Framingham-Based Ameresco Revenues Up 6% to $630.8 Million

Framingham, MA - Ameresco, Inc. , an energy efficiency and renewable energy company, with its world-wide headquarters in Framingham announced its revenues for 2015 were up 6 percent to $630.8 million.

“We entered the year optimistic about our prospects, and that confidence was borne out by our solid performance in 2015,” said CEO and Chair George P. Sakellaris, in a statement.

“Our core ESPC project business turned in outstanding growth. Our federal government business grew revenue 20 percent, and our non-federal US business grew revenue 14 percent. This growth was complemented by our higher margin recurring revenue streams, a strategic focus for us. Operations and maintenance was stable as expected, while energy sales generated from assets we own were up 6.5 percent. Our business is built on a solid foundation, and we expect to accelerate growth in the year ahead.”

“No business is without challenges, but we tackled ours head-on and are now positioned to thrive in 2016,” said Sakellaris.

"We took decisive action to fix problems in our Canadian operations, which were a drag on consolidated results this year. Our Canadian team has new leadership and a streamlined structure, and should return to profitable growth in 2016," said the CEO in a release. "Similarly, we reworked our software strategy, integrating our building efficiency monitoring packages into our project offering. We expect the new software marketing strategy to both save money and increase the value of our project work. These changes required charges as we ended 2015, but we believe this investment will pay off quickly in the form of improved financial results."

In the fourth quarter, revenues were $173.8 million, compared to $181.1 million.

Gross profit included a loss for a non-core Canada project of $3.4 million, compared to $1.1 million.

Operating expenses included approximately $6.2 million in restructuring charges for our Canada segment and software group.

For the 2015, revenues were $630.8 million, compared to $593.2 million.

Gross profit included a loss for a non-core Canada project of $6.6 million, compared to $0.8 million.

Operating expenses included approximately $6.6 million in restructuring charges for our Canada segment and software group.

Total construction backlog was $1.35 billion as of December 31, 2015 and consisted of:

• • $390.4 million of fully-contracted backlog of signed customer contracts for installation or construction of projects, which we expect to convert into revenue over the next 12-24 months, on average; and
  • $955.8 million of awarded projects, representing projects in development for which we do not have signed contracts.
  • Assets in development were up 20.2% to $168.9 million.

Ameresco said it expects to earn total revenue in the range of $645 million to $680 million in 2016.

Founded in 2000, Ameresco, Inc. is an independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. With its corporate headquarters in Framingham, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.