Environmental Power reports 3Q loss

Larger than expected non-cash compensation, increased operating expenses of one subsidiary and growing investment in another added up to $3.3 million in third-quarter net losses, or 44 cents per diluted share, for Environmental Power Corp.

The loss is down from third-quarter 2004 results of $2.4 million in net income, or 45 cents per diluted share.

Total revenues for the third quarter of 2005 were $15.9 million, down 5.35 percent from the $16.8 million in revenue for third quarter 2004.

Revenue from the company’s two subsidiaries also fell.

Microgy’s third-quarter revenue was $1.4 million, down from year-ago revenue of $1.7 million. The firm said the change reflects the company’s transition from a sales model to a project ownership model.

Decreases in accrued power generation revenues and billed power revenues due to lower billed power rates are credited with Buzzard Power Corp.’s drop from last year’s third-quarter revenues of $15.1 million to 2005 third-quarter revenue of $14.5 million.

Environmental Power Corporation is a developer, owner and operator of renewable energy production facilities headquartered in Portsmouth. – NHBR STAFF

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