NEW: World Energy Solutions Reports 5th Consecutive Quarter of Record Revenue
Thursday, November 01, 2012
The energy management firm saw its quarterly revenue increase 51 percent to a record $8.5 million, and its annualized backlog increase to $20.7 million and total backlog jump 65 percent to $38.6 million.
The Worcester-based World Energy Solutions (NASDAQ : XWES) continued to grow its GSA Natural Gas Acquisition Program and accelerated the growth of its Energy Efficiency Services product line.
"We had another very strong quarter, once again delivering record revenue and profitable growth, while also making a strategically significant acquisition," said Phil Adams, CEO, World Energy Solutions. "I am particularly proud of our results given the recent rise in energy prices and some deals that pushed into Q4. Our Efficiency team had excellent growth, and together with our newest acquisition, NEP, we see significant opportunity to cross-sell in Connecticut and Massachusetts.
"With these results, we remain on track to hit our revenue and EBITDA growth targets for the year, and we have done so while building out our teams and making strategic acquisitions to position the Company for strong growth into 2013 and beyond."
Over the last nine months, the energy leader's revenue has increased by 63 percent to $24.7 million due to acquisitions completed during Q4 of 2011. For more information on World Energy Solutions, click here.
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