Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the three-month period ended March 31, 2014. “We continued our trends toward lower operating costs and higher gross profit margins during the first quarter of 2014,” stated Adam Procell, Lime Energy President & CEO. “We continue to deliver for our utility partners as we drive innovative solutions that are bringing energy efficiency at scale to small businesses as never before.”
Results for the three-month period ended March 31, 2014:
- Consolidated revenue from continuing operations increased $1.1 million, or 9.5% to $12.3 million.
- Gross profit increased $1.1 million, or 42.0%, to $3.7 million. The gross profit margin improved from 23.4% to 30.4%.
- Selling, general and administrative expense declined $1.1 million, or 18.6% to $4.9 million. SG&A expense for the first quarter included $289 thousand of legal expenses related to the restatement and associated stockholder lawsuits and SEC investigation, compared to $1.3 million in the year-earlier period. Excluding these unusual expenses, SG&A declined $130 thousand, or 2.8%.
- The loss from continuing operations declined $2.5 million, or 68.1%, to $1.2 million.
- The loss from discontinued operations declined $3.0 million, or 99.9%, to $3 thousand.
- The net loss declined $5.5 million, or 82.6%, to $1.2 million.
- The basic and diluted loss per share from continuing operations declined $0.31 to $0.71 from $1.02. The loss per share from discontinued operations declined $0.85 to $0.00 from $0.85. The total net loss per share declined $1.16 to $0.71 from $1.87. The expenses related to the restatement and associated stockholder lawsuits and SEC investigation contributed $0.08 and $0.36 to the basic and diluted loss per share from continuing operations and the total net loss per share for the three-month periods ended March 31, 2014 and 2013, respectively.
- The adjusted EBITDA loss declined $2.1 million, or 70.7%, to $867 thousand from $3.0 million. Excluding expenses related to the restatement and associated stockholder lawsuits and SEC investigation, the adjusted EBITDA loss declined $1.1 million, or 65.6% to $578 thousand from $1.7 million.*
* Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release.