ThermoEnergy Corp. Revenue Up 78%
Worcester-based ThermoEnergy Corp., which develops and sells wastewater treatment and power-generation technologies, has announced a 78-percent increase in revenue for the first quarter, over the same period last year.
The company took in $1.7 million, compared to $900,000 last year. Gross profit for the quarter was $260,000, compared to a loss of $19,000 in 2011. A loss from operations costs contributed to a net loss of $1.5 million though, compared to a net loss of $7.3 million last year.
The company said the profit increase was mainly due to higher gross margins from a project in New York City that is in the equipment production phase of the contract which has higher margins than other phases. The company expects to be in that phase through 2013.
Net loss per shares was 2 cents, compared to a loss of 13 cents in 2011.
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