Ameresco Reports Second Quarter 2010 Financial Results
Framingham, MA – Second Quarter 2010 Financial Highlights
Second quarter revenues increased 58% year-over-year to $141.4 million
Second quarter net income increased 348% year-over-year to $7.7 million
Net income per diluted share was $0.21 in the second quarter of 2010 compared to $0.05 per diluted share in the second quarter of 2009
Provides revenues and earnings guidance for full-year 2010
Ameresco, Inc. (NYSE:AMRC) a leading provider of comprehensive energy solutions, today announced financial results for the quarter ended June 30, 2010. Ameresco had revenues of $141.4 million in the second quarter of 2010, compared to $89.5 million in the second quarter of 2009, an increase of 58%. Net income for the second quarter of 2010 was $7.7 million, compared to $1.7 million in second quarter of 2009, an increase of 348%. Net income per diluted share was $0.21 in the second quarter of 2010, compared to $0.05 per diluted share in the same quarter of 2009.
“Ameresco achieved strong growth in the second quarter as we continued to successfully implement our 2010 business plan,” said George Sakellaris, president and chief executive officer of Ameresco. “In the second quarter, we continued to execute on our strategy of signing more projects across regions, including Massachusetts, Maryland and California, in our energy efficiency business. In addition, we signed the Grand Erie District School Board project which represents our largest solar project to-date in Canada in our renewable energy business. With strong operating results, continued market expansion, and the capital provided from our recent IPO, we believe that Ameresco is well positioned to continue to deliver top-quality customer-driven solutions, while creating value for our shareholders.”
With greater market demand for energy solutions, Ameresco’s second quarter results were driven by stronger overall revenues, improved gross profit margins particularly from renewable energy projects, and by increased operating leverage.
For the six months ended June 30, 2010, Ameresco reported total revenues of $247.0 million, compared to $162.8 million for the same period in 2009, an increase of 52%. Net income for the first six months of 2010 was $9.0 million, or $0.24 per diluted share, compared with $2.1 million, or $0.06 per diluted share for the first six months of 2009. Net income for the period increased 320%.
EBITDA for the second quarter of 2010 increased by 278% over the second quarter of 2009 to $14.6 million.
EBITDA for the first six months of 2010 increased 216% over the first six months of 2009 to $19.7 million.
Operating cash flows were $2.5 million for the second quarter of 2010.
Total backlog of contracted, and awarded but not yet contracted, projects remains strong at $1.1 billion.
Some Key Project Highlights for Q2 2010
City of Lowell, MA – Ameresco signed a 20-year energy savings performance contract for $21.1 million which includes 28 energy conservation measures to be implemented city wide.
NASA Goddard Space Flight Center, MD – Ameresco signed a $4.5 million, 11 year, energy savings performance contract with NASA’s Goddard Space Flight Center in Maryland, where Ameresco will comprehensively retro-commission several buildings and implement site-wide energy efficient retrofits.
San Francisco Housing Authority, CA – Ameresco signed an $11.7 million contract with the SFHA covering three developments and 455 units of housing. This contract is funded with the U.S. Department of Housing and Urban Development Capital Fund Recovery Competition Grants as part of the American Recovery and Reinvestment Act stimulus funding that HUD received.
Grand Erie District School Board, Ontario – This project, the company’s largest solar project to-date, involves 22 schools in Canada. Ameresco will install 3.2 MW of solar rooftop PV under the OPA standard offer program.
Outlook Ameresco expects that for the year ending December 31, 2010, it will earn total revenues in the range of $575 million to $585 million, EBITDA will be in the range of $52 million to $54 million, and net income will be in the range of $26.5 million to $27.2 million. The company also expects that net income per diluted share for 2010 will be in the range of $0.62 to $0.65.
Webcast Reminder Ameresco will hold its earnings conference call today, August 12, at 10:30 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 second quarter 2010 results, business outlook and strategy. Participants may access it by dialing domestically (888) 679-8034 or internationally (617) 213-4847. The passcode is 26427295. 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. Participants are advised to dial-in at least ten minutes prior to the call to register.
Pre-Registration for the call is available at: https://www.theconferencingservice.com/prereg/key.process?key=PYPFH9J34. 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.The webcast will be available on the Company’s website shortly after the call.
Use of Non-GAAP Financial Measures This press release and the accompanying tables reflect EBITDA, which is a non-GAAP financial measure. For a description of this non-GAAP financial measure, including the reasons management uses this measure and a reconciliation of EBITDA to operating income, the most directly comparable financial measure prepared in accordance with GAAP, please see the section of the accompanying tables titled “Non-GAAP Financial Measures” in Exhibit A.
About Ameresco, Inc. Ameresco, Inc. was incorporated in Delaware in April 2000 and is a leading independent provider of comprehensive energy efficiency 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 54 offices in 29 states and four 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 and projects, as well as other statements containing the words “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 our energy efficiency and renewable energy solutions; our ability to arrange financing for our projects; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the timing of work we do on projects where we recognize revenue on a percentage of completion basis; seasonality in construction and in demand for our products and services; a customer’s decision to delay our 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 final prospectus related to its initial public offering, filed with the U.S. Securities and Exchange Commission on July 22, 2010, as well as in its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, which will be filed with the SEC. 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.
A registration statement relating to Ameresco’s Class A common stock has been filed with, and declared effective by, the Securities and Exchange Commission. The offering of these securities may be made only by means of a prospectus. A copy of the final prospectus relating to the offering may be obtained from BofA Merrill Lynch at 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department, or by emailing [email protected]. It may also be obtained from the Securities and Exchange Commission website at http://www.sec.gov/Archives/edgar/data/1488139/000095012310067046/b79273b4e424b4.htm.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Ameresco, Inc. and Consolidated Subsidaries Financial Tables