QualityStocks would like to highlight GreenHouse Holdings, Inc. (OTCBB: GRHU), a leading provider of energy efficiency facility solutions and sustainable infrastructure products. The company designs, engineers, and installs disparate products and technologies with visible return on investment, enabling our clients to reduce their energy costs.
In the company’s news yesterday,
GreenHouse Holdings posted financial and operational results for the first-quarter 2011.
Revenues for the three months ended March 31, 2011, were approximately $1.47 million, a 33 percent increase over $1.10 million reported for the comparable period of 2010. The company’s revenues were impacted by $323,000 in revenue generated by Life Protection Inc., which GreenHouse acquired on September 8, 2010.
Gross profit percentage was 44 percent and 49 percent for the first quarter of 2010 and 2011, respectively. The company said the decrease in gross profit percentage was due to increased costs incurred as a result of rain delays on a large project completed by Life Protection.
Net loss was approximately $1.19 million for the first quarter compared to a net loss of approximately $926,000 for the three months ended March 31, 2010.
During the first quarter of 2011 the company signed a $151 million contract to design, develop and construct a national security training center, reflecting the company’s largest building contract in its history. The project is expected to generate consistent revenue over the next three years.
GreenHouse also signed a $28 million agreement to provide sustainable textured coating product to OceanSafe, a manufacturer of leading-edge steel structural insulated panels, for use in the construction of energy efficient buildings.
The contracts are expected to boost GreenHouse revenues in the second half of 2011, and John Galt, CEO of GreenHouse, said the contracts validate his company’s business model of leveraging key relationships and cost-effective energy solutions as it strives to become a market leader.
“We intend to expand operations in our LPI division internationally, to become a one-stop-shop for worldwide, green, government contracting solutions … We are confident that we possess a platform capable of providing sustained operational and financial growth. We remain committed to increasing our revenue while reducing overhead across all business lines, as we strive to achieve our ultimate goals of increased earnings and improved shareholder value,” Galt stated in the press release.
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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.
