PowerSecure International has reported net income of $2.7 million, or $0.15 per diluted share, and revenues of $28 million for the third quarter of 2007, compared to net income of $2.9 million, or $0.17 per diluted share, and revenues of $33.4 million in the same period of the previous year.
Revenues for the third quarter were 16% higher than in the prior quarter and gross margins were 32.3% compared to gross margins of 27.4% in the third quarter of 2006 and 26.7% in the second quarter of this year.
For the nine months ended September 30, 2007, the company reported revenues of $79.1 million and a net loss of $9 million, or $0.56 per share (basic and diluted), compared to revenues of $84.5 million and net income of $7.8 million, or $0.47 per diluted share, for the first nine months of 2006.
The nine-month 2007 financial results include $14.1 million of restructuring charges related to the second quarter retirement of the company’s founders and the relocation of the company’s principal executive offices to Wake Forest. The company’s non-GAAP income from continuing operations before restructuring charges for the first nine months of 2007, which consists of the company’s income from continuing operations but excludes the restructuring expenses, was $5.3 million, or $0.31 per diluted share.
Sidney Hinton, president and chief executive officer, said: During its second quarter conference call on August 8, 2007, the company emphasized several points: both revenues and gross margins were expected to show sequential improvement in the third quarter, with further improvement anticipated in the fourth quarter; it was anticipated that the company would sign $15 million to $25 million in new business prior to the third quarter earnings release; and it looked forward to showing progress in leveraging its utility relationships and in growing recurring revenues.