $7,043,000 against $4,474,000 reported last year. Adjusted EBITDA was $8,058,000 against $5,351,000 reported last year. Net loss was $6,052,000 against net profit of $20,732,000 reported last year. Cash flow from operations was $6,625,000 against cash used in operations of $3,052,000 reported last year. Adjusted operating cash flow was $6,598,000 against $5,043,000 reported last year. Consolidated net debt on a cash basis was $145,759,000 compared to $136,173,000 a year ago.

For the quarter, the company reported electricity production of 18,355 MWh compared to 49,174 MWh produced in the same period last year.

For the nine months, the company reported electricity production of 44,596 MWh compared to 141,563 MWh produced in the same period last year.

The company announced that Ashley Heppenstall will be stepping down from the Board of Directors by the end of the year to conform with industry corporate governance recommendations regarding the maximum number of non-executive director appointments per individual. In anticipation of Mr. Heppenstall's impending departure, the Nomination Committee has put forward the nomination of Henrika Frykman as a new director of the Company which was unanimously approved by the Board. The Board also appointed Mr. Aksel Azrac as Chairman of the Board to become effective upon Mr. Heppenstall's departure. Ms. Frykman was born in Finland in 1977. Between 2000 and 2002, she practiced general corporate and commercial law with a Swedish law firm in Stockholm. After moving to Geneva in 2002, she joined a large international law firm, focusing on Swiss and international corporate tax matters until 2008, when she joined Lundin Petroleum.