World Energy Revenue Up 10%
World Energy Solutions of Worcester turned in its best revenue-producing second quarter, the energy management services firm said in its most recent financial report. But the company also reported a net loss of $1.65 million as it continued to work through a change in its revenue-recognition policy that defers some revenue to future quarters.
World Energy took in more than $7.9 million in the second quarter, which ended June 30. That represented a jump of more than 10 percent over the same quarter in 2012. For the first six months of 2013, the company took in $16.6 million, up 18.5 percent from the first half of last year.
CEO Phil Adams said World Energy had several successes during the quarter, despite it being the company’s seasonally slowest. He said those successes included “strong” new bookings in its energy procurement business, plus auction deals in the northeastern United States, as well as energy efficiency services and sales to mid-market customers.
Adams said more than a half-million dollars in deals that were due to close in the second quarter slipped to the third quarter and have closed since July 1. The company also reported backlog revenue figures that could impact its third-quarter performance; World Energy said total backlog plus deferred revenue rose 18 percent in the second quarter to $51.2 million, while annualized backlog increased 10 percent to $23.9 million.
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