This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

EnerNOC Reports First Quarter 2013 Financial Results

BOSTON, May 6, 2013 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC) (the "Company"), a leading provider of energy intelligence software and related solutions, today announced financial results for the first quarter ended March 31, 2013.

"In Q1 2013, we grew our year-over-year revenue by approximately 35%, continued to generate strong cash flow from operations, and released several new products and features that helped us secure new demand response opportunities and win approximately 100 new EfficiencySMART and SupplySMART contracts during the quarter," said Tim Healy, Chairman and CEO of EnerNOC. "In addition, we continued to bolster our leadership ranks with proven technology veterans and make investments that will help propel EnerNOC's next phase of growth. For the current year, we are reiterating our annual guidance for revenue of $360 million to $400 million, earnings per share of $0.60 to $0.85, and adjusted EBITDA of $62 million to $77 million."

Financial Summary

(In thousands, except percentages and per share amounts)      
  Q1 2013 Q1 2012 % Increase (Decrease)
Revenue $ 32,850 $ 24,450 34.4%
Net Income (Loss)      
GAAP $ (30,537) $ (27,713) (10.2%)
Non-GAAP* $ (24,039) $ (22,499) (6.8%)
Adjusted EBITDA* $ (18,507) $ (18,582) 0.4%
Diluted Net Income (Loss) per Share (EPS)      
GAAP $ (1.12) $ (1.06) (5.7%)
Non-GAAP* $ (0.88) $ (0.86) (2.3%)
Cash Flow From Operations $ 6,780 $ (188) n/a
Free Cash Flow* $ (2,158) $ (3,741) 42.3%
 
*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

First Quarter 2013 Operating Metrics & Financial Highlights

  • Grew Q1 2013 trailing twelve month EfficiencySMART, SupplySMART, and Other revenues by 23% year-over-year, to over $34 million.  
  • Grew Q1 2013 trailing twelve month international revenues by 159% year-over-year, to over $39 million.  
  • Ended Q1 2013 with the following DemandSMART statistics:
  • 6,000 + commercial, institutional, and industrial customers;
  • 14,000 + commercial, institutional, and industrial sites;
  • 24,000 MW – 27,000 MW of Peak Load Under Management, of which 30% to 35% was curtailable.
  • Ended Q1 2013 with the following EfficiencySMART statistics:
  • 100 + commercial, institutional, and industrial EfficiencySMART Insight customers;
  • 2,000 + commercial, institutional, and industrial EfficiencySMART Insight sites.

Other Recent Highlights

  • Signed new utility contracts with:
  • PacifiCorp to provide 185 megawatts of agricultural demand response, the largest agricultural demand response contract in Company history; and
  • Southern California Edison, an extension of an existing EfficiencySMART contract.
  • Added Neil Moses as Chief Financial Officer and Fielder Hiss as Vice President of Product Management.  
  • Added Jim Baum and Peter Gyenes to EnerNOC's Board of Directors.  
  • Entered into a new credit facility with up to $70 million of borrowing ability, an expansion of $20 million over our previous credit facility.  
  • Launched new products and features, including:
  • A new DemandSMART Predictor application for New England;
  • A new EfficiencySMART Executive Dashboard;
  • Enhanced EfficiencySMART data analytics and reporting features for industrial customers; and
  • A new wireless mesh data capture and communication system that extends the reach and performance of the EnerNOC Site Server.

Financial Outlook

EnerNOC is issuing guidance for the second quarter and full year 2013 as follows:

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,126.12 -36.87 -0.20%
S&P 500 2,120.79 -2.69 -0.13%
NASDAQ 5,097.9760 -8.6170 -0.17%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs