Comverge Inc., the leading provider of Intelligent Energy Management (IEM) solutions, yesterday announced fourth quarter and full year 2010 financial and operating results, highlighting record annual revenues, increased megawatts and new contracts.
Fourth-quarter revenues for 2010 decreased 9 percent to $37.2 million compared to $40.8 million in the fourth quarter of 2009. Full-year revenues were $119.4 million in 2010 compared to $98.8 million in 2009, reflecting a 21 percent increase.
Gross margin for the fourth quarter of 2010 was 50 percent compared to 33 percent in the fourth quarter of 2009, reflecting improved margins in the company’s VPC contracts. Gross margin for the full year of 2010 was 38 percent compared to 34 percent in 2009.
Adjusted EBITDA for the fourth quarter of 2010 was $7.2 million compared to $18.1 million for the fourth quarter of 2009. For the full year 2010, adjusted EBITDA was a loss of $(8.5 million) compared to $1.2 million for 2009.
Net loss for the fourth quarter of 2010 was $(9.4 million), or $(0.38) per share basic and diluted, compared to a net loss of $(3.9 million), or $(0.17) per share basic and diluted for the fourth quarter of 2009. Net loss for full year 2010 was $(31.4 million), or $(1.27) per share basic and diluted, compared to a net loss for 2009 of $(31.7 million), or $(1.45) per share basic and diluted.
“2010 was a very significant year for both Comverge and our industry as a whole,” R. Blake Young, president and CEO of Comverge stated in the press release. “As all customer classes faced increasingly complex supply and demand challenges, we saw record adoption of our portfolio of Intelligent Energy Management hardware, software and services amongst both residential and commercial and industrial customers. As we continue to invest in delivering on the expanded capability of Intelligent Energy Management, I am confident we will be able to capitalize on the growing demand for energy management applications in 2011 and beyond.”
The company also recognized fourth-quarter achievements, including being awarded a 50,000 home residential VPC contract by PPL Electric Utilities through May 2013 with the option for an additional five year contract renewal; the completion of a five-year $15 million convertible debt financing with Partners for Growth L.P. to strengthen the company’s cash position; the addition of two new directors to the board; and an increase in total megawatts under management by 833 megawatts in 2010, 191 megawatts of which were added during the fourth quarter of 2010.
For more information visit www.comverge.com
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