Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the twelve month period ended December 31, 2013. “Having completed an important year of sharpening focus, dramatic growth, improved performance, and significant investment in our technology platform, Lime Energy is stronger today than at any time in our history,” said Lime Energy President & CEO Adam Procell. “Lime is now perfectly aligned with our valued utility clients, and with our clean balance sheet and latest round of financing, we are better able to serve these clients and their small business customers.”
Results for the twelve-month period ended December 31, 2013
- Consolidated revenue from continuing operations increased $16.1 million, or 45.5%, to $51.6 million from $35.4 million in the year-earlier period.
- Gross profit increased $6.5 million, or 88.2%, to $13.8 million, while the gross profit margin improved from 20.7% to 26.8%.
- Selling, general and administrative expense declined $5 thousand to $22.9 million. SG&A expense for 2013 included $2.6 million of expenses related to the restatement and ongoing stockholder lawsuits compared to $2.8 million of similar expenses in the year-earlier period. Excluding these expenses, SG&A increased $254 thousand, or 1.3%, from 2012 levels.
- The loss from continuing operations declined $4.6 million, or 29.3%, to $11.1 million.
- The loss from discontinued operations declined $11.6 million, or 72.0%, to $4.5 million.
- The net loss declined $16.2 million, or 50.8%, to $15.6 million.
- The basic and diluted loss per share from continuing operations declined $0.58, or 12.9%, to $3.90 from $4.48. The loss per share from discontinued operations declined $3.31, or 72.6%, to $1.25 from $4.56. The total net loss per share declined $3.89, or 43.0%, to $5.15 from $9.04. The expenses related to the restatement and stockholder lawsuits contributed $0.72 and $0.81 to the basic and diluted loss per share from continuing operations and the total net loss per share for the twelve-month periods ended December 31, 2013 and 2012, respectively.
- The adjusted EBITDA loss declined $4.8 million, or 39.7%, to $7.3 million from $12.0 million. Excluding expenses related to the restatement and stockholder lawsuits, the adjusted EBITDA loss declined $4.5 million, or 49.2%, to $4.7 million from $9.2 million.*
* Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release.