ThermoEnergy Revenue Up
ThermoEnergy Corp. of Worcester reported a 94-percent increase in revenue for 2011 while boosting profit more than fivefold, the manufacturer of wastewater treatment and power-generation equipment announced.
The company said it took in $5.6 million in revenue for the year while earning $404,000 in gross profit. However, operating expenses and debt repayment ate up that profit, leading to a net loss of about $17.1 million.
Cary Bullock, the company's president and CEO, cited a record-breaking fourth quarter, an improved balance sheet and elimination of secured debt as factors in the results. He added that both lines of business are expected to have strong contract pipelines this year. He also noted several new ventures, including a pilot project for the treatment of fracking water and deployment of effluent emission solutions at palm oil plants in Latin America.
ThermoEnergy, formerly headquartered in Arkansas, moved its headquarters to Worcester last year and expanded its Worcester facility to more than double its size.
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