March 8, 2012
First Full-Year Profit For World Energy
Worcester-based energy management firm World Energy Solutions Inc. saw its revenues grow 17 percent to $21.1 million in 2011, a year in which it registered an annual profit for the first time, bringing in a net income of $500,000.
For the fourth quarter, which ended Dec. 31, 2011, the company's revenue grew 20 percent from the same period last year to $5.9 million. But it lost $800,000 during the quarter, which the company said mainly reflected one-time costs for acquisitions.
Between September and November, the company spent more than $17 million buying three energy management and procurement firms in Texas, Pennsylvania and Connecticut.
The company said it expects even faster growth in 2012, improving revenue by 40 to 60 percent.
WBJ Web Partners
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