World Energy Announces Record Quarter
Worcester-based energy services management firm World Energy Solutions Inc. posted record revenues during its second quarter, up 78-percent over the same period last year, to $8.2 million. That's also a 70 percent increase over the first quarter of 2012.
The company said its jump in revenue was primarily due to acquisitions and increased auction activity in its retail and wholesale product lines. Revenue from the company's energy procurement segment increased 49 percent, reflecting the addition of the energy procurement businesses of Co-eXprise and government accounts and continued execution in the company's base business. Its energy efficiency services segment contributed 16 percent of the second quarter's revenue.
During the quarter, which ended June 30, profits were $143,195, or a penny per share.
Cash and cash equivalents were $3.6 million, up from $1.8 million at the end of 2011.
World Energy attributed its strong second quarter to several factors, including winning new contracts, renewing key government accounts, gaining renewals in Texas and expanding business in Illinois, Ohio and Pennsylvania.
Based on its better-than-expected start to the year, World Energy CEO Phil Adams said the company is making upward adjustments to its revenue growth forecast for the year, from 40-60 percent up to 60-70 percent.
For the six months ended June 30, 2012, revenue increased by 69 percent, to $16.2 million, primarily due to the company's acquisitions completed in the fourth quarter of 2011 and increased activity in its retail product line. Revenue from the energy procurement segment increased 47 percent, reflecting the addition of the energy procurement businesses of Co-eXprise and government projects and continued execution in the company's base business.
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