NEWARK, NJ, May 13, 2016—Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the three-month period ended March 31, 2016. “We have positioned ourselves as a leading national provider of smart building products and services to small and mid-sized businesses,” said Adam Procell, Lime Energy President & CEO. “Our innovative intelligent efficiency solutions help usher these customers into the clean energy economy, while solving critical environmental challenges facing utilities and their regulators.”
Results for the Three-Month Period ended March 31, 2016
(All comparisons are to the first quarter of 2015)
* 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
($ Thousands, except per share amounts)
Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure
We report our financial results in accordance with generally accepted accounting principles (“GAAP”). However, from time to time, we use certain non-GAAP financial measures in evaluating and discussing the Company’s results and performance. We believe that these non-GAAP measures supplement the readers’ understanding of our financial performance by providing our stockholders and investors with additional information to evaluate our operating performance using criteria used by our management in evaluating our performance in comparison to prior results.
As presented, Adjusted EBITDA excludes certain financial information compared with net income (loss), the most directly comparable GAAP financial measure. Below is reconciliation of Adjusted EBITDA to net income (loss):
About Lime Energy Co.
Lime Energy is building a new energy future. As a leading national provider of energy efficiency for utilities’ small business customers, Lime Energy designs and implements direct install programs for its utility clients which have consistently exceeded program savings goals. Its 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.
Additional information regarding the results for the three-month period ended March 31, 2016, is available in the Company’s Form 10-Q, which will be made available on the Company’s website at www.lime-energy.com and on EDGAR at www.sec.gov.
Conference Call Information
Lime Energy will host a conference call with investors today, May 13, 2016, at 4:30 p.m. ET to discuss these results which can be accessed as follows:
North America: (866) 430-2032
International: (704) 908-0415
A live audio webcast will be available through Lime Energy’s Investor Relations section of its website at https://www.lime-energy.com/investors/.
The webcast is also being distributed through the Thomson Reuters StreetEvents Network. Institutional investors can access the call via Thomson Reuters’ StreetEvents (www.streetevents.com), a password-protected event management site.
Lime Energy Investor Relations
Mary Colleen Brennan
This press 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. You can identify these forward-looking statements by the use of words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “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 2016 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 risk factors are incorporated herein by reference.