World Energy Solutions Q4 loss narrows - Update

Tue. March 03, 2009; Posted: 08:42 AM

(RTTNews) - Tuesday, World Energy Solutions, Inc. (XWE.TO, WEGY.OB) reported narrower net loss in its fourth quarter. The Canadian operator of online exchanges for energy and green commodities said its fiscal 2009 has started well.

Fourth-quarter net loss was US$1.04 million or US$0.01 per share, compared to US$5.21 million or US$0.06 per share loss last year. In the 2008 fourth quarter, the company did not record any tax expenses, while it was US$3.14 million last year.

Revenue for the quarter increased 6% to US$3.280 million from US$3.085 million in the previous year, driven by increases in the company's Retail and Environmental Commodities product lines.

Operating loss narrowed to US$1.04 million from US$2.15 million in 2005, reflecting decline in sales and marketing expenses as well as general and administrative expenses.

In the preceding third quarter, World Energy Solutions' net loss was US$1.2 million or US$0.01 per share, compared to a net loss of US$1.8 million or US$0.02 per share, in the third quarter of 2007. Revenues for the quarter rose to US$3.3 million from US$2.7 million in the prior year quarter.

For the full year 2008, the company reported a net loss of US$6.80 million or US$0.08 per share, compared to net loss of US$8.64 million or US$0.11 per share in the previous year. Revenue increased 35% to US$12.44 million from US$9.19 million a year ago. Total backlog increased 57% year-over-year to US$19.0 million.

Richard Domaleski, Chief Executive Officer, World Energy Solutions, commented, "In 2008, World Energy successfully executed its strategy across all product lines, delivering record revenue while reducing cash usage significantly over the course of the year. We made solid progress in our Wholesale product line, more than tripling our client base while increasing revenues 29% despite a difficult commodities market in mid-2008."

Domaleski added that Fiscal 2009 has started well, as evidenced by activity to date in the first quarter.

As of December 31, 2008, World Energy Solutions had no bank debt, and cash and cash equivalents were US$1.7 million, compared to US$7.0 million at December 31, 2007.

XWE.TO closed Monday's regular trading session at C$0.41, flat with previous day's close.

WEGY.OB settled at US$0.03 on Monday.

For full details for WEGY click here.

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