NORCROSS, Ga., May 10, 2012 (GLOBE NEWSWIRE) -- Comverge, Inc. COMV, the leading provider of Intelligent Energy Management (IEM) solutions for Residential and Commercial + Industrial customers, today announced first quarter 2012 financial and operating results.
First quarter revenues for 2012 were $32.6 million compared to $18.6 million in the first quarter of 2011, a 75 percent increase.
Gross margin for the first quarter of 2012 was 51 percent compared to 42 percent in the first quarter of 2011.
Adjusted EBITDA for the first quarter of 2012 was $1.3 million compared to negative $6.7 million for the first quarter 2011. Comverge defines adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, and non-cash stock compensation expense. Please refer to the financial schedules attached to this press release for reconciliation of GAAP to non-GAAP Adjusted EBITDA.
Net loss for the first quarter of 2012 was $2.7 million, or $0.10 per basic and diluted share, compared to a net loss of $9.8 million, or $0.39 per basic and diluted share for the first quarter of 2011.
"Our impressive first quarter revenue, gross margin, net income and adjusted EBITDA improvements compared to 2011 reflect the company's continued strong performance in both our Residential and Commercial businesses as well as our improved operational efficiencies," commented R. Blake Young, Comverge president and chief executive officer.
Payments from Long-term Contracts
Payments from long-term contracts, which represent an estimate of total payments that Comverge expects to receive under long-term agreements with customers, were $515 million as of March 31, 2012.
About Comverge
With more than 500 utility and 2,100 commercial customers, as well as five million deployed residential devices, Comverge brings unparalleled industry knowledge and experience to offer the most reliable, easy-to-use, and cost-effective intelligent energy management programs. We deliver the insight and control that enables energy providers and consumers to optimize their power usage through the industry's only proven, comprehensive set of technology, services and information management solutions. For more information, visit www.comverge.com.
Caution Regarding Forward Looking Statements
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release are not and do not constitute historical facts, do not constitute guarantees of future performance and are based on numerous assumptions which, while believed to be reasonable, may not prove to be accurate. These forward looking statements include projected revenue guidance, projected contracted revenues, projected regulatory changes or approvals, the amount of revenue and megawatts that will be generated by long-term contracts or open market programs and certain assumptions upon which such forward-looking statements are based. The forward-looking statements in this release do not constitute guarantees of future performance and involve a number of factors that could cause actual results to differ materially, including risks associated with Comverge's business involving our products, the development and distribution of our products and related services, regulatory changes or grid operator rule changes, regulatory approval of our contracts, economic and competitive factors, our key strategic relationships, and other risks more fully described in our form 10-Q filed today. Comverge assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
Regulation G Disclosure - Non-GAAP Financial Information
Non-GAAP financial measures are based upon our unaudited consolidated statements of operations for the periods shown, giving effect to the adjustments shown in the reconciliations set forth below. This presentation is not in accordance with, or an alternative for, U.S. generally accepted accounting principles (GAAP). The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. However, Comverge believes that non-GAAP reporting, giving effect to the adjustments shown in the reconciliations below, provides meaningful information and therefore uses it to supplement its GAAP reporting and internally in evaluating operations, managing and benchmarking performance. The Company has chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments shown in the reconciliations below, and to provide an additional measure of performance.
| SCHEDULE 1 | ||
| COMVERGE, INC. | ||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (In thousands, except share and per share data) | ||
| Three Months Ended | ||
| March 31, | ||
| 2012 | 2011 | |
| (unaudited) | (unaudited) | |
| Revenue | $ 32,581 | $ 18,625 |
| Cost of revenue | 16,067 | 10,858 |
| Gross profit | 16,514 | 7,767 |
| Operating expenses | ||
| General and administrative expenses | 11,362 | 10,234 |
| Marketing and selling expenses | 5,034 | 5,089 |
| Research and development expenses | 1,133 | 1,049 |
| Amortization of intangible assets | 66 | 237 |
| Operating loss | (1,081) | (8,842) |
| Interest and other expense, net | 1,385 | 929 |
| Loss before income taxes | (2,466) | (9,771) |
| Provision for income taxes | 252 | 15 |
| Net loss | $ (2,718) | $ (9,786) |
| Net loss per share (basic and diluted) | $ (0.10) | $ (0.39) |
| Weighted average shares used in computation | 26,167,484 | 24,790,385 |
| SCHEDULE 2 | ||
| COMVERGE, INC. | ||
| SEGMENT INFORMATION | ||
| (In thousands) | ||
| Three Months Ended | ||
| March 31, | ||
| 2012 | 2011 | |
| (unaudited) | (unaudited) | |
| Revenue: | ||
| Residential Business | $ 19,749 | $ 15,258 |
| Commercial & Industrial Business | 12,832 | 3,367 |
| Total Revenue | $ 32,581 | $ 18,625 |
| Cost of Revenue: | ||
| Residential Business | $ 12,410 | $ 8,443 |
| Commercial & Industrial Business | 3,657 | 2,415 |
| Total Cost of Revenue | $ 16,067 | $ 10,858 |
| Gross Profit: | ||
| Residential Business | $ 7,339 | $ 6,815 |
| Commercial & Industrial Business | 9,175 | 952 |
| Total Gross Profit | $ 16,514 | $ 7,767 |
| SCHEDULE 3 | ||
| COMVERGE, INC. | ||
| CONSOLIDATED BALANCE SHEETS | ||
| (In thousands) | ||
| March 31, | December 31, | |
| 2012 | 2011 | |
| (unaudited) | ||
| Assets | ||
| Cash and cash equivalents | $ 18,053 | $ 23,641 |
| Restricted cash | 2,192 | 4,051 |
| Billed accounts receivable, net | 18,988 | 18,481 |
| Unbilled accounts receivable | 11,660 | 12,730 |
| Inventory, net | 8,632 | 10,377 |
| Deferred costs | 2,566 | 1,804 |
| Other current assets | 1,547 | 1,313 |
| Total current assets | 63,638 | 72,397 |
| Restricted cash | 9,000 | 332 |
| Property and equipment, net | 27,755 | 26,865 |
| Intangible assets, net | 3,662 | 3,635 |
| Goodwill | 499 | 499 |
| Other assets | 1,642 | 1,681 |
| Total assets | $ 106,196 | $ 105,409 |
| Liabilities and Shareholders' Equity | ||
| Accounts payable | $ 6,707 | $ 5,123 |
| Accrued expenses | 14,691 | 20,347 |
| Deferred revenue | 13,542 | 7,094 |
| Current portion of long-term debt | 26,147 | 9,188 |
| Other current liabilities | 7,194 | 7,561 |
| Total current liabilities | 68,281 | 49,313 |
| Deferred revenue | 484 | 490 |
| Long-term debt | -- | 17,062 |
| Other liabilities | 1,256 | 1,563 |
| Total long-term liabilities | 1,740 | 19,115 |
| Common stock | 27 | 26 |
| Additional paid-in capital | 268,083 | 266,090 |
| Treasury stock | (400) | (338) |
| Accumulated deficit | (231,490) | (228,772) |
| Accumulated other comprehensive income | (45) | (25) |
| Total shareholders' equity | 36,175 | 36,981 |
| Total liabilities and shareholders' equity | $ 106,196 | $ 105,409 |
| SCHEDULE 4 | |||
| COMVERGE, INC. | |||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
| (In thousands) | |||
| Three Months Ended | |||
| March 31, | |||
| 2012 | 2011 | ||
| (unaudited) | (unaudited) | ||
| Cash flows from operating activities | |||
| Net loss | $ (2,718) | $ (9,786) | |
| Adjustments to net loss to net cash flows from operating activities: | |||
| Depreciation | 1,281 | 529 | |
| Amortization of intangible assets | 256 | 410 | |
| Stock-based compensation | 746 | 1,136 | |
| Other | 382 | 537 | |
| Changes in operating assets and liabilities | 3,674 | 1,323 | |
| Net cash from operating activities | 3,621 | (5,851) | |
| Cash flows from investing activities | |||
| Change in restricted cash | (6,809) | 918 | |
| Maturities/sales (purchases) of marketable securities | -- | 27,724 | |
| Purchases of property and equipment | (3,186) | (3,153) | |
| Net cash from investing activities | (9,995) | 25,489 | |
| Cash flows from financing activities | |||
| Borrowings of debt | 11,104 | -- | |
| Repayment of debt | (11,250) | (750) | |
| Proceeds from issuance of common stock | 1,239 | -- | |
| Other | (293) | 54 | |
| Net cash from financing activities | 800 | (696) | |
| Effect of exchange rate changes | (14) | -- | |
| Net change in cash and cash equivalents | (5,588) | 18,942 | |
| Cash and cash equivalents at beginning of period | 23,641 | 7,800 | |
| Cash and cash equivalents at end of period | $ 18,053 | $ 26,742 | |
| SCHEDULE 5 | ||
| COMVERGE, INC. | ||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO THE | ||
| MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURE | ||
| (In thousands) | ||
| Three Months Ended | ||
| March 31, | ||
| 2012 | 2011 | |
| (unaudited) | (unaudited) | |
| Net loss | $ (2,718) | $ (9,786) |
| Depreciation and amortization | 1,537 | 939 |
| Interest expense, net | 1,517 | 956 |
| Provision for income taxes | 252 | 15 |
| EBITDA | 588 | (7,876) |
| Non-cash stock compensation expense | 746 | 1,136 |
| Adjusted EBITDA | $ 1,334 | $ (6,740) |
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
