Ameresco Reports Second Quarter 2011 Financial Results
Second Quarter 2011 Financial Highlights:
• Revenue of $165.5 million, an increase of 17.1% year-over-year
• Net income of $8.8 million, an increase of 14.6% year-over-year
• Net income per diluted share of $0.19
6 Month Year-to-Date 2011 Financial Highlights:
• Revenue of $311.9 million, an increase of 26.3% year-over-year
• Net income of $14.1 million, an increase of 57.1% year-over-year
• Net income per diluted share of $0.31
FRAMINGHAM, MA – August 10, 2011 – Ameresco, Inc. (NYSE:AMRC) a leading energy efficiency and renewable energy company, today announced financial results for the fiscal quarter ended June 30, 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 second quarter of 2011 was $165.5 million compared to $141.4 million for the same period in 2010, an increase of 17.1% year-over-year. Operating income for the second quarter of 2011 was $13.4 million compared to $12.0 million in the second quarter of 2010, an increase of 11.2% year-over-year. Second quarter 2011 adjusted EBITDA, a non-GAAP number, was $16.9 million compared to $14.6 million for the same period in 2010, an increase of 16.0% year-over-year. Net income for the second quarter of 2011 was $8.8 million compared to $7.7 million in the same period of 2010, an increase of 14.6% year-over-year. Second quarter 2011 net income per diluted share was $0.19 compared to $0.21 per diluted share in the same period of 2010. Diluted weighted average shares outstanding increased from 38.4 million in the second quarter of 2010 to 45.9 million shares outstanding in the second quarter of 2011 due to our initial public offering in July of 2010.
"Ameresco achieved strong second quarter results as we continued to execute our strategic plans," stated George P. Sakellaris, president and chief executive officer of Ameresco. "The key drivers were higher installation activity from energy efficiency projects and a very favorable revenue mix that shifted to our higher margin offerings within renewable energy. With today's economic climate, higher energy costs and budgetary constraints, as well as aging infrastructure requiring non-discretionary upgrades, Ameresco's comprehensive energy efficiency and renewable energy solutions offer budget-neutral, environmentally-friendly, bottom-line results for customers."
For the six months ended June 30, 2011, Ameresco reported total revenue of $311.9 million, compared to $247.0 million for the same period in 2010, an increase of 26.3%. Operating income for the first six months of 2011 was $21.7 million compared to $14.6 million in the first six months of 2010, an increase of 48.6% year-over-year. Adjusted EBITDA for the first six months of 2011 was $28.8 million compared to $19.7 million in the first six months of 2010, an increase of 45.8% year-over-year. Net income for the first six months of 2011 was $14.1 million compared to $9.0 million in the first six months of 2010, an increase of 57.1% year-over-year. Net income per diluted share was $0.31 for the first six months of 2011 compared to $0.24 during the first six months of 2010.
"With Ameresco's strong operating results through the first half of 2011, anticipated increasing customer demand, and our continued market penetration and geographic expansion, we believe Ameresco is positioned well for the future," added George P. Sakellaris, president and chief executive officer of Ameresco.
Additional Second Quarter 2011 Operating Highlights:
• Revenue generated from backlog was $137 million for the second quarter of 2011, an increase of 19% year-over-year.
• All other revenue was $29 million for the second quarter of 2011, an increase of 18% year-over-year.
• Operating cash flows were $1.6 million for the second quarter of 2011.
• Total construction backlog was $1.16 billion as of June 30, 2011 and consisted of:
• $507.3 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
• $648.1 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 is reaffirming 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 adjusted 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, August 10th, at 8:30 a.m. Eastern Time with President and Chief Executive Officer, George Sakellaris, and Vice President and Chief Financial Officer, Andrew Spence, to discuss details regarding the Company's second quarter 2011 results, business outlook and strategy. Participants may access it by dialing domestically 888.679.8034 or internationally 617.213.4847. The passcode is 44821297. 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=PFYDUMVVV. 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 adjusted 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 adjusted 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.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, and renewable energy solutions for facilities throughout North America. Ameresco's services include upgrades to a facility's energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco provides local expertise through its 59 offices in 34 states and five Canadian provinces. Ameresco has more than 750 employees. 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, adjusted 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.