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Lime Energy Co. Reports Results For Three-Month And Nine-Month Periods Ended September 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 nine-month periods ended September 30, 2013. “We are very pleased with the continued growth in revenue and margin improvements realized during the third quarter,” commented John O’Rourke, Lime Energy’s CEO. “The quarterly results, which were largely in line with our expectations, benefited from the ramp up of our new utility contracts and continued efficiency improvements in existing programs.”

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

  • Consolidated revenue from continuing operations increased $4.7 million, or 54.9% to $13.4 million.
  • Gross profit increased $2.1 million, or 125.2%, to $3.7 million. The gross profit margin improved from 19.1% to 27.7%.
  • Selling, general and administrative expense declined $764 thousand, or 11.8% to $5.7 million. Third quarter SG&A expense included $657 thousand of expenses related to the restatement and ongoing stockholder lawsuits compared to $1.5 million in the year-earlier period. Excluding these unusual expenses, SG&A increased $77 thousand, or 4.4%.
  • The loss from continuing operations declined $1.3 million, or 26.9%, to $3.5 million.
  • The loss from discontinued operations declined $1.5 million, or 81.7%, to $329 thousand.
  • The net loss declined $2.8 million, or 41.8%, to $3.8 million.
  • The basic and diluted loss per share from continuing operations declined $0.36 to $0.98 from $1.34. The loss per share from discontinued operations declined $0.41 to $0.09 from $0.50. The total net loss per share declined $0.77 to $1.07 from $1.84. The expenses related to the restatement and stockholder lawsuits contributed $0.18 and $0.42 to the basic and diluted loss per share from continuing operations and the total net loss per share for the three-month periods ended September 30, 2013 and 2012, respectively.
  • The adjusted EBITDA loss declined $2.8, or 62.4%, to $1.7 million from $4.5 million. Excluding expenses related to the restatement and stockholder lawsuits, the adjusted EBITDA loss declined $1.9 million, or 65.7% to $1.0 million from $3.0 million.*

Results for the nine-month period ended September 30, 2013:

  • Consolidated revenue from continuing operations increased $12.3 million, or 49.0%, to $37.5 million.
  • Gross profit increased $4.9 million, or 94.0%, to $10.1 million. The gross profit margin improved from 20.6% to 26.9%.
  • Selling, general and administrative expense increased $710 thousand, or 4.3%, to $17.1 million. Expenses related to the restatement and ongoing stockholder lawsuits included in SG&A increased $1.4 million, or 91.8%, to $2.9 million from $1.5 million. Excluding these unusual expenses, SG&A expense declined $665 thousand, or 4.5% to $14.3 million.
  • The loss from continuing operations declined $2.1 million, or 18.9% to $9.1 million. Adjusting for the unusual expenses, the loss from continuing operations declined $745 thousand, or 5.9%, to $12.0 million.
  • The loss from discontinued operations declined $738 thousand, or 17.4%, to $3.5 million.
  • The net loss declined $2.9 million, or 18.5%. Adjusting for the expenses related to the restatement and stockholder lawsuits, the net loss declined $1.5 million, or 8.8%, to $15.5 million.
  • The basic and diluted loss per share from continuing operations declined $0.67 to $2.53 from $3.20. The loss per share from discontinued operations decreased $0.24 per share to $0.97 from 1.21. The total net loss per share declined $0.91 to $3.50 from $4.41. The expenses related to the restatement and stockholder lawsuits contributed $0.80 and $0.43 to the basic and diluted loss per share from continuing operations and the total net loss per share for the nine-month periods ended September 30, 2013 and 2012, respectively.
  • The adjusted EBITDA loss, excluding the loss from discontinued operations, declined $2.8 million, or 32.3%, to $6.0 million. Excluding expenses related to the restatement and stockholder lawsuits, the adjusted EBITDA loss, excluding discontinued operations, declined $4.2 million, or 57.7%, to $3.1 million.*

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

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