Energy efficiency services firm Ameresco reported $146.6 million in first-quarter revenue, up less than 1 percent over the same quarter in 2011 as the company cited a "seasonally slow period" in its quarterly report.
The Framingham-based company reported first-quarter net income of $1.5 million, down 71 percent from the first quarter of 2011. Net income per diluted share also plunged from 12 cents last year to 3 cents.
The company's revenue for the quarter "was in line with our expectations for this seasonally slow period, and reflects a comparison against an unseasonably strong first quarter last year," said George P. Sakellaris, Ameresco's president and CEO
"The investments that we made to solidify our market position and expand our service offerings during 2011, combined with lower-than-expected employee utilization rates led to an increase in salaries and benefits" expenses during the quarter.
But the company indicated that future sales are likely to rise. Sakellaris said Ameresco's construction backlog increased 10 percent during the quarter, driven by a 51-percent rise in awarded projects.
Ameresco expanded through three acquisitions last year, buying companies in California, New York and Arizona.