Acro Energy announced this week that its second quarter 2010 gross revenues were a 297 percent increase compared to the gross revenues of the company for the three-month period ending June 30, 2009.
Acro Energy Technologies Corp.
Houston, Texas 77042
Acro Energy Reports 297 Percent Increase in Year Over Year Quarterly Revenues
HOUSTON, Texas (July 1, 2010) - Acro Energy Technologies Corp. (TSX Venture: ART), a leading U.S. solar integrator, announced today that it completed the second quarter of 2010 with record gross revenues of $5.4 million for the three-month period ending June 30, 2010.
The Company's second quarter 2010 gross revenues were a 297 percent increase compared to the gross revenues of the Company for the three-month period ending June 30, 2009. During the three-month period ending June 30, 2010, Acro Energy's southern California subsidiary, Energy Efficiency Solar, Inc. (EES), achieved gross revenues of $3.0 million, which is greater than the revenues achieved by EES during the entire 2009 calendar year.
"We delivered a 46 percent increase in revenues from the Company's first quarter results, when we were able to post positive EBITDA on $3.7 million in gross revenues and we are maintaining an impressive backlog," said Harry Fleming, chief executive officer of Acro Energy. "We believe that Acro Energy is on track to achieve its forecasted revenue goal of $24 million and net income of $1.7 million for 2010, which excludes additional revenue and net income from the Company's new operations in Arizona," continued Fleming.
Acro Energy is entering the historically busy sales season in the third quarter with a backlog of approximately $5 million in committed, financed contracts.
"Our aggressive sales and marketing efforts, our investment in scalable shared services, and our attention to cost management is paying off with dramatically increased revenue, industry-leading gross margins, and an attractive bottom line to date, this year," said Nat Kreamer, president of Acro Energy.
The second quarter of 2010 is the second full quarter of operations for Acro Energy that includes results for all three solar installation companies acquired and integrated in 2009.
About Acro Energy
Acro Energy Technologies Corp. is focused on the consolidation and growth of renewable energy companies, primarily in the United States residential solar energy installation market. Acro Energy provides practical solutions to individuals, businesses, non-profit organizations, and governmental entities that can benefit from the value of solar power. As a high end system integrator, Acro Energy offers quality products from leading solar module manufacturers such as Suntech and Sharp and residential solar financing plans from SunRun, the nation's leading provider of home solar financing. Acro Energy continues to evaluate acquisition candidates across North America.
For more information, please visit www.acroenergy.com or email firstname.lastname@example.org.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company assumes no obligation for the accuracy or completeness of those forward looking statements and undertakes no obligation to revise these forward looking statements to reflect subsequent events or circumstances. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.
This press release and management's discussion and analysis for the period ended March 31, 2010 contains references to EBITDA (earnings before interest, taxes, depreciation and amortization). Management believes that EBITDA is a useful supplemental measure of cash available for growth prior to debt service, capital expenditures, income taxes and other reserves. However, EBITDA is not a recognized measure under Canadian GAAP and does not have a standardized meaning prescribed by Canadian GAAP. Therefore, EBITDA may not be comparable to similar measures presented by other issuers. Investors are cautioned that EBITDA should not be construed as an alternative to net income or loss (which are determined in accordance with Canadian GAAP) as an indicator of the performance of the Company or as a measure of liquidity and cash flows.
Martin C. Spake, Chief Financial Officer, Acro Energy
Laura Pennino for Acro Energy
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