Comverge Inc. (COMV) Posts Q4 Results, Recognizes Significant Achievements

QualityStocks would like to highlight Comverge, Inc. (NASDAQ: COMV). As the leading provider of Intelligent Energy Management (IEM) solutions, the company enables energy providers and consumers to optimize their power usage through the industry's only proven, comprehensive set of technology, services and information management solutions.

In the company’s news yesterday,

Comverge announced fourth quarter and full year 2010 financial and operating results, highlighting record annual revenues, increased megawatts and new contracts.

Fourth-quarter revenues for 2010 decreased 9 percent to $37.2 million compared to $40.8 million in the fourth quarter of 2009. Full-year revenues were $119.4 million in 2010 compared to $98.8 million in 2009, reflecting a 21 percent increase.

Gross margin for the fourth quarter of 2010 was 50 percent compared to 33 percent in the fourth quarter of 2009, reflecting improved margins in the company’s VPC contracts. Gross margin for the full year of 2010 was 38 percent compared to 34 percent in 2009.

Adjusted EBITDA for the fourth quarter of 2010 was $7.2 million compared to $18.1 million for the fourth quarter of 2009. For the full year 2010, adjusted EBITDA was a loss of $(8.5 million) compared to $1.2 million for 2009.

Net loss for the fourth quarter of 2010 was $(9.4 million), or $(0.38) per share basic and diluted, compared to a net loss of $(3.9 million), or $(0.17) per share basic and diluted for the fourth quarter of 2009. Net loss for full year 2010 was $(31.4 million), or $(1.27) per share basic and diluted, compared to a net loss for 2009 of $(31.7 million), or $(1.45) per share basic and diluted.

“2010 was a very significant year for both Comverge and our industry as a whole,” R. Blake Young, president and CEO of Comverge stated in the press release. “As all customer classes faced increasingly complex supply and demand challenges, we saw record adoption of our portfolio of Intelligent Energy Management hardware, software and services amongst both residential and commercial and industrial customers. As we continue to invest in delivering on the expanded capability of Intelligent Energy Management, I am confident we will be able to capitalize on the growing demand for energy management applications in 2011 and beyond.”

The company also recognized fourth-quarter achievements, including being awarded a 50,000 home residential VPC contract by PPL Electric Utilities through May 2013 with the option for an additional five year contract renewal; the completion of a five-year $15 million convertible debt financing with Partners for Growth L.P. to strengthen the company’s cash position; the addition of two new directors to the board; and an increase in total megawatts under management by 833 megawatts in 2010, 191 megawatts of which were added during the fourth quarter of 2010.

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.