ameresco inc-cl a (AMRC) Snapshot

The employment with Ameresco, Inc., of Steven A. Lange, the company's principal accounting officer, ended on May 21, 2013.

Ameresco, Inc. announced that it has begun work on a $5.7 million energy performance contract (EPC) with the Brockton Housing Authority. The project will provide energy efficient upgrades to more than 1,200 units in seven developments, and is expected to save the Authority more than $400,000 annually. With construction expected to be completed this year, the project scope includes lighting efficiency improvements, upgraded apartment temperature controls, water conservation measures, energy efficient refrigerators, and new energy efficient windows and sliding doors at the Authority's Campello high-rise development. With more than 30 years of experience, Ameresco's public housing energy specialists have implemented performance contracts with project capital exceeding $460 million in this sector, more than any other North American energy services company. Ameresco has improved 130,000 households (and counting) under performance-based energy and water services contracts.

Ameresco, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue was $110.13 million against $146.57 million a year ago. Operating loss was $2.08 million against operating income of $3.42 million a year ago. Loss before provision for income taxes was $2.55 million against profit was $2.32 million a year ago. Net loss was $1.92 million against income of $1.73 million a year ago. Diluted loss per share was $0.04 against diluted income per share was $0.04 a year ago. Adjusted EBITDA was $4.29 million against $9.14 million a year ago. Net cash used in operating activities was $25.7 million against net cash provided by operating activities of $33.21 million a year ago. Purchases of property and equipment were $1.094 million against $1.276 million a year ago. Purchases of project assets were $12.855 million against $10.002 million a year ago. The company is reaffirming earnings guidance for the fiscal year ending December 31, 2013. The company continues to expect to earn total revenue in the range of $620 million to $670 million. The company also expects net income for 2013 to be in the range of $18 million to $22 million. The 2013 guidance is based upon the following assumptions: a challenging first half of 2013; that a seasoned backlog along with a continued focus on converting awarded projects to signed contracts begins to yield results later in the second quarter; a more meaningful improvement in fully-contracted backlog in the second half of 2013; modest to strong revenue growth within a few regions; a gradual improvement in market conditions; 10% year-over-year revenue growth from all other offerings; and maintaining operating expenses at the current run rate.