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Comverge, Inc. (COMV) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2009

Comverge, Inc.

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CIK: 1372664 Ticker: COMV
 
Exhibit 99.1
 
FOR IMMEDIATE RELEASE

 
Comverge Reports Fiscal Year and Fourth Quarter 2009 Financial Results
 
Annual Revenue Increases 28%
 
Norcross, GA, March 8, 2010
 – Comverge, Inc. (NASDAQ: COMV), a leading provider of comprehensive smart grid, demand management, and energy efficiency solutions, today announced fourth quarter and full-year financial and operating results for 2009.
 
Financial Summary
 
Fourth quarter revenues for 2009 were $40.8 million compared to $33.0 million in the fourth quarter of 2008, a 24% increase.  Historically, fourth quarter revenues are the largest of the year due to the recognition of our residential Virtual Peaking Capacity™ contract revenues, which are deferred throughout the year until the fourth quarter.  Full-year revenues were $98.8 million in 2009 compared to $77.2 million in 2008, a 28% increase.
 
Adjusted EBITDA for the fourth quarter of 2009 was $18.1 million compared to $12.7 million for the fourth quarter of 2008, an increase of 43%.  For the full-year 2009, adjusted EBITDA was $1.2 million compared to a loss of $5.1 million for 2008.  Adjusted EBITDA is net loss before net interest expense, income tax expense (benefit), depreciation, amortization, stock-based compensation expense and impairment charges (see Schedule 5 – Reconciliation of Non-GAAP Financial Measure to the Most Directly Comparable GAAP Financial Measure).
 
Net loss for the fourth quarter of 2009 was $3.9 million, or $0.17 per share basic and diluted, compared to net income of $6.1 million, or $0.29 per share basic and $0.28 diluted for the fourth quarter of 2008.  Net loss for the fourth quarter of 2009 included one-time expenses of $3.5 million, or $0.15 per share basic and diluted related to the accelerated vesting of stock options, recorded as non-cash stock compensation of $2.7 million, and $0.8 million of interest expense related to the write-off of remaining unamortized loan costs from the early repayment of our GE Capital debt.
 
Net loss for the full year 2009 was $31.7 million, or $1.45 per share basic and diluted compared to a net loss of $94.1 million, or $4.45 per share basic and diluted in 2008.  Net loss for 2009 included one-time expenses of $7.8 million, or $0.36 per share basic and diluted, which included $4.3 million relating to our former CEO’s retirement, $2.7 million for accelerated vesting of stock options and $0.8 million related to the write-off of unamortized loan costs from the GE Capital debt.  Included in the 2008 net loss was a non-cash impairment charge recorded for goodwill and certain intangible assets related to our acquisition of Enerwise Global Technologies, Inc., of $75.4 million, or $3.52 per share basic and diluted after a $1.0 million tax benefit.
 
 
 
 
The following information was filed by Comverge, Inc. (COMV) on Monday, March 8, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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