Boston, MA 03/12/2014 (wallstreetpr) – PowerSecure International, Inc. (NYSE:POWR) was up in Tuesday trading session after the company reported a 57% growth of revenue for the fourth quarter, for the period ending 2013. This mapped the most successful year in the recent past that saw the company’s revenue grow by $100 million in both the generation and distributed product lines.
Fourth quarter Financials
PowerSecure International, Inc. (NYSE:POWR) total revenue for the quarter clocked in at $73.6 million an increase of 57.4% compared to the fourth quarter of 2012. The growth in revenue for the quarter was mainly as a result of robust growth of 81.7% in revenues from infrastructure products and services, 16.4% growth of distributed generating products and services as well as a growth in revenues of 181.6% in energy efficiency products and services.
The company’s GAAP gross margin as a percentage of revenue was 22.4% for the fourth quarter compared to a high of 33% in the fourth quarter of 2012. The drop in gross margin for the quarter was mainly as a result of a restructuring charge incurred during the quarter, as well as a year over year growth of utility infrastructure.
Operating expenses for the quarter came in at $18.3 million compared to a low of $13.4 million in the same quarter the prior year. Cash and cash equivalent as of close of business in the fourth quarter came in at $50.9 million with term and debt capital leases of $27.2 million.
Full year saw PowerSecure International, Inc. (NYSE:POWR) report total revenues amounting to $270.2 million which was an increase of 66.8% compared to 2012 total revenues of $108.2 million. GAAP gross margin for the full year stood at 26.5% against highs of 31.5% reported in 2012. PowerSecure operating expenses for the full year amounted to $62.9 million against lows of $49.2 million reported in 2012.
PowerSecure International, Inc. (NYSE:POWR) was up by 9.44% after reporting a growth in revenue for the fourth quarter, which saw the company close Tuesday trading session at a high of $25.28
