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| 2016-11-14 17:00:00 | Lime Energy Co. Reports Third Quarter 2016 Results Newark, n.j.--(business wire)--lime energy co., a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the three and nine months ended september 30, 2016. “the third quarter saw the improvement in results that we had expected,” said adam procell, lime energy president & ceo. “we now have all key utility programs back up and running. this, together with our continued focus on reducing our fixed cost base, puts us in a solid position to achieve further improvements in operating and financial results in the fourth quarter of 2016 and into 2017.” three months ended september 30, 2016 highlights(comparisons are to the three months ended september 30, 2015) revenue of $25.7 million, down $6.4 million gross profit margins of 33.9%, compared to 34.3% selling, general and administrative (“sg&a”) decreased $0.6 million to $8.7 million other income of $1.4 million, up $0.4 million net income of $1.1 million, down $0.7 million basic earnings per share from continuing operations of $0.07 as compared to $0.15 diluted earnings per share from continuing operations of ($0.03) as compared to $0.05 adjusted ebitda(1) of $0.7 million, down from adjusted ebitda of $2.2 million nine months ended september 30, 2016 highlights(comparisons are to the nine months ended september 30, 2015) on march 24, 2015 lime energy completed its purchase of enerpath. because the closing of the transaction occurred in the 2015 first quarter, the highlights and comparisons below and the other financial information included in this earnings release includes only stand-alone data for lime energy for the period from january 1, 2015 to march 23, 2015 along with the combined results from march 24, 2016 to june 30, 2016. revenue of $69.9 million, down $12.5 million gross profit margin of 31.3%, compared to 33.3% selling, general and administrative (“sg&a”) increased $4.4 million to $28.9 million other expense of ($1.2) million versus ($2.9) million in previous year net loss of ($9.7) million, increased from net loss of ($1.3) million basic earnings per share from continuing operations of ($1.12) as compared to ($0.20) diluted earnings per share from continuing operations of ($1.12) as compared to ($0.20) adjusted ebitda of ($4.8) million, down from adjusted ebitda of $4.4 million ___________________________ (1) see below for reconciliation of non-gaap measures revenue. the company’s 2016 3rd quarter revenues were $25.7 million, down $6.4 million or 20% year-over-year from 2015 3rd quarter. the majority of the decrease related to the delay of the new jersey utility program. in the third quarter, we restarted new jersey in late-september with sales, and we expect to record revenues and gross profit in fourth quarter of 2016. we expect the new jersey program to contribute to our 2016 q4 results. gross profit. gross profit margins in the 2016 3rd quarter were 33.9%, down 40 basis point from the previous 2015 3rd quarter. this decline resulted from the mix of utility programs and a shift in utility measures. sg&a expenses. selling, general and administrative expenses for the 2016 third quarter were $8.7 million, a decrease of $0.6 million. the decrease was primarily due reducing travel and outside services. other income. other income, net was $1.4 million for the three months ended september 30, 2016, compared to other income, net of $1.0 million, for the three months ended september 30, 2015. the $0.4 million improvement was primarily a result of a $0.8 million increase in the gain from the change in derivative liability and $0.2 million recovered against the sec investigation offset by a $0.6 million increase in net interest expense. sec investigation. in 2012, the sec commenced an investigation with respect to certain of the company’s revenue recognition practices and financial reporting. in october 2016 we reached a settlement. in connection with the settlement process, the sec filed a complaint against the company and four former officers in the u.s. district court for the southern district of new york (“the court”). the company, without admitting or denying the allegations in the sec’s complaint, had consented to the entry of a final judgment pursuant to which it would pay a civil monetary penalty of $1 million, payable in 5 installments over the next 12 months. the first payment was made in october 2016. the court approved the settlement in october 2016. adjusted ebitda. adjusted ebitda for the quarter was $0.7 million, a decrease of $4.8 million. the decrease was primarily driven by a reduction in revenue. liquidity. in november, 2016, the company entered into an amendment to its loan and security agreement with heritage bank of commerce (the “bank”). in conjunction with this amendment, the bank also issued a waiver for the quarter ending june 30, 2016 covenant targets. this amendment reduces the credit facility to $6.0 million and increases the variable interest rate to the prime rate plus 2.5%. the amendment also requires the company to achieve quarterly ebitda targets, as follows: ($1.0) million loss for the quarter ending september 30, 2016; and $1.0 million for the quarter ending december 31, 2016. the company and the bank agreed to negotiate and agree on ebitda targets for 2017 by february 15, 2017, absent which all amounts then outstanding would be due and payable on march 31, 2017. as of september 30, 2016, the company was in compliance with its asset coverage ratio covenant and its new revised ebitda covenant with the bank. the company ended the quarter with $0.9 million in cash and $4.6 million of availability to borrow on our credit facility for a total liquidity of $5.5 million. as of september 30, 2016, the company has not drawn down on the credit facility although there are two letters of credit outstanding amounting to $1.4 million. delisting and transfer of listing as previously reported on current reports on form 8-k, the company was suspended from trading on the nasdaq capital market on august 31, 2016. the company’s common stock currently trades over-the-counter and is quoted on a service operated by otc markets group, inc. reverse/forward stock split the board of directors of the company has approved a reverse/forward stock split to reduce the number of record holders of the common stock and to allow the company to terminate the registration of the common stock under the exchange act. the company has filed a preliminary proxy statement that includes important information regarding the proposed reverse/forward stock split. a definitive proxy statement will be filed with the securities and exchange commission and mailed to stockholders at least 20 calendar days prior to the special stockholders meeting at which the proposed transaction will be voted on. about lime energy co. lime energy is building a new energy future. as a leading national provider of energy efficiency for utilities’ small business customers, lime energy designs and implements direct install programs for its utility clients which have consistently exceeded program savings goals. its award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. this next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have — energy efficiency. conference call information lime energy will host a conference call with investors tuesday, november 15, 2016, at 1:30 p.m. et to discuss these results which can be accessed as follows: north america: 1 (844) 282-4412international: 1 (513) 988-8485passcode: 15065192 a live audio webcast will be available through lime energy’s investor relations section of its website at http://www.lime-energy.com/investors/. the webcast is also being distributed through the thomson reuters streetevents network. institutional investors can access the call via thomson reuters’ streetevents (www.streetevents.com), a password-protected event management site. forward looking statements this press release and the referenced earnings conference call includes forward-looking statements within the meaning of the safe harbor provisions of the private securities litigation reform act of 1995 including statements that reflect lime energy’s current expectations about its future results, performance, prospects and opportunities. you can identify these forward-looking statements by the use of words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. these forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements. such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the company’s control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied. these risks and uncertainties are described in lime energy’s most recent annual report on form 10-k or as may be described from time to time in lime energy’s subsequent sec filings; such risk factors are incorporated herein by reference. these statements include but are not limited to statements regarding the operations of lime energy, the timing of delayed utility programs, outcome of pending bids. the company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements. the company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. no such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates. condensed consolidated statement of operations ($ thousands, except per share amounts) reconciliation of gaap net income to adjusted ebitda adjusted ebitda is a non-gaap financial measure that represents our earnings before interest, taxes, depreciation and amortization, share based compensation, (gain) loss from change in derivative liability, (income) loss from the operation of discontinued operations, other one-time costs, acquisition costs and the extinguishment of debt. this non-gaap financial measure has certain limitations, including that it does not have a standardized meaning and, therefore, our definition may be different from similar non-gaap financial measures used by other companies and/or analysts. thus, it may be more difficult to compare our financial performance to that of other companies. we believe our reporting of adjusted ebitda assists investors in evaluating our operating performance. however, because adjusted ebitda is not a measure of financial performance calculated in accordance with gaap, such measure should be considered in addition to, but not as a substitute for, other measures of our financial performance reported in accordance with gaap, such as net income. |
| 2016-08-15 16:10:00 | Lime Energy Co. Reports Second Quarter 2016 Results Newark, n.j.--(business wire)--lime energy co. (nasdaq: lime), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the second quarter and first half of 2016. “we knew that the second quarter would be challenging due to delays in key utility programs; however, we are working towards our return to profitability as we move into the second half of the year,” said adam procell, lime energy president & ceo. “we are moving forward with our plans to scale the company and continue to leverage innovative technology to achieve our goals.” second quarter highlights(comparisons are to the second quarter of 2015) revenue of $21.0 million, down $10.9 million gross profit margins of 29.7%, compared to 34.0% selling, general and administrative (“sg&a”) increased $0.8 million to $10.2 million other income of $1.1 million versus an other expense of ($1.7) million in previous year net loss of $3.4 million, increased from net loss of $1.0 million basic and diluted loss per share from continuing operations of $0.39 as compared to $0.12 adjusted ebitda(1) of ($3.1) million, down from adjusted ebitda of $2.0 million first half highlights(comparisons are to the first half of 2015) on march 24, 2015 lime energy completed its purchase of enerpath. because the closing of the transaction occurred in the 2015 first quarter, the highlights and comparisons below and the other financial information included in this earnings release includes only stand-alone data for lime energy for the period from january 1, 2015 to march 23, 2015 along with the combined results from march 24, 2016 to june 30, 2016. revenue of $44.2 million, down $6.1 million gross profit margin of 29.8%, compared to 32.6% selling, general and administrative (“sg&a”) increased $5.0 million to $20.2 million other expense of ($2.6) million versus ($3.9) million in previous year net loss of $10.7 million, increased from net loss of $3.1 million basic and diluted loss per share from continuing operations of $1.19 as compared to $0.82 adjusted ebitda of ($5.4) million, down from adjusted ebitda of $2.2 million ______________________(1) see below for reconciliation of non-gaap measures revenue. the company’s 2016 2nd quarter revenues were $21.0 million, down $10.9 million or 34% year-over-year from 2015 2nd quarter. the majority of the decrease related to the delay of two key utility programs, ladwp and new jersey. in the second quarter, we restarted at ladwp in mid-april with sales, and we just started to record revenues and gross profit in june. we expect the ladwp program to meaningfully contribute to our 2016 q3 results. we are also awaiting to hear back on the new jersey small business direct program. a rfp (request for proposal) was sent out at the end of may. we submitted our proposal in june and conducted a final interview in july. we are expecting to hear back in august. if successful, the program would start back up in september with sales and contribute revenues and gross profit in 2016 fourth quarter. gross profit. gross profit margins in the 2016 2nd quarter were 29.7%, down 430 basis point from the previous 2015 2nd quarter. this decline resulted from the mix of utility programs, a shift in utility measures, and various cost overruns on projects. sg&a expenses. selling, general and administrative expenses for the 2016 second quarter were $10.2 million, an increase of $0.8 million. the increase was primarily due to increased i.t. development work procured through outside consultants, in addition to severance charges relating to the departure of the previous cfo. the i.t. development resulted in both increased consulting expense and increased depreciation expense (from the capitalized elements). other expense. other income, net was $1.1 million for the three months ended june 30, 2016, compared to other expense, net of ($1.7) million, for the three months ended june 30, 2015. the $2.8 million improvement was primarily a result of a $4.4 million increase in the gain from the change in derivative liability, offset by a $1.0 million charge for the sec investigation and $0.6 million increase in net interest expense. sec investigation. in 2012, the sec commenced an investigation with respect to certain of the company’s revenue recognition practices and financial reporting. the company has cooperated with the staff of the enforcement division of the u.s. securities and exchange commission (“sec staff”) throughout the course of the investigation. during the second quarter of 2016, the company reached an agreement in principle with the sec staff to resolve the investigation. at this time, in accordance with asc 450, “contingencies”, the company has recorded a $1.0 million charge to income, the amount it believes is now probable will be paid. this charge is recorded in other expenses in the condensed consolidated statement of operations. the sec staff has not yet presented the proposed settlement to the commission, and no assurance can be given that the commission will approve the proposed settlement or that the amount estimated will not change. adjusted ebitda. adjusted ebitda for the quarter was ($3.1) million, a decrease of $5.1 million. the decrease was primarily driven by a reduction in revenue and gross profit margin. liquidity. the company ended the quarter with $2.7 million in cash and $5.9 million of availability to borrow on our credit facility for a total liquidity of $8.6 million, assuming a positive covenant resolution with our lender. currently, we are not in compliance with the ebitda covenant under the credit facility, but we expect to receive a waiver from the bank along with renegotiating the ebitda covenant targets. asset coverage and borrowing base calculations are in compliance. in the second quarter 2016, the credit facility was increased to $10 million from $6.0 million. at june 30, 2016, we have no principal borrowings on the credit facility although there are two letters of credit outstanding amounting to $1.4 million. failure to satisfy a continued listing rule as previously reported on current reports on form 8-k, the company currently does not meet the continued listing requirement set forth in listing rule 5550(b)(1), which requires companies listed on the nasdaq capital market to maintain a minimum of $2.5 million in stockholders’ equity for continued listing. on july 12, 2016, we received a letter from the nasdaq listing qualification staff indicating that, unless the company timely requests a hearing before the nasdaq listing qualifications panel (the “panel”), the company’s securities would be delisted from the nasdaq capital market due to the company’s non-compliance with listing rule 5550(b). we have a hearing before the panel scheduled on august 25, 2016, at which we will present a plan to evidence compliance with the listing rule 5550(b)(1), which requires the company to maintain a minimum of $2.5 million in stockholders’ equity, or with listing rule 5550(b)(3), which requires net income from continuing operations of $500,000. the company’s common stock will continue to trade on the nasdaq capital market under the symbol “lime” pending the completion of the hearing process and the expiration of any extension period granted by the panel. a ruling is likely to be received seven days after the hearing. there can be no assurance that we will be successful in receiving an extension from the panel to regain compliance or in maintaining its listing on the nasdaq capital market, which could impair the liquidity and market price of the company’s common stock including limited availability of market quotations for its stock. nasdaq’s determination to delist the company’s common stock could materially and adversely affect the company’s access to capital markets and its ability to raise capital on acceptable terms, if at all. about lime energy co. lime energy is building a new energy future. as a leading national provider of energy efficiency for utilities’ small business customers, lime energy designs and implements direct install programs for its utility clients which have consistently exceeded program savings goals. its award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. this next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have — energy efficiency. conference call information lime energy will host a conference call with investors wednesday, august 17, 2016, at 4:30 p.m. et to discuss these results which can be accessed as follows: north america: 1 (844) 282-4412international: 1 (513) 988-8485passcode: 58714366 a live audio webcast will be available through lime energy’s investor relations section of its website at http://www.lime-energy.com/investors/. the webcast is also being distributed through the thomson reuters streetevents network. institutional investors can access the call via thomson reuters’ streetevents (www.streetevents.com), a password-protected event management site. forward looking statements this press release and the referenced earnings conference call includes forward-looking statements within the meaning of the safe harbor provisions of the private securities litigation reform act of 1995 including statements that reflect lime energy’s current expectations about its future results, performance, prospects and opportunities. you can identify these forward-looking statements by the use of words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. these forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements. such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the company’s control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied. these risks and uncertainties are described in lime energy’s most recent annual report on form 10-k or as may be described from time to time in lime energy’s subsequent sec filings; such risk factors are incorporated herein by reference. these statements include but are not limited to statements regarding the operations of lime energy, the timing of delayed utility programs, outcome of pending bids, outcome of discussions with the sec and outlook for obtaining a favorable settlement, ability to have a positive covenant resolution with our lender; and maintaining the company’s listing on nasdaq. the company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements. the company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. no such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates. ($ thousands, except per share amounts) reconciliation of gaap net income to adjusted ebitda adjusted ebitda is a non-gaap financial measure that represents our earnings before interest, taxes, depreciation and amortization, share based compensation, (gain) loss from change in derivative liability, loss from the operation of discontinued operations, other one-time costs, acquisition costs and the extinguishment of debt. this non-gaap financial measure has certain limitations, including that it does not have a standardized meaning and, therefore, our definition may be different from similar non-gaap financial measures used by other companies and/or analysts. thus, it may be more difficult to compare our financial performance to that of other companies. we believe our reporting of adjusted ebitda assists investors in evaluating our operating performance. however, because adjusted ebitda is not a measure of financial performance calculated in accordance with gaap, such measure should be considered in addition to, but not as a substitute for, other measures of our financial performance reported in accordance with gaap, such as net income. |
| 2016-05-13 16:05:00 | Lime Energy Co. Reports Results For Three-month Period Ended March \n 31, 2016 Newark, n.j.--(business wire)--lime energy co. (nasdaq:lime), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the three-month period ended march 31, 2016. “we have positioned ourselves as a leading national provider of smart building products and services to small and mid-sized businesses,” said adam procell, lime energy president & ceo. “our innovative intelligent efficiency solutions help usher these customers into the clean energy economy, while solving critical environmental challenges facing utilities and their regulators.” results for the three-month period ended march 31, 2016(all comparisons are to the first quarter of 2015) consolidated revenue from continuing operations increased $4.8 million, or 26.5%, to $23.1. gross profit increased $1.4 million, or 26.2%, to $6.9 million. gross profit margin decreased slightly from 30.1% to 30.0%. selling, general and administrative expenses increased $4.2 million, or 72.2%, to $10.0 million. with the acquisition of enerpath, our combined sg&a expenses as a percentage of revenue increased to 43.2% for first quarter 2016, as compared to 31.7% for the same period in 2015. net loss was $7.3 million, compared to net loss of $2.1 million for the first quarter of 2015. basic and diluted loss per share increased from $0.25 to $0.80. the expenses related to lime energy’s 2013 restatement, stockholder lawsuits, sec investigation, acquisition costs, and loss on extinguishment of debt contributed $0.25 and $0.24 to the basic and diluted loss per share for the three-month periods ended march 31, 2016 and 2015, respectively. adjusted ebitda loss increased to negative $4.8 million compared to negative $2.0 million for the first quarter of 2015. as defined by the company, adjusted ebitda includes acquisition costs, legal expenses related to our july 2013 restatement, stockholder lawsuits, sec investigation, and loss on extinguishment of debt. our adjusted ebitda excluding such expenses was negative $2.4 million for the first quarter of 2016, as compared to positive $222 thousand for the first quarter of 2015.* * please see the reconciliation of non-gaap financial measures and regulation g disclosure later in this press release. business highlights during the first quarter of 2016 we were awarded the small business energy efficiency program with oncor in texas, a new utility client. we were awarded the small business energy efficiency program with aep kentucky, a new utility territory for an existing client (we have been serving aep ohio since 2013). we were awarded the ladwp commercial direct install program under a re-compete, with expanded measures and customer eligibility. we deployed a new technology platform to manage the small business energy efficiency programs of nyseg and rg&e in new york, which we were awarded late in 2015 under a re-compete. we expanded our team in massachusetts to serve the eversource small business energy efficiency program where we were awarded new territories for 2016. during the hold period prior to starting the new contract with ladwp, we utilized our ladwp team to serve the community in various volunteer initiatives. these included community gardens and clean-ups as well as working with at-risk youth in mentoring programs. lime energy co.condensed consolidated statement of operations($ thousands, except per share amounts) total reconciliation of non-gaap financial measures and regulation g disclosure we report our financial results in accordance with generally accepted accounting principles (“gaap”). however, from time to time, we use certain non-gaap financial measures in evaluating and discussing the company’s results and performance. we believe that these non-gaap measures supplement the readers’ understanding of our financial performance by providing our stockholders and investors with additional information to evaluate our operating performance using criteria used by our management in evaluating our performance in comparison to prior results. as presented, adjusted ebitda excludes certain financial information compared with net income (loss), the most directly comparable gaap financial measure. below is reconciliation of adjusted ebitda to net income (loss): about lime energy co. lime energy is building a new energy future. as a leading national provider of energy efficiency for utilities’ small business customers, lime energy designs and implements direct install programs for its utility clients which have consistently exceeded program savings goals. its award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. this next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have — energy efficiency. additional information additional information regarding the results for the three-month period ended march 31, 2016, is available in the company’s form 10-q, which will be made available on the company’s website at www.lime-energy.com and on edgar at www.sec.gov. conference call information lime energy will host a conference call with investors today, may 13, 2016, at 4:30 p.m. et to discuss these results which can be accessed as follows: north america: (866) 430-2032international: (704) 908-0415passcode: 96934442 a live audio webcast will be available through lime energy’s investor relations section of its website at http://www.lime-energy.com/investors/. the webcast is also being distributed through the thomson reuters streetevents network. institutional investors can access the call via thomson reuters’ streetevents (www.streetevents.com), a password-protected event management site. forward-looking statements this press release includes forward-looking statements within the meaning of the safe harbor provisions of the private securities litigation reform act of 1995 including statements that reflect lime energy’s current expectations about its future results, performance, prospects and opportunities. you can identify these forward-looking statements by the use of words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. these forward-looking statements are based on information currently available to lime energy and are subject to a number of risks, uncertainties and other factors that could cause lime energy’s actual results, performance, prospects or opportunities in the remainder of 2016 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. these risks and uncertainties are described in lime energy’s most recent annual report on form 10-k or as may be described from time to time in lime energy’s subsequent sec filings; such risk factors are incorporated herein by reference. |
| 2016-03-30 16:10:00 | Lime Energy Co. Reports Results For Twelve-month Period Ended \n December 31, 2015 Newark, n.j.--(business wire)--lime energy co. (nasdaq:lime), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the twelve-month period ended december 31, 2015. “lime energy is well positioned to provide much needed services to small business customers which meet the changing needs of the electric utility industry,” said adam procell, lime energy president & ceo. “as this industry takes shape, we will continue to make the investments which position us to be a leader in the space, with a differentiated offering. we will remain at the forefront of serving utility clients and their small business customers.” results for the twelve-month period ended december 31, 2015 consolidated revenue from continuing operations, including from our acquisition of enerpath, increased $53.8 million, or 91.5%, to $112.6 million from $58.8 million earned in 2014. gross profit increased $20.1 million, or 113.9%, to $37.8 million. gross profit margin improved from 30.0% to 33.5%. selling, general and administrative expenses increased $14.9 million, or 73.7%, to $35.1 million. with the acquisition of enerpath, our combined sg&a expenses as a percentage of revenue declined to 31.1% for 2015, as compared to 34.3% for 2014. sg&a expenses for 2015 included $477 thousand of legal expenses related to our july 2013 restatement and related stockholder lawsuits and sec investigation, compared to $813 thousand in 2014. for 2015, sg&a expenses also included $1.9 million related to the acquisition of enerpath. net loss from continuing operations totaled $2.5 million, compared to a net loss from continuing operations of $2.6 million in 2014. net loss from discontinued operations was $632 thousand, compared to income of $7 thousand in 2014. net loss was $3.2 million, compared to net loss of $2.6 million in 2014. the basic and diluted loss per share from continuing operations improved from $1.44 to $0.40 for 2015. the basic and diluted loss per share from discontinued operations was $0.07 for 2015, compared to $0.00 for 2014. the total basic and diluted loss per share improved from $1.44 to $0.47 for 2015. the expenses related to lime energy’s 2013 restatement, stockholder lawsuits, and sec investigation contributed $0.05 and $0.21 to the basic and diluted loss per share from continuing operations and the total net loss per share for 2015 and 2014. adjusted ebitda improved to positive $2.6 million from negative $1.5 million in 2014. as defined by the company, adjusted ebitda includes acquisition costs, legal expenses related to the 2013 restatement, stockholder lawsuits, and sec investigation, and a one-time non-cash charge resulting from the company’s determination, effective during 2015, to recognize revenue on the completed contract basis, rather than the percentage of completion method. our adjusted ebitda excluding such expenses was positive $5.6 million in 2015, as compared to negative $701 thousand in 2014.* * please see the reconciliation of non-gaap financial measures and regulation g disclosure later in this press release. business highlights during 2015, we were awarded several contracts under re-competes with existing clients and expansions of several key utility programs. on march 24, 2015, we acquired enerpath international holding company, creating a national platform for delivering energy efficiency to mass market customers (small businesses and residential). during 2015, we integrated the technology and product development teams of lime energy and enerpath and are poised to lead the way for innovative technology solutions serving commercial buildings. we deployed new technology solutions and energy efficiency measures across all of our programs, bringing state-of-the-art solutions including led lighting to small business customers. we participated in key regulatory proceedings at the federal and state levels, advocating for energy efficiency as a key solution to environmental and power grid challenges. we put in place uniform procurement processes across all utility programs. we moved our headquarters from north carolina to new jersey, improving alignment of our executive management team and corporate resources. we added seven new utility programs, and we now serve 13 of the nation’s 25 largest utilities. lime energy co.condensed consolidated statement of operations($ thousands, except per share amounts) reconciliation of non-gaap financial measures and regulation g disclosure we report our financial results in accordance with generally accepted accounting principles (“gaap”). however, from time to time, we use certain non-gaap financial measures in evaluating and discussing the company’s results and performance. we believe that these non-gaap measures supplement the readers’ understanding of our financial performance by providing our stockholders and investors with additional information to evaluate our operating performance using criteria used by our management in evaluating our performance in comparison to prior results. as presented in the tables above, adjusted ebitda excludes certain financial information compared with net income (loss), the most directly comparable gaap financial measure. below is reconciliation of the non-gaap financial measures to the most directly comparable gaap financial measure: about lime energy co. lime energy is building a new energy future. as a leading national provider of energy efficiency for utilities’ small business customers, lime energy designs and implements direct install programs for its utility clients which have consistently exceeded program savings goals. its award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. this next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have — energy efficiency. additional information a full analysis of the results for the twelve-month period ended december 31, 2015, is available in the company’s form 10-k, which will be made available on the company’s website at www.lime-energy.com and on edgar at www.sec.gov. conference call information lime energy will host a conference call with investors today, march 30, 2016, at 4:30 p.m. et to discuss these results which can be accessed as follows: a live audio webcast will be available through lime energy’s investor relations section of its website at http://www.lime-energy.com/investors/. the webcast is also being distributed through the thomson reuters streetevents network. institutional investors can access the call via thomson reuters’ streetevents (www.streetevents.com), a password-protected event management site. forward-looking statements this press release includes forward-looking statements within the meaning of the safe harbor provisions of the private securities litigation reform act of 1995 including statements that reflect lime energy’s current expectations about its future results, performance, prospects and opportunities. you can identify these forward-looking statements by the use of words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. these forward-looking statements are based on information currently available to lime energy and are subject to a number of risks, uncertainties and other factors that could cause lime energy’s actual results, performance, prospects or opportunities in the remainder of 2016 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. these risks and uncertainties are described in lime energy’s most recent annual report on form 10-k or as may be described from time to time in lime energy’s subsequent sec filings; such risk factors are incorporated herein by reference. |
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