Ameresco (AMRC) has reported a 449.46 percent jump in profit for the quarter ended Dec. 31, 2014. The company has earned $8.65 million, or $0.18 a share in the quarter, compared with $1.58 million, or $0.03 a share for the same period last year. Revenue during the quarter went up marginally by 2.80 percent to $181.06 million from $176.13 million in the previous year period. Gross margin for the quarter expanded 401 basis points over the previous year period to 20.11 percent. Total expenses were 96.17 percent of quarterly revenues, down from 98.27 percent for the same period last year. This has led to an improvement of 210 basis points in operating margin to 3.83 percent.
Operating income for the quarter was $6.93 million, compared with $3.04 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $13.22 million compared with $8.69 million in the prior year period. At the same time, adjusted EBITDA margin improved 237 basis points in the quarter to 7.30 percent from 4.93 percent in the last year period.
"I am pleased to report that we made great progress in 2014," stated George P. Sakellaris, chairman, president and chief executive officer of Ameresco. "We delivered revenues toward the high end of our 2014 guidance range, net income within our range and we achieved year-over-year growth for both metrics for the first time since full year 2011."
Ameresco expects revenue to be in the range of $610 million to $640 million for financial year 2015. For fiscal year 2015, the company expects operating income to be in the range of $17.70 million to $22.70 million. For financial year 2015, the company projects diluted earnings per share to be in the range of $0.16 to $0.24 on adjusted basis.
Operating cash flow turns positive Ameresco has generated cash of $0.25 million from operating activities during the year as against cash outgo of $60.61 million in the last year.
The company has spent $38.60 million cash to meet investing activities during the year as against cash outgo of $29.94 million in the last year.
Cash flow from financing activities was $42.78 million for the year, down 0.96 percent or $0.41 million, when compared with the last year. It has made net debt repayment of $10.37 million. It has raised net of $1.45 million by selling common stocks.
Cash and cash equivalents stood at $23.76 million as on Dec. 31, 2014, up 38.38 percent or $6.59 million from $17.17 million on Dec. 31, 2013.
Debt comes down
Ameresco has recorded a decline in total debt over the last one year. It stood at $102.29 million as on Dec. 31, 2014, down 11.97 percent or $13.90 million from $116.20 million on Dec. 31, 2013. Total debt was 16.25 percent of total assets as on Dec. 31, 2014, compared with 19.22 percent on Dec. 31, 2013. Debt to equity ratio was at 0.36 as on Dec. 31, 2014, down from 0.42 as on Dec. 31, 2013.
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