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BOSTON, Nov. 5, 2009 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC), a leading provider of clean and intelligent energy solutions, today announced financial results for the quarter ended September 30, 2009.
"We believe that we have reached an inflection point in our business. By nearly doubling our megawatts under management over the past year and continuing to drive operational efficiencies, we were able to eclipse $100 million in quarterly revenue and generate more than a dollar per share in GAAP earnings," commented Tim Healy, EnerNOC's Chairman and Chief Executive Officer. "We have positioned ourselves to achieve our 2009 objectives and deliver positive GAAP earnings per share in 2010."
Financial Summary
The following financial results are reported on a U.S. GAAP-basis, unless otherwise noted:
Revenues - Revenues for the third quarter of 2009 were $103.1 million, compared to $44.2 million for the same period in 2008, an increase of $59.0 million, or 134%.
Cost of Revenues - Cost of revenues for the third quarter of 2009 totaled $51.4 million, compared to $25.8 million for the same period in 2008, an increase of $25.6 million, or 99%.
Gross Profit/Gross Margin - Gross profit for the third quarter of 2009 was $51.7 million, compared to $18.4 million for the same period in 2008, an increase of $33.3 million, or 181%. Gross margin was 50.1% for the third quarter of 2009 compared to 41.6% for the same period in 2008.
Operating Expenses - Operating expenses for the third quarter of 2009 were $25.9 million, compared to $21.1 million for the same period in 2008, an increase of $4.7 million, or 22%.