March 4, 2010
World Energy Narrows Loss, Boosts Revenue
By Matthew L. Brown
World Energy Solutions Inc., a Worcester-based online energy commodities exchange, reported a $2.3 million loss for 2009 on revenue that increased 17 percent from a year earlier to $14.6 million.
The net loss is a decrease from $6.8 million in 2008.
Richard Domaleski, the company's CEO, said the revenue increase and smaller loss came despite "dramatically reduced energy consumption" due to the recession.
The company reduced operating costs and finished the year with no bank debt and cash and equivalents of $2 million compared to $1.7 million the prior year.
For the fourth quarter, World Energy reported a net loss of $200,000 compared to $1 million a year earlier on revenue of $3.5 million, a 7 percent increase.
WBJ Web Partners
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