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07 December, 2023 19:23 IST
Ameresco swings to first-quarter loss on a YOY basis
Source: IRIS | 16 Jun, 2017, 04.32PM

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Ameresco, Inc. (AMRC) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $0.64 million, or $ 0.01 a share in the quarter, against a net profit of $1.05 million, or $0.02 a share in the last year period. On an adjusted basis, net loss for the quarter stood at $1.74 million, or $0.04 a share compared with a net profit of $1.79 million, or $0.04 a share in the last year period.

Revenue during the quarter went up marginally by 0.62 percent to $134.61 million from $133.78 million in the previous year period. Gross margin for the quarter contracted 143 basis points over the previous year period to 19.26 percent. Operating margin for the quarter stood at negative 0.42 percent as compared to a positive 1.34 percent for the previous year period.

Operating loss for the quarter was $0.56 million, compared with an operating income of $1.79 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $5.96 million compared with $9.44 million in the prior year period. At the same time, adjusted EBITDA margin contracted 263 basis points in the quarter to 4.43 percent from 7.06 percent in the last year period.

George P. Sakellaris, chairman, president and chief executive officer of Ameresco commented, "We are off to a good start, with first quarter results building on our 2016 momentum. In particular, we are excited to discuss two sizable projects. We won the work to modernize the City of Chicago's street lights, which is the largest municipal-owned streetlight replacement project in the country. The other large project we can now discuss is with the New York City Housing Authority, which has the potential to be the country's largest housing "energy performance" project."

For fiscal year 2017, Ameresco, Inc. expects revenue to be in the range of $665 million to $700 million. It expects operating income to be in the range of $33 million to $37 million. It projects diluted earnings per share to be in the range of $0.37 to $0.43 for the same period.


Operating cash flow remains negative
Ameresco, Inc. has spent $31.78 million cash to meet operating activities during the quarter as against cash outgo of $15.07 million in the last year period.

The company has spent $29.14 million cash to meet investing activities during the quarter as against cash outgo of $9.10 million in the last year period.

Cash flow from financing activities was $64.83 million for the quarter, up 232.57 percent or $45.34 million, when compared with the last year period.

Cash and cash equivalents stood at $24.45 million as on Mar. 31, 2017, up 42.98 percent or $7.35 million from $17.10 million on Mar. 31, 2016.

Working capital drops significantly
Ameresco, Inc. has witnessed a decline in the working capital over the last year. It stood at $50.12 million as at Mar. 31, 2017, down 31.43 percent or $22.97 million from $73.09 million on Mar. 31, 2016. Current ratio was at 1.34 as on Mar. 31, 2017, down from 1.48 on Mar. 31, 2016.

Cash conversion cycle (CCC) has increased to 23 days for the quarter from 12 days for the last year period. Days sales outstanding went down to 57 days for the quarter compared with 65 days for the same period last year.

Days inventory outstanding has decreased to 5 days for the quarter compared with 11 days for the previous year period. At the same time, days payable outstanding went down to 85 days for the quarter from 88 for the same period last year.


Debt increases substantially
Ameresco, Inc. has witnessed an increase in total debt over the last one year. It stood at $
193.64 million as on Mar. 31, 2017, up 84.86 percent or $88.89 million from $104.75 million on Mar. 31, 2016. Total debt was 23.75 percent of total assets as on Mar. 31, 2017, compared with 15.63 percent on Mar. 31, 2016. Debt to equity ratio was at 0.65 as on Mar. 31, 2017, up from 0.36 as on Mar. 31, 2016.


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