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 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|
- 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:
Other Recent Highlights
- 100 + commercial, institutional, and industrial EfficiencySMART Insight customers;
- 2,000 + commercial, institutional, and industrial EfficiencySMART Insight sites.
- 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:
Financial Outlook EnerNOC is issuing guidance for the second quarter and full year 2013 as follows:
- 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.