Comverge Announces Fiscal Year and Fourth Quarter 2011
Norcross, GA., March 15 , 2012 --- Comverge, Inc. (Nasdaq: COMV), a leading provider of Intelligent Energy Management (IEM) solutions for Residential and Commercial & Industrial customers, announced today fiscal year and fourth quarter 2011 results.
Generated $0.8 million of adjusted EBITDA for full year 2011
2011 annual revenue growth of 14%
Removed $4.1 million of expense from the business
Added more than 800 new megawatts (MW) under management
Secured first international contract with Eskom, the largest electricity provider in Africa
Increased adoption of IntelliSOURCE, with 22 utilities now using Comverge's new enterprise software platform
Working with lenders and potential strategic parties to address liquidity and capital issues
“We had a strong finish to 2011, highlighted by our first international win with Eskom, the largest utility in Africa, continued adoption of our IntelliSOURCE platform, and growth across both our residential and commercial and industrial businesses,” commented R. Blake Young, Comverge's president and chief executive officer. “With our recent new client wins, strong backlog, and improved cost structure, we believe that upon resolution of our capital needs, the company is well-positioned for growth and continued success in the energy management space.”
Fourth quarter revenues for 2011 were $36.7 million compared to $37.2 million in the fourth quarter of 2010, a one percent decrease. Revenues for the year ended 2011 were $136.4 million compared to $119.4 million for the year ended 2010, a 14 percent increase.
Gross margin for the fourth quarter of 2011 was 55 percent compared to 50 percent in the fourth quarter of 2010. Gross margins are most meaningful when comparing on a 12 month basis due to the deferral of VPC contract revenues. Gross margin for the full year of 2011 was 41 percent compared to 38 percent in 2010.
Adjusted EBITDA for the fourth quarter of 2011 was $10.3 million compared to $7.2 million for the fourth quarter of 2010, an increase of 43 percent.
For the full year 2011, adjusted EBITDA was $0.8 million compared to negative $8.5 million for 2010. Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, non-cash stock compensation expense and non-cash impairment charges.
Net income for the fourth quarter of 2011 was $4.9 million, or $0.20 per basic share and $0.18 per diluted share, compared to net loss of $9.4 million, or $0.38 per basic and diluted share for the fourth quarter of 2010.
Net loss for full year 2011 was $12.8 million, or $0.52 per basic and diluted share compared to a net loss for 2010 of $31.4 million, or $1.27 per basic and diluted share.
Liquidity and Capitalization
As disclosed in the company's Form 10-K filed in conjunction with this news release, Comverge management is actively exploring financing options to fund continuing operations. This includes
The following information was filed by Comverge, Inc. (COMV) on Thursday, March 15, 2012 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.