HUNTERSVILLE, NC, August 9, 2013–Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing energy efficiency programs for utilities, today announced its results for the three-month period ended March 31, 2013. “As we continue to execute against our business initiatives we are realizing improved financial and operational results over last year, when adjusted for the $1.3 million of costs related to the restatement and stockholder lawsuits. The focus on technology and operations is beginning to yield measurable and tangible results. We believe that these trends will continue thru the remainder of 2013, positioning the company for a stable operating environment in 2014,” stated John O’Rourke, Lime’s Chief Executive Officer.
Results for the three-month period ended March 31, 2013:
* Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release.
LIME ENERGY CO.
Condensed Consolidated Statement of Operations
Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure
We report our financial results in accordance with generally accepted accounting principles (“GAAP”). However, we believe that certain non-GAAP financial measures that we use to manage the Company’s business fall within the meaning of Regulation G (Disclosure of Non-GAAP Financial Measures) by the Securities and Exchange Commission. We have included these non-GAAP measures, including certain measures that exclude the cost of the restatement and the related, ongoing lawsuits, in the press release because we believe they may provide readers with additional meaningful comparisons to prior reported results.
A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure is as follows:
About Lime Energy Co.
Lime Energy is building a new energy future. As a leading national provider of energy efficiency for small business customers, Lime designs and implements direct install programs for our utility clients which have consistently exceeded program savings goals. Our award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have – energy efficiency.
A full analysis of the results for the three-month period are available in the Company’s Form 10-Q for the period ended March 31, 2013, which will be made available on the Company’s website at www.lime-energy.com and on EDGAR.
Investors can access the call by dialing toll free (800) 299-9086 and entering passcode 76026949. International callers can dial (617) 786-2903 and use the same passcode.
The call will be available for replay immediately following completion of the call through August 19, 2013 by dialing toll free (888) 286-8010 or (617) 801-6888. The replay will require use of passcode 53741575.
The call can also be accessed through Lime Energy’s Investor Relations section of its website at https://www.lime-energy.com. This call is being webcast by Thomson/CCBN and is being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at https://www.fulldisclosure.com, Thomson/CCBN’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson’s password-protected event management site, StreetEvents (https://www.streetevents.com).
Lime Energy Investor Relations
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 2013 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy’s subsequent SEC filings; such factors are incorporated herein by reference.