Revenues for both periods exclude revenues from residential Virtual Peaking Capacity (VPC) contracts, which are deferred and recognized in the fourth quarter. Deferred revenue on the balance sheet from the VPC contracts was $25m as of September 30, 2009 compared to $4.3m at year-end 2008, an increase of $20.7m during the first nine months of 2009.
Adjusted EBITDA for the third quarter of 2009 was a negative $3.9m compared to a negative $4.7m for the third quarter of 2008.
Net loss for the third quarter of 2009 was $9.4m compared to a net loss of $81.8m for the same quarter of 2008. Net loss for the third quarter of 2009 included a one time expense of $4.3m related to the retirement of Robert Chiste, the company’s former president and CEO. Net loss for the third quarter of 2008 included a non-cash impairment charge for goodwill and certain intangible assets of $75.4m.
Michael Picchi, interim president and CEO of Comverge, said: “Our third quarter performance kept us firmly on track to meet or exceed our targets for annual growth in megawatts under management and estimated future contract revenue.
“Our operational execution remained solid as we realized 37% year-over-year revenue growth, grew our Virtual Peaking Capacity deferred revenues 36%, and built out 18 megawatts of capacity in these programmes. We remain confident about the outlook for our performance in the remainder of this year.”
