Ameresco Reports First Quarter 2011 Financial Results
First quarter revenue of $146.4 million, an increase of 39% year-over-year
First quarter net income of $5.3 million, an increase of 314% year-over-year
First quarter net income per diluted share of $0.12, an increase of 231% year-over-year
FRAMINGHAM, MA – May 4, 2011 – Ameresco, Inc. (NYSE:AMRC) a leading energy efficiency and renewable energy company, today announced financial results for the fiscal quarter ended March 31, 2011. The Company has also furnished prepared remarks in conjunction with this press release in a Current Report on Form 8-K. These prepared remarks, including a supplemental document containing non-financial metrics frequently reported with quarterly results, have been posted to the “Investor Relations” section of the Company’s website at www.ameresco.com.
Total revenue for the first quarter of 2011 was $146.4 million compared to $105.6 million for the same period in 2010, an increase of 39% year-over-year. Operating income for the first quarter of 2011 was $8.3 million compared to $2.6 million in the first quarter of 2010, an increase of 224% year-over-year. First quarter 2011 EBITDA was $11.8 million compared to $5.1 million for the same period in 2010, an increase of 130% year-over-year. Net income for the first quarter of 2011 was $5.3 million compared to $1.3 million in the same period of 2010, an increase of 314% year-over-year. First quarter 2011 net income per diluted share was $0.12 compared to $0.03 per diluted share for the first quarter of 2010.
“Ameresco continued to execute our strategic plan, delivering unseasonably strong first quarter results. Continued momentum from installation activity, recurring revenue from our higher margin offerings, and increased operational efficiencies helped drive our earnings,” stated George P. Sakellaris, president and chief executive officer of Ameresco. “We believe that in today’s environment of increasing energy costs, budgetary constraints, aging infrastructure, and a greater awareness of the benefits of energy efficiency, the demand for budget-neutral energy savings projects and renewable energy solutions that lower operating costs and reduce carbon footprints should continue to grow, positioning Ameresco well for the future.”
Additional First Quarter 2011 Operating Highlights:
Revenue generated from backlog was $118.4 million for the first quarter of 2011, an increase of 41% year-over-year.
All other revenue was $28.0 million for the first quarter of 2011, an increase of 30% year-over-year.
Total construction backlog was $1.17 billion as of March 31, 2011 and consisted of:
$588.7 million of fully-contracted backlog, which represents signed customer contracts for installation or construction of projects that are expected to convert into revenue over the next 12-24 months on average; and
$577.2 million of awarded projects, which represents estimated future revenue for projects that are expected to be signed over the next 6-12 months on average.
FY 2011 Guidance
Ameresco reiterates guidance for the fiscal year ending December 31, 2011. Ameresco continues to expect that it will earn total revenue in the range of $690 million to $705 million, that EBITDA will be in the range of $67 million to $70 million, and that net income will be in the range of $35 million to $37 million. The Company also expects that net income per diluted share for 2011 will be in the range of $0.75 to $0.79.
Ameresco will hold its earnings conference call today, May 4, at 8:30 a.m. Eastern Time with President and CEO, George Sakellaris, and Vice President and Chief Financial Officer, Andrew Spence, to discuss details regarding the Company’s first quarter 2011 results, business outlook and strategy. Participants may access it by dialing domestically 888.713.4216 or internationally 617.213.4868. The passcode is 15136768. Participants are advised to dial-in at least ten minutes prior to the call to register. Those who wish to listen only to the conference call webcast may visit the “Investor Relations” section of the Company’s website at www.ameresco.com.
Pre-Registration for the call is also available at:
https://www.theconferencingservice.com/prereg/key.process?key=PCFP8XCWH. Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference by bypassing the operator upon connection.
Use of Non-GAAP Financial Measures
This press release and the accompanying tables include references to EBITDA, which is a non-GAAP financial measure. For a description of this non-GAAP financial measure, including the reasons management uses this measure, please see the section following the accompanying tables titled “Exhibit A: Non-GAAP Financial Measures”. For a reconciliation of EBITDA to operating income, the most directly comparable financial measure prepared in accordance with GAAP, please see Other Non-GAAP Disclosure in the accompanying tables.
About Ameresco, Inc.
Ameresco, Inc. was incorporated in Delaware in April 2000 and is a leading independent provider of comprehensive energy efficiency and renewable energy solutions for facilities throughout North America. Ameresco’s solutions include upgrades to a facility’s energy infrastructure, and the development, construction, and operation of renewable energy plants. With corporate headquarters located in Framingham, MA, Ameresco has 56 offices in 29 states and five Canadian provinces. For more information, visit www.ameresco.com.
Safe Harbor Statement
Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about backlog, estimated future revenues, EBITDA and net income, as well as other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including demand for Ameresco’s energy efficiency and renewable energy solutions; the Company’s ability to arrange financing for its projects; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the timing of work Ameresco does on projects where it recognizes revenue on a percentage of completion basis; seasonality in construction and in demand for its products and services; a customer’s decision to delay the Company’s work on, or other risks involved with, a particular project; availability and costs of labor and equipment; the addition of new customers or the loss of existing customers; and other factors discussed in Ameresco’s Annual Report on Form 10-K for the year ended December 31, 2010, filed with the U.S. Securities and Exchange Commission on March 31, 2011. In addition, the forward-looking statements included in this press release represent Ameresco’s views as of the date of this press release. Ameresco anticipates that subsequent events and developments will cause its views to change. However, while Ameresco may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Ameresco’s views as of any date subsequent to the date of this press release.