Comverge (COMV) Reports Record Revenue, Still In The Red

Comverge (COMV) reported a non GAAP EPS of -.02/share this morning which is slightly more than the analyst estimate of a .01/share loss.  Revenues matched analyst estimates at $40.8 million which is a record for the company.  While revenues increased 18% over the year ago quarter, the company did report a .28/share profit a year ago and the company said that historically, its 4th quarter is the best due to recognition of their Virtual Peaking Capacity contract revenues which are always deferred until the 4th quarter.  The company is still on track towards profitability (probably in 2011), but all in all, not a super quarter.

Looking ahead, the company sees FY 2010 revenues in the $125 – 137 range which would be a 25 – 37% increase over this year.  That’s about inline with the analyst estimate of $135 million.

CEO R. Blake Young commented:  “2009 resulted in many achievements that have us well positioned for success in 2010.  We won our first stimulus-related contract, launched our new enterprise-class demand response management system software, Apollo, and de-leveraged our balance sheet in order to more aggressively participate in PJM capacity auctions this year. By continuing these strategic initiatives, and investing in long-term opportunities that deliver value to customers and shareholders, I believe we will emerge even more prominently positioned by this time next year.”

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