Comverge Inc. (COMV), a provider of clean energy solutions, Monday reported a narrower loss for the third quarter versus last year, helped by a 37% increase in revenues and the absence of a significant goodwill impairment charge.
The East Hanover, New Jersey-based company said its third-quarter net loss narrowed down to $9.44 million or $0.44 per share from $81.77 million or $3.85 per share in the previous year.
While the recently ended quarter included a $4.3 million or $0.20 per share charge related to the retirement of Robert Chiste, former chief executive officer, the year-ago period included a hefty charge of $75.4 million or $3.49 per share in non-cash impairments for goodwill and certain intangible assets, according to the company.
On average, 15 analysts polled by Thomson Reuters expected a loss of $0.45 per share for the quarter. Analysts' estimates typically exclude one-time items.
Comverge's loss from operations was $9.02 million, compared with $82.75 million last year.
Total revenue for the three-month period surged to $33.19 million from $24.28 million in the comparable period of 2008, ahead of $32.83 million anticipated by Wall Street analysts.
Segment-wise, Commercial & Industrial Business' revenue surged to $21.73 million from $12.67 million last year. Utility Products & Services segment's revenue increased to $9.2 million from $6.0 million a year ago. Residential Business segment contributed $2.3 million, lower than $5.6 million last year.
For the nine-month period, net loss narrowed to $27.72 million or $1.29 per share from $100.21 million or $4.75 per share last year. Revenues rose to $58.04 million from $44.26 million reported for the same nine-months of 2008.
COMV is currently trading up 20 cents or 1.61%, at $12.65 on the Nasdaq.
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