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Lime Energy Co. Reports Results For Three-Month And Six-Month Periods Ended June 30, 2013

Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing energy efficiency programs for utilities, today announced its results for the three-month and six-month periods ended June 30, 2013. “Results for the quarter were encouraging,” stated John O’Rourke, Lime’s CEO. “Improved performance in gross margin and revenue growth led the way, providing firm indication that our efforts to execute against our key initiatives are gaining traction.”

Results for the three-month period ended June 30, 2013:

  • Consolidated revenue increased $3.6 million, or 35.8% to $13.7 million. Revenue for the utility business increased $4.9 million, or 61%.
  • Gross profit increased $2.0 million, or 99.4%, to $4.0 million. The gross profit margin improved from 19.6% to 28.8%.
  • Selling, general and administrative expense increased $534 thousand, or 10.1% to $5.8 million. Second quarter SG&A expense included $287 thousand of expenses related to the restatement and ongoing stockholder lawsuits. Excluding these $287 thousand of one-time expenses, SG&A increased $247 thousand, or 4.7%.*
  • The loss from continuing operations declined $1.3 million, or 37.6%, to $2.1 million.
  • The loss from discontinued operations declined $1.3 million, or 107.6%, to income of $95 thousand.
  • The net loss declined $2.6 million, or 56.3%, to $2.0 million.
  • The basic and diluted loss per share from continuing operations declined $0.06 to $0.08 from $0.14. The loss per share from discontinued operations declined from $0.05 to $0.00. The total net loss per share declined $0.11 to $0.08 from $0.19. The one-time expenses of $287 thousand contributed $0.01 to the basic and diluted loss per share from continuing operations and the total net loss per share.
  • The adjusted EBITDA loss declined $575 thousand, or 29.4%, to $1.4 million from $2.0 million. Adjusted for the one-time expenses of $287 thousand, the adjusted EBITDA loss declined $862 thousand, or 44.0% to $1.1 million.*

Results for the six-month period ended June 30, 2013:

  • Consolidated revenue increased $4.1 million, or 18.9%, to $25.7 million. Revenue for the utility business increased $7.3 million or 43%.
  • Gross profit increased $2.5 million, or 63.1%, to $6.6 million. The gross profit margin improved from 18.6% to 25.6%.
  • Selling, general and administrative expense increased $1.5 million, or 13.7%, to $12.0 million. SG&A expense includes $1.6 million of expenses related to the restatement and ongoing stockholder lawsuits. Excluding the $1.6 million of one-time expenses, SG&A expense declined $110 thousand, or 1.0% to $10.5 million.*
  • The loss from continuing operations declined $747 thousand, or 11.0% to $6.1 million. Adjusting for the one-time expenses, the loss from continuing operations declined $2.3 million, or 34.0%, to $4.5 million.*
  • The loss from discontinued operations increased $644 thousand, or 31.6%, to $2.7 million.
  • The net loss declined $103 thousand, or 1.2%. Adjusting for the $1.6 million of one-time expenses, the net loss declined $1.7 million, or 18.8% to $7.2 million.
  • The basic and diluted loss per share from continuing operations declined $0.04 to $0.24. The loss per share from discontinued operations increased $0.02 per share to $0.11 from 0.09. The total net loss per share declined $0.02 to $0.35. The one-time expenses of $1.6 million contributed $0.06 to the basic and diluted loss per share from continuing operations and the total net loss per share.
  • The adjusted EBITDA loss, excluding the loss from discontinued operations, increased $263 thousand, or 6.1%, to $4.6 million. Adjusted for the $1.6 million of one-time charges, the adjusted EBITDA loss, excluding discontinued operations, declined $1.3 million, or 30.3%, to $3.0 million.*

* Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release.

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