November 13, 2007
$3 Million Operating Loss Drives Company Into The Red
By Matthew L. Brown
As Worcester's World Energy Solutions Inc.'s third quarter revenue skyrocketed, its net income swung to a $1.8 million loss compared to earnings of $12,361 for the same period a year ago.
The company's operating loss for the quarter was just over $3 million. The company blamed higher operating expenses for its net loss.
The company, which is an online energy and energy products exchange, reported third quarter revenue of $2.6 million, a 59 percent increase over the third quarter of 2006.
The company said it was working with a backlog of $7.6 million as of the end of the quarter, and a contracted backlog of $6.2 million. World Energy also said it had increased its client base, its number of partners and its number of employees, of which there are now 56.
The company's operating loss for the quarter was just over $3 million. The company blamed higher operating expenses for its net loss.
The company, which is an online energy and energy products exchange, reported third quarter revenue of $2.6 million, a 59 percent increase over the third quarter of 2006.
The company said it was working with a backlog of $7.6 million as of the end of the quarter, and a contracted backlog of $6.2 million. World Energy also said it had increased its client base, its number of partners and its number of employees, of which there are now 56.
WBJ Web Partners
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