World Energy Solutions achieves record results

March 9, 2012 — Fusion DigiNet

Energy management services firm World Energy Solutions has announced financial results for the year ended December 31, 2011.

Financial Highlights

Annual revenue grew 17% to $21.1 million
Adjusted EBITDA was $2.9 million for the year
Gross margins for the year increased 2% to 81%
Cash from operations $3.6 million for the year
Cash and cash equivalents at year end were $1.8 million, with no bank debt
Subsequent to year end, expanded credit facility to $5 million

Acquisitions in the year

Three acquisitions:

Co-eXprise’s energy procurement business – DigiNet article
Northeast Energy Solutions – DigiNet article
GSE Consulting – DigiNet article

“2011 was a transformational year for World Energy,” said Richard Domaleski, CEO of World Energy Solutions. “We posted record revenue and record net income – a full year of profitability – and completed our 9^th consecutive quarter of positive adjusted EBITDA. We exit the year with our highest levels of both annual and total backlog. Additionally, we advanced our leadership in energy management and seeded future growth through a series of strategic moves, culminating in the acquisition of three companies in late 2011, which together have brought us new customers, capabilities and revenue streams.

“Looking across the business today, World Energy has never been stronger. We are gaining market share with a differentiated offering that is clearly resonating with customers; successfully renewing contracts with, and deepening our penetration of, existing accounts; and continuing to expand our network of regional and national channel partners. And now with our newly acquired teams rapidly gaining traction in their respective markets, we reiterate our expectation to grow revenue by 40-60% in 2012, with profit increasing at an even faster rate.”