BOSTON, Feb. 13, 2013 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC) (the "Company"), a leading provider of energy management applications, services and products, today announced financial results for the fourth quarter and year ended December 31, 2012.
"I'm proud of how we have positioned the Company over the past two years, and I am excited about our outlook today," said Tim Healy, Chairman and CEO of EnerNOC. "We achieved impressive cash flow generation in 2012 that further enhanced our already strong balance sheet. With increased pricing in PJM, the emergence of the Australian market as a substantial profit center, and a number of profitability initiatives in full swing, we expect significant top and bottom-line growth in 2013. We expect a strong 2013 in which we plan to deliver at least $0.60 per share in earnings at the low end of our increased guidance range."
|In thousands, except per share amounts||Year Ended December 31,|
|Q4 2012||Q4 2011||2012||2011|
|Revenues||$ 42,314||$ 26,759||$ 277,984||$ 286,608|
|Net (Loss) Income|
|GAAP||$ (25,792)||$ (28,016)||$ (22,293)||$ (13,383)|
|Non-GAAP*||$ (20,391)||$ (23,717)||$ (1,436)||$ 5,937|
|Adjusted EBITDA*||$ (13,899)||$ (20,935)||$ 18,446||$ 25,970|
|Diluted Net (Loss) Income per Share (EPS)|
|GAAP||$ (0.96)||$ (1.08)||$ (0.84)||$ (0.52)|
|Non-GAAP*||$ (0.76)||$ (0.91)||$ (0.05)||$ 0.22|
|Cash Flow from Operations||$ 18,145||$ 10,871||$ 31,011||$ 27,637|
|Free Cash Flow*||$ 14,043||$ 8,430||$ 15,157||$ 10,024|
|*Please refer to the section below titled "Use of Non-GAAP Financial Measures" for non-GAAP definitions and the financial schedules attached to this press release for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures|
Fourth Quarter 2012 and Recent Highlights
- Increased cash and cash equivalents to $115.0 million from $87.3 million as of December 31, 2011.
- Grew EfficiencySMART, SupplySMART and Other revenues by over 20% year-over-year, to $33 million.
- Ended 2012 with the following DemandSMART statistics: -- 5,900 commercial, institutional, and industrial customers; -- 13,700 commercial, institutional, and industrial sites; -- 10,300 irrigation load control devices; -- Approximately 8,600 Megawatts Under Management; and -- Between 24,000 MW - 27,000 MW of Peak Load Under Management ("PLUM"), of which 30%-35% was curtailable.
- Ended 2012 with the following EfficiencySMART statistics: -- Approximately 2,100 sites with active EfficiencySMART Insight deployments, of which over 600 were added in 2012; and -- Over 500 active EfficiencySMART services projects.
- Signed new utility contracts with: -- TransGrid to provide 35 MW of demand response capacity in Eastern Australia; -- ERM Power to provide a white-labeled version of DemandSMART and EfficiencySMART, targeting 200 MW of demand response capacity in Eastern Australia; and -- Pacific Gas and Electric and Southern California Edison to provide over 200 MW of demand response capacity through December 31, 2014.
- Honored with several awards, including the 2012 Platts Global Energy Award for Industry Leadership, Deloitte's 2012 Technology Fast 500™, the New England Clean Energy Council's Employer of the Year, and CEO of the Year by the Mass Technology Leadership Council.
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