Nevada Geothermal Power Reports Earnings, Reduces Net Loss

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Nevada Geothermal Power Inc. (NGP.V) today announced results for the three months and six months ended December 31, 2012.

For the 3 months ended Dec 31, 2012, NGP reported a net loss of $700,000, compared to a net loss of $1.3 million for the previous corresponding period.

Net loss per share was $0.01 for the Dec 2012 quarter, compared to a net loss of $0.03 for the Dec 2011 quarter.

On January 11, 2013, NGP entered into an Equity Transfer Agreement under which NGP will transfer its 100% interest in the Blue Mountain power plant to its mezzanine lender, EIG Global Energy Partners. NGP will continue as project operator of the Blue Mountain power plant and will provide management and administrative services during a cooperative transition period of up to twelve months from the BM Holdco equity transfer date.

While NGP has cut costs and staff numbers dramatically, legal and consulting costs will remain significant until the equity transfer agreement closes, the company said in a statement.

Shares are up half a cent to 1.5 cents late morning.

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