Tuesday, Lime Energy (LIME), a provider of energy efficiency solutions, posted a narrower net loss for the fourth quarter, as revenues surged 293%. The company also provided revenue view for the first quarter and fiscal year 2009, and said it intends to divest energy technology division.
The company reported a fourth-quarter net loss available to common stockholders of $1.42 million or $0.16 per share, significantly narrower than prior year's net loss of $7.63 million or $0.99 per share.
Revenue for the fourth quarter of 2008 jumped 293% to $29.5 million from $7.38 million in the fourth quarter of 2007.
Elk Grove Village, Illinois-based company posted year-to-date net loss available to common stockholders of $13.32 million or $1.59 per share. This compares with a net loss of $15.55 million or $2.06 per share in 2007.
For the twelve months ended December 31, 2008, the company's revenues totaled $57.22 million, up 194% to $19.48 million posted a year ago.
Looking ahead, the company said it anticipates first-quarter 2009 revenues to range between $13 million and $15 million with negative adjusted EBITDA, and total revenue for fiscal 2009 to range between $80 million and $85 million with breakeven to positive adjusted EBITDA.
In another news, the company announced that it intends to divest its energy technology division, comprising its proprietary line of eMAC HVAC and uMAC lighting controls. The company has engaged the investment banking firm William Blair & company to assist with the divestiture.
Shares of the company remain unchanged from Monday's close of $3.65 a share.
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