Asia Global Energy: World Energy Solu...

Asia Global Energy: World Energy Solutions Announces Record

Posted in the Business News Forum

Since: Jan 13


#1 May 20, 2013

WORCESTER, Mass., May 14, 2013 (GLOBE NEWSWIRE)-- World Energy Solutions, Inc.(Nasdaq:XWES), a leading energy management services firm, today announced financial results for the first quarter ended March 31, 2013.

Financial Highlights (All figures are in US dollars; comparisons of performance are made between Q1 2013 results and Q1 2012 results, unless otherwise noted.)

Record Q1 Revenue and Backlog

Quarterly revenue increased 27% to $8.7 million
Annualized backlog increased 23% to $23.8 million
Total backlog plus deferred revenue rose 27% to $50.2 million
Operating Results

EBITDA grew 161% to $0.4 million
Net loss was ($1.0 million), or ($0.08) per share
Gross margins were 74%
Liquidity and Balance Sheet

Cash flow from operations was $0.7 million, up $1.2 million
Free cash flow was $4.6 million for the 12-months ended March 31, 2013
Cash and cash equivalents were $2.1 million
Business Highlights

Energy Procurement:
The large commercial & industrial (LCI) team ran a successful multi-state aggregation for a Fortune 100 company; notched new hospital wins with channel partner GNYHA; and made inroads in Texas with a successful auction for Abilene Independent School District
Wholesale posted its second best quarter ever, executing major electricity and natural gas buys for utilities in the Northeast, Midwest and Mid-Atlantic
Government supported the 19th RGGI auction and continued to grow the Federal Government's Natural Gas Acquisition Program (NGAP)
Mid-market experienced strong sales in the Southwest, key renewals in the Northeast
Energy Efficiency Services:
Grew revenue 57% over Q1 2012
Drove cross-sell leads in CT and MA
"We delivered strong results in the first quarter, despite the challenges of rising commodity prices and the previously announced changes to our mid-market business," said Phil Adams, CEO of World Energy Solutions. "Revenue grew 27%, reflecting the addition of NEP, strong growth in our Energy Efficiency Services segment, increased traction in our cross-sell efforts, near record performance from our Wholesale team, and new customer wins across our Retail Energy Procurement business. World Energy's fundamentals and long-term outlook remain strong, and our results continue to validate our transition from an auction-based, procurement-only company to one offering a broader range of energy management services.

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