Lime Energy Co. Reports Third Quarter 2016 Results

Lime Energy Co., a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the three and nine months ended September 30, 2016.

"The third quarter saw the improvement in results that we had expected," said Adam Procell, Lime Energy President & CEO. "We now have all key utility programs back up and running. This, together with our continued focus on reducing our fixed cost base, puts us in a solid position to achieve further improvements in operating and financial results in the fourth quarter of 2016 and into 2017."

Three months ended September 30, 2016 highlights (Comparisons are to the three months ended September 30, 2015)
  • Revenue of $25.7 million, down $6.4 million
  • Gross profit margins of 33.9%, compared to 34.3%
  • Selling, general and administrative ("SG&A") decreased $0.6 million to $8.7 million
  • Other income of $1.4 million, up $0.4 million
  • Net income of $1.1 million, down $0.7 million
  • Basic earnings per share from continuing operations of $0.07 as compared to $0.15
  • Diluted earnings per share from continuing operations of ($0.03) as compared to $0.05
  • Adjusted EBITDA(1) of $0.7 million, down from adjusted EBITDA of $2.2 million

Nine months ended September 30, 2016 highlights (Comparisons are to the nine months ended September 30, 2015)

On March 24, 2015 Lime Energy completed its purchase of EnerPath. Because the closing of the transaction occurred in the 2015 first quarter, the highlights and comparisons below and the other financial information included in this earnings release includes only stand-alone data for Lime Energy for the period from January 1, 2015 to March 23, 2015 along with the combined results from March 24, 2016 to June 30, 2016.
  • Revenue of $69.9 million, down $12.5 million
  • Gross profit margin of 31.3%, compared to 33.3%
  • Selling, general and administrative ("SG&A") increased $4.4 million to $28.9 million
  • Other expense of ($1.2) million versus ($2.9) million in previous year
  • Net loss of ($9.7) million, increased from net loss of ($1.3) million
  • Basic earnings per share from continuing operations of ($1.12) as compared to ($0.20)
  • Diluted earnings per share from continuing operations of ($1.12) as compared to ($0.20)
  • Adjusted EBITDA of ($4.8) million, down from adjusted EBITDA of $4.4 million

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