Comverge Reports First Quarter 2012 Financial Results
10 Maggio 2012 - 10:05PM
Comverge, Inc. (Nasdaq:COMV), the leading provider of Intelligent
Energy Management (IEM) solutions for Residential and Commercial +
Industrial customers, today announced first quarter 2012 financial
and operating results.
First quarter revenues for 2012 were $32.6 million compared to
$18.6 million in the first quarter of 2011, a 75 percent
increase.
Gross margin for the first quarter of 2012 was 51 percent
compared to 42 percent in the first quarter of 2011.
Adjusted EBITDA for the first quarter of 2012 was $1.3 million
compared to negative $6.7 million for the first quarter 2011.
Comverge defines adjusted EBITDA as earnings before interest,
taxes, depreciation, amortization, and non-cash stock compensation
expense. Please refer to the financial schedules attached to this
press release for reconciliation of GAAP to non-GAAP Adjusted
EBITDA.
Net loss for the first quarter of 2012 was $2.7 million, or
$0.10 per basic and diluted share, compared to a net loss of $9.8
million, or $0.39 per basic and diluted share for the first quarter
of 2011.
"Our impressive first quarter revenue, gross margin, net income
and adjusted EBITDA improvements compared to 2011 reflect the
company's continued strong performance in both our Residential and
Commercial businesses as well as our improved operational
efficiencies," commented R. Blake Young, Comverge president and
chief executive officer.
Payments from Long-term Contracts Payments from
long-term contracts, which represent an estimate of total payments
that Comverge expects to receive under long-term agreements with
customers, were $515 million as of March 31, 2012.
About Comverge With more than 500 utility and
2,100 commercial customers, as well as five million deployed
residential devices, Comverge brings unparalleled industry
knowledge and experience to offer the most reliable, easy-to-use,
and cost-effective intelligent energy management programs. We
deliver the insight and control that enables energy providers and
consumers to optimize their power usage through the industry's only
proven, comprehensive set of technology, services and information
management solutions. For more information, visit
www.comverge.com.
Caution Regarding Forward Looking
Statements
This release contains forward-looking statements that are made
pursuant to the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934. The forward-looking statements in
this release are not and do not constitute historical facts, do not
constitute guarantees of future performance and are based on
numerous assumptions which, while believed to be reasonable, may
not prove to be accurate. These forward looking statements include
projected revenue guidance, projected contracted revenues,
projected regulatory changes or approvals, the amount of revenue
and megawatts that will be generated by long-term contracts or open
market programs and certain assumptions upon which such
forward-looking statements are based. The forward-looking
statements in this release do not constitute guarantees of future
performance and involve a number of factors that could cause actual
results to differ materially, including risks associated with
Comverge's business involving our products, the development and
distribution of our products and related services, regulatory
changes or grid operator rule changes, regulatory approval of our
contracts, economic and competitive factors, our key strategic
relationships, and other risks more fully described in our form
10-Q filed today. Comverge assumes no obligation to update any
forward-looking information contained in this press release or with
respect to the announcements described herein.
Regulation G Disclosure - Non-GAAP Financial
Information
Non-GAAP financial measures are based upon our unaudited
consolidated statements of operations for the periods shown, giving
effect to the adjustments shown in the reconciliations set forth
below. This presentation is not in accordance with, or an
alternative for, U.S. generally accepted accounting principles
(GAAP). The non-GAAP financial information presented herein should
be considered supplemental to, and not as a substitute for, or
superior to, financial measures calculated in accordance with GAAP.
However, Comverge believes that non-GAAP reporting, giving effect
to the adjustments shown in the reconciliations below, provides
meaningful information and therefore uses it to supplement its GAAP
reporting and internally in evaluating operations, managing and
benchmarking performance. The Company has chosen to provide this
supplemental information to investors, analysts and other
interested parties to enable them to perform additional analyses of
operating results, to illustrate the results of operations giving
effect to the non-GAAP adjustments shown in the reconciliations
below, and to provide an additional measure of performance.
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SCHEDULE
1 |
COMVERGE,
INC. |
CONSOLIDATED STATEMENTS
OF OPERATIONS |
(In thousands, except
share and per share data) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2012 |
2011 |
|
(unaudited) |
(unaudited) |
Revenue |
$ 32,581 |
$ 18,625 |
Cost of revenue |
16,067 |
10,858 |
Gross profit |
16,514 |
7,767 |
Operating expenses |
|
|
General and administrative
expenses |
11,362 |
10,234 |
Marketing and selling
expenses |
5,034 |
5,089 |
Research and development
expenses |
1,133 |
1,049 |
Amortization of intangible
assets |
66 |
237 |
Operating loss |
(1,081) |
(8,842) |
Interest and other expense, net |
1,385 |
929 |
Loss before income taxes |
(2,466) |
(9,771) |
Provision for income taxes |
252 |
15 |
Net loss |
$ (2,718) |
$ (9,786) |
|
|
|
Net loss per share (basic and diluted) |
$ (0.10) |
$ (0.39) |
|
|
|
Weighted average shares used in
computation |
26,167,484 |
24,790,385 |
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SCHEDULE
2 |
COMVERGE,
INC. |
SEGMENT
INFORMATION |
(In
thousands) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2012 |
2011 |
|
(unaudited) |
(unaudited) |
Revenue: |
|
|
Residential Business |
$ 19,749 |
$ 15,258 |
Commercial & Industrial Business |
12,832 |
3,367 |
Total Revenue |
$ 32,581 |
$ 18,625 |
|
|
|
Cost of Revenue: |
|
|
Residential Business |
$ 12,410 |
$ 8,443 |
Commercial & Industrial Business |
3,657 |
2,415 |
Total Cost of
Revenue |
$ 16,067 |
$ 10,858 |
|
|
|
Gross Profit: |
|
|
Residential Business |
$ 7,339 |
$ 6,815 |
Commercial & Industrial Business |
9,175 |
952 |
Total Gross Profit |
$ 16,514 |
$ 7,767 |
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SCHEDULE
3 |
COMVERGE,
INC. |
CONSOLIDATED BALANCE
SHEETS |
(In
thousands) |
|
|
|
|
March 31, |
December 31, |
|
2012 |
2011 |
|
(unaudited) |
|
Assets |
|
|
Cash and cash equivalents |
$ 18,053 |
$ 23,641 |
Restricted cash |
2,192 |
4,051 |
Billed accounts receivable, net |
18,988 |
18,481 |
Unbilled accounts receivable |
11,660 |
12,730 |
Inventory, net |
8,632 |
10,377 |
Deferred costs |
2,566 |
1,804 |
Other current assets |
1,547 |
1,313 |
Total current assets |
63,638 |
72,397 |
|
|
|
Restricted cash |
9,000 |
332 |
Property and equipment, net |
27,755 |
26,865 |
Intangible assets, net |
3,662 |
3,635 |
Goodwill |
499 |
499 |
Other assets |
1,642 |
1,681 |
Total assets |
$ 106,196 |
$ 105,409 |
|
|
|
Liabilities and Shareholders'
Equity |
|
|
Accounts payable |
$ 6,707 |
$ 5,123 |
Accrued expenses |
14,691 |
20,347 |
Deferred revenue |
13,542 |
7,094 |
Current portion of long-term debt |
26,147 |
9,188 |
Other current liabilities |
7,194 |
7,561 |
Total current liabilities |
68,281 |
49,313 |
|
|
|
Deferred revenue |
484 |
490 |
Long-term debt |
-- |
17,062 |
Other liabilities |
1,256 |
1,563 |
Total long-term
liabilities |
1,740 |
19,115 |
|
|
|
Common stock |
27 |
26 |
Additional paid-in capital |
268,083 |
266,090 |
Treasury stock |
(400) |
(338) |
Accumulated deficit |
(231,490) |
(228,772) |
Accumulated other comprehensive income |
(45) |
(25) |
Total shareholders' equity |
36,175 |
36,981 |
Total liabilities and
shareholders' equity |
$ 106,196 |
$ 105,409 |
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SCHEDULE
4 |
COMVERGE,
INC. |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(In
thousands) |
|
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|
|
Three Months
Ended |
|
|
March
31, |
|
|
2012 |
2011 |
|
|
(unaudited) |
(unaudited) |
|
Cash flows from operating
activities |
|
|
|
Net loss |
$ (2,718) |
$ (9,786) |
|
Adjustments to net loss to net cash flows
from operating activities: |
|
|
|
Depreciation |
1,281 |
529 |
|
Amortization of intangible
assets |
256 |
410 |
|
Stock-based compensation |
746 |
1,136 |
|
Other |
382 |
537 |
|
Changes in operating assets and
liabilities |
3,674 |
1,323 |
|
Net cash from operating
activities |
3,621 |
(5,851) |
|
|
|
|
|
Cash flows from investing
activities |
|
|
|
Change in restricted cash |
(6,809) |
918 |
|
Maturities/sales (purchases) of
marketable securities |
-- |
27,724 |
|
Purchases of property and
equipment |
(3,186) |
(3,153) |
|
Net cash from investing
activities |
(9,995) |
25,489 |
|
|
|
|
|
Cash flows from financing
activities |
|
|
|
Borrowings of debt |
11,104 |
-- |
|
Repayment of debt |
(11,250) |
(750) |
|
Proceeds from issuance of
common stock |
1,239 |
-- |
|
Other |
(293) |
54 |
|
Net cash from financing
activities |
800 |
(696) |
|
|
|
|
|
Effect of exchange rate changes |
(14) |
-- |
|
Net change in cash and cash equivalents |
(5,588) |
18,942 |
|
Cash and cash equivalents at beginning of
period |
23,641 |
7,800 |
|
Cash and cash equivalents at end of
period |
$ 18,053 |
$ 26,742 |
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SCHEDULE
5 |
COMVERGE,
INC. |
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURE TO THE |
MOST DIRECTLY
COMPARABLE GAAP FINANCIAL MEASURE |
(In
thousands) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2012 |
2011 |
|
(unaudited) |
(unaudited) |
Net loss |
$ (2,718) |
$ (9,786) |
Depreciation and
amortization |
1,537 |
939 |
Interest expense, net |
1,517 |
956 |
Provision for income taxes |
252 |
15 |
EBITDA |
588 |
(7,876) |
Non-cash stock compensation
expense |
746 |
1,136 |
Adjusted EBITDA |
$ 1,334 |
$ (6,740) |
CONTACT: Jason Cigarran
Vice President, Marketing and Investor Relations
Comverge, Inc.
678-823-6784
jcigarran@comverge.com
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