Lime Energy Reports Results for Three and Six Month Period Ended June 30, 2014

منشور على 18-8-2014
Lime Energy 
August 14, 2014 - Lime Energy Co. today announced its results for the three-month and six-month periods ended June 30, 2014. "Lime Energy's ability to deliver cost effective energy efficient resources and improved customer satisfaction for its utility partners has been rewarded with substantial expansion of its existing programs as well as award of major new programs," stated Adam Procell, Lime Energy President & CEO. "In the second quarter, we delivered on our objectives of gross margin improvement and Selling, general and administrative ("SG&A") expense reduction. With these improvements in place, we are looking to pick up the pace to drive a profitable second half."

Results for the three-month period ended June 30, 2014:

- Consolidated revenue from continuing operations increased $647 thousand, or 5.0% to $13.6 million.

- Gross profit increased $663 thousand, or 17.7%, to $4.4 million. The gross profit margin improved from 29.0% to 32.5%.

- SG&A expense declined $750 thousand, or 13.8%, to $4.7 million. SG&A expense for the second quarter includes $306 thousand of legal expenses related to the restatement, stockholder lawsuits and SEC investigation, compared to $287 thousand in the prior year period. Excluding these unusual expenses, SG&A expense declined $771 thousand, or 15.0%.

- The loss from continuing operations declined $1.7 million, or 88.1%, to $229 thousand.

- The loss from discontinued operations declined $183 thousand, or 143.0%, to income of $55 thousand.

- The net loss declined $1.9 million, or 91.5%, to $174 thousand.

- The basic and diluted loss per share from continuing operations declined $0.34 to $0.19 from $0.53. The loss per share from discontinued operations declined $0.05 to earnings per share of $0.01 from loss per share of $0.04. The total net loss per share declined $0.39 to $0.18 from $0.57. The expenses related to Lime Energy's 2013 restatement, stockholder lawsuits and SEC investigation contributed $0.08 to the basic and diluted loss per share from continuing operations and the total net loss per share for the three-month periods ended June 30, 2014 and 2013.

- The adjusted EBITDA loss declined $1.2 million, or 99.5%, to $6 thousand from $1.2 million. Excluding expenses related to the restatement, stockholder lawsuits and SEC investigation, the adjusted EBITDA loss declined $1.2 million, or 132.5% to earnings of $300 thousand from a loss of $924 thousand.*

Results for the six-month period ended June 30, 2014:

- Consolidated revenue from continuing operations increased $1.7 million, or 7.1%, to $25.9 million.

- Gross profit increased $1.8 million, or 27.7%, to $8.1 million. The gross profit margin improved from 26.4% to 31.5%.

- SG&A expense declined $1.9 million, or 16.3%, to $9.6 million. SG&A expense includes $595 thousand of legal expenses related to the restatement, stockholder lawsuits and SEC investigation, compared to $1.6 million in the prior year period. Excluding these unusual expenses, SG&A declined $899 thousand, or 9.1%.

- The loss from continuing operations declined $4.2 million, or 75.0%, to $1.4 million.

- The loss from discontinued operations declined $3.2 million, or 101.6%, to income of $52 thousand.

- The net loss declined $7.4 million, or 84.7%, to $1.3 million.

- The basic and diluted loss per share from continuing operations declined $0.66 to $0.89 from $1.55. The loss per share from discontinued operations declined $0.89 to earnings per share of $0.01 from loss per share of $0.88. The total net loss per share declined $1.55 to $0.88 from $2.43. The expenses related to Lime Energy's 2013 restatement, stockholder lawsuits and SEC investigation contributed $0.16 and $0.44 to the basic and diluted loss per share from continuing operations and the total net loss per share for the six-month periods ended June 30, 2014 and 2013, respectively.

- The adjusted EBITDA loss declined $3.3 million, or 79.1%, to $872 thousand from $4.2 million. Excluding expenses related to the restatement, stockholder lawsuits and SEC investigation, the adjusted EBITDA loss declined $2.3 million, or 89.4%, to $277 thousand from $2.6 million.*

Business Highlights:

- During the second quarter we transitioned to new finance and accounting leadership, including a new CFO and Controller. We are introducing improved communication, reporting and processes which align the finance and accounting group with the operations team.

- For the first time in Lime Energy's history, the CEO, CFO, Controller and VP of Operations, have their offices in a single location. This significantly improves communication and our ability to make rapid progress on our initiatives.

- We have increased the regionalization of our operations teams, grouping multiple programs under a single management team, improving SG&A efficiency, standardization, and the utilization of our top management talent.

- We continued the development of a professional sales force structure and compensation plan, creating a career path which allows us to attract and retain great sales talent.

- We initiated a new data analytics for marketing and sales, including weekly sales reporting, which allows us to continuously gain knowledge on which efforts are most successful, and to track performance in real time.

- We were awarded significant expansions to existing programs, which we expect to create incremental revenue opportunities through 2019.


المصدر: Lime Energy
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Lime Energy (أخصائي تركيب أنظمة الطاقة الشمسية): https://ar.enfsolar.com/lime-energy
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