EnergyConnect Group, Inc. Reports Fourth
Quarter and Year-End 2009 Results
- Company Initiates Guidance –
- Projects Annual 2010 Revenue Increase of 35% to 40% and Positive Annual 2010 Adjusted EBITDA –
March 18, 2010 04:08 PM Eastern Daylight Time
SAN JOSE, Calif.--(EON: Enhanced Online News)--EnergyConnect Group, Inc. (OTCBB:ECNG), a leading
provider of smart grid demand response services and technologies, reported results for its fourth quarter and full year
ended January 2, 2010.
Kevin Evans, EnergyConnect’s president and CEO, said, “During a challenging environment with historically low
electricity prices and reduced loads, we doubled our Capacity revenues, compared to 2008 and delivered total
2009 revenue of $19.9 million. Through the course of the year, we rationalized the business and positioned the
company for growth as energy prices strengthen in 2010 and beyond. In addition, in December, we improved our
financing by extending our credit facility to 2012.”
Fourth Quarter Financial Results
As expected, revenue for the fourth quarter of 2009 was $850,000, compared to $1.8 million in the fourth quarter
of 2008. Operating loss for the period totaled $2.1 million, compared to $32.2 million in the fourth quarter of 2008.
Net loss for the fourth quarter 2009 was $2.3 million, or $0.02 per share, compared to $31.9 million, or $0.34 per
share in the fourth quarter 2008. The net loss for the fourth quarter 2008 included $29.4 million of goodwill
Full Year 2009 Financial Results
For the year ended December 31, 2009, total revenues were $19.9 million, compared to $25.9 million for 2008.
Net loss for the year was $3.2 million, compared to $34.1 million for 2008, which included $29.4 million of goodwill
impairment charges. 2009 loss per share was $0.03 per share, compared to $0.37 per share in 2008.
Kevin Evans, added, “In 2010, we will continue to serve a number of different verticals in the commercial,
institutional and industrial sectors an