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March 31, 2014

World Energy revenue down for quarter, up for 2013

Worcester-based energy management services firm, World Energy Solutions reported lower revenue for the fourth quarter of last year, although full-year revenue increased, the company said today.

The company's quarterly revenue dipped 8 percent, to $9.3 million, which the firm linked to a decline in energy efficiency services revenue. But for the year, revenue grew by 9 percent to $34.7 million over 2012.

For the year, the company reported a net loss of $2.3 million, although it profited $900,000 in the fourth quarter.

World Energy said its energy procurement business grew 18 percent during the year to $28.9 million on the back of its acquisition of Northeast Energy Partners in late 2012. Meanwhile, its energy efficiency services business declined 21 percent to $5.8 million, which the company attributed to turnover of its sales team in 2013.

"From an operating perspective, we saw double-digit growth in our procurement segment, gross margins improve, free cash flow remain strong, and … backlogs reach record levels," CEO  Philip Adams said. "Looking ahead, we aim to drive increasing volumes through our exchange through technology advances and more active engagement of our channel strategy."

(Image credit: freedigitalphotos.net)

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