Lime Energy Co., a leading provider of energy efficiency and clean energy solutions, today announced its results for the three-month period ended March 31, 2012
HUNTERSVILLE, NC, May 10, 2012–Lime Energy Co. (NASDAQ: LIME), a leading provider of energy efficiency and clean energy solutions, today announced its results for the three-month period ended March 31, 2012. “The first quarter results were in line with our expectations for what has traditionally been our seasonally slowest quarter of the year,” commented John O’Rourke, Lime Energy’s President and CEO. “The quarter’s results included a 16% year-over-year increase in our core energy efficiency business, led by strong first quarter growth in our utility market segment. This was offset by an expected drop off in revenue from our large C&I direct sales business as a result of our decision last year to reduce and redeploy our sales force toward our fast growing and very successful utility program direct install efforts. We have added four new utility contracts since the beginning of the year, bringing our total utility contracts to seven from only two this time last year. We are confident in our trajectory and expect a particularly strong second half as these utility programs ramp and further contribute to this year’s expected results.”
Results for the three-month period ended March 31, 2012
* Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release.
We expect our second quarter revenue projected to be between $24 million and $28 million. We currently have about $224 million in backlog, of which approximately $106 million is expected to convert to revenue during the balance of 2012. Our backlog includes signed and awarded contracts, including multi-year contracts under utility programs and power purchase agreements. We are reiterating our revenue guidance of $143 million for the year.
LIME ENERGY CO.
Condensed Consolidated Statement of Operations
(Unaudited, $ Thousands)
Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure
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About Lime Energy Co.
Lime Energy is building a clean energy future. As one of the nation’s leading providers of clean energy solutions, Lime brings over 25 years of delivering economically viable efficiency and renewable energy solutions that benefit communities and protect the environment. Lime’s platform includes some of the energy industry’s most experienced professionals and an expansive geographic footprint with over 350 employees at 18 locations in North America. Lime Energy’s services include integrated energy engineering, consulting and the implementation of solutions that enable customers to reduce their facility’s energy consumption, lower their operating and maintenance costs and reduce their carbon footprint. The company’s stock is traded on NASDAQ under the symbol LIME. Additional information is available at www.lime-energy.com or by emailing email@example.com.
Lime Energy Investor Relations
Bristol Capital Ltd.
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy’s actual results, performance, prospects or opportunities in the remainder of 2012 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks are referenced in Lime Energy’s current Annual Report on form 10-K or as may be described from time to time in Lime Energy’s subsequent SEC filings; and such factors as incorporated by reference.