Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing energy efficiency programs for utilities, today announced its results for the three-month period ended March 31, 2013. “As we continue to execute against our business initiatives we are realizing improved financial and operational results over last year, when adjusted for the $1.3 million of costs related to the restatement and stockholder lawsuits. The focus on technology and operations is beginning to yield measurable and tangible results. We believe that these trends will continue thru the remainder of 2013, positioning the company for a stable operating environment in 2014,” stated John O’Rourke, Lime’s Chief Executive Officer.
Results for the three-month period ended March 31, 2013:
- Revenue increased $474 thousand, or 4.1% to $12 million;
- Gross profit increase $572 thousand, or 27.9% to $2.6 million;
- Selling, general and administrative expenses increased $920 thousand, or 17.3%, including $1.3 million of costs related to the restatement completed in July 2013 and the ongoing stockholder lawsuits.* Adjusting for these one-time expenses, SG&A declined $358 thousand or 6.7%;
- The loss from continuing operations increased $536 thousand, or 15.8%, including the one-time charges related to the restatement and ongoing lawsuits. Adjusting for the $1.3 million of one-time charges, the loss declined $742 thousand or 21.9%, to $2.7 million.*
- The loss from discontinued operations increased $2.0 million to $2.8 million;
- The net loss increased $2.5 million to 6.7 million;
- The basic and diluted loss per common share from continuing operations increased $0.02 per share to a loss of $0.16 per share. The $1.3 million of one-time expenses contributed $0.05 to the first quarter loss;
- The basic and diluted loss per common share from discontinued operations increased $0.08 per share to $0.11 per share; and
- The adjusted EBITDA loss, excluding the loss from discontinued operations, increased $837 thousand or 35.8%, to $3.2 million including the one-time charges. Adjusted for the $1.3 million of one-time expenses, the adjusted EBITDA loss, excluding discontinued operations, declined $441 thousand, or 18.9%, to $1.9 million.*
* Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release.