Environmental Power sees smaller losses
Portsmouth-based Environmental Power Corporation reported decreases in net losses and revenue for the first quarter of 2007.
Officials from the Portsmouth company reported a net loss of $1.3 million, or 17 cents per common share, for the first quarter of 2007, up slightly from a loss of $1.4 million reported for first quarter 2006.
Revenues for the first quarter decreased slightly for the quarter to $14.2 million, down from revenue of $14.4 million reported for the same time period last year.
EPG subsidiary Buzzard saw an increase of $465,000 in revenues for first quarter 2007 due to an increase in operating.
Revenue from billed power generation increased by $1.2 million when compared to the same time period last year. Billed power revenues increased to $15.7 million, up 8 percent from last year’s number of $14.5 million.
A decrease in revenue and an increase in business development costs led to a 15 percent increase in pretax losses for EPG subsidiary Microgy during the quarter. This year’s pretax losses increased from the $1.3 million reported in 2006 to $1.5 million.
Company officials expect to see an increase in revenues for Microgy during 2007 thanks to revenue generated from the Huckabay Ridge project in Texas. – TRACIE STONE