World Energy revenue down for quarter, up for 2013
Worcester-based energy management services firm, World Energy Solutions reported lower revenue for the fourth quarter of last year, although full-year revenue increased, the company said today.
The company's quarterly revenue dipped 8 percent, to $9.3 million, which the firm linked to a decline in energy efficiency services revenue. But for the year, revenue grew by 9 percent to $34.7 million over 2012.
For the year, the company reported a net loss of $2.3 million, although it profited $900,000 in the fourth quarter.
World Energy said its energy procurement business grew 18 percent during the year to $28.9 million on the back of its acquisition of Northeast Energy Partners in late 2012. Meanwhile, its energy efficiency services business declined 21 percent to $5.8 million, which the company attributed to turnover of its sales team in 2013.
"From an operating perspective, we saw double-digit growth in our procurement segment, gross margins improve, free cash flow remain strong, and … backlogs reach record levels," CEO Philip Adams said. "Looking ahead, we aim to drive increasing volumes through our exchange through technology advances and more active engagement of our channel strategy."
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