Demand Response Player Comverge (COMV) Reports More Losses In 08, But Future Bright

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08:29:01 pm on March 10, 2009

Comverge (COMV), a demand response provider, released mixed results after the bell today.  On the EPS side they reported .28/share (beating estimates by .04) and revenues of $33 million was right in line with expectations.  With a revenue growth decrease of 22% over the year ago quarter, that stops a streak of 4 consecutive quarters of accelerating revenue growth.  The future looks bright for COMV but this is a company that appears to be a ways off from profitability on a yearly basis.

Said CEO Robert Chiste, “More utilities are partnering with Comverge for demand management solutions as they increasingly realize the most economic and cleanest megawatt is the megawatt never produced. With the recent nationwide emphasis on building the smart grid, we believe that we are at the forefront of the alternative energy sector by providing Strategic Utility Management through Innovation and Technology.”

Highlights from the quarter:

– 5 yr contract with Progress Energy Carolinas for demand response hardware, software and hosting
– 5 yr turnkey contract with Austin Energy for installation services, program management and demand management
– here in 09 announced 5 yr contract with Pepco Holdings for full turnkey services
– total MW under management increased by 828 MW (63%) over 2007

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