Comverge Reports Fiscal Year And Fourth Quarter 2010 Financial Results
NORCROSS, Ga., March 9, 2011 (GLOBE NEWSWIRE) -- Comverge, Inc. (Nasdaq:COMV), the leading provider of Intelligent Energy Management (IEM) solutions for Residential and Commercial + Industrial customers, today announced fourth quarter and full year 2010 financial and operating results.
- Record annual revenues of $119.4 million, a 21% increase over prior year
- Awarded a residential VPC contract at PPL Electric Utilities for 50,000 homes
- Increased total megawatts under management by 833 megawatts in 2010, a 29% increase
"2010 was a very significant year for both Comverge and our industry as a whole," said R. Blake Young, President and CEO, Comverge. "As all customer classes faced increasingly complex supply and demand challenges, we saw record adoption of our portfolio of Intelligent Energy Management hardware, software and services amongst both residential and commercial and industrial customers. As we continue to invest in delivering on the expanded capability of Intelligent Energy Management, I am confident we will be able to capitalize on the growing demand for energy management applications in 2011 and beyond."
Financial SummaryFourth quarter revenues for 2010 were $37.2 million compared to $40.8 million in the fourth quarter of 2009, a 9% decrease. Revenues for both periods include revenues from our residential Virtual Peaking Capacity (VPC) contracts, which are deferred and recognized in the fourth quarter. A decrease of $7.0 million from our expired NV Energy VPC contract was partially offset by increased revenues from our residential turnkey contracts at PECO and Pepco Holdings. Full year revenues were $119.4 million in 2010 compared to $98.8 million in 2009, a 21% increase. Gross margin for the fourth quarter of 2010 was 50% compared to 33% in the fourth quarter of 2009, reflecting improved margins in our VPC contracts. Gross margins are most meaningful when comparing on a 12 month basis due to the deferral of VPC contract revenues. Gross margin for the full year of 2010 was 38% compared to 34% in 2009.
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