EPG reports progress despite loss
Environmental Power Corporation Wednesday reported a net loss for the third quarter.
The Portsmouth-based firm said it lost $3.4 million in the third quarter, bringing year-to-date losses to $7.8 million.
The loss is in part due to a change in focus of subsidiary Microgy Inc. from the sale of facilities to the ownership and continued operation of facilities and a decrease in accrued power generation revenues experienced by subsidiary Buzzard Power Corp.
Total revenues for the third quarter ended Sept. 30 by $1.9 million to $14 million, compared to third-quarter 2005 revenue of $15.9 million.
Buzzard revenue fell by $1.1 million to $13.4 million, compared to $14.5 million for the same period in 2005.
Microgy revenues decreased by $800,000 to $595,000, down from $1.4 million reported for third quarter 2005.
The $3.4 million net loss for the quarter translates into 35 cents per share as compared to third-quarter 2005, when net losses totaled $3.3 million, or 44 cents per share.
Net loss for the first nine months indicate a 9 percent decline from $45.9 million reported for the same time period in 2005. – TRACIE STONE/NEW HAMPSHIRE BUSINESS REVIEW