2017-01-24 09:56 ET - News Release
Mr. Nick Blitterswyk reports
UGE RELEASES PRELIMINARY FINANCIAL RESULTS FOR THE FOURTH QUARTER OF 2016
UGE International Ltd. today released preliminary selected financial information for the fourth quarter ended Dec. 31, 2016, including estimates for revenue and backlog, as well as additional commentary. UGE reports all amounts in U.S. dollars, unless otherwise noted.
Revenues for the fourth quarter of 2016 were approximately $3.5-million, making it the company's largest revenue-generating quarter in its history. Previously, the company's largest revenue-generating quarter from continuing operations (1) was $1.5-million in the second quarter of 2016 and $2.7-million, when including discontinued operations (1), in the third quarter of 2015.Two thousand sixteen fourth quarter results were driven by progress made on projects that included RISE: NYC, which consists of 17 microgrid sites in New York and the SolarShare FiT3 portfolio in Ontario.
"As we stay focused on scaling revenues and profitability considerably in 2017, we are excited to see our revenues markedly increase in Q4," stated Nick Blitterswyk, chief executive officer of UGE. "We look forward to showing even stronger results throughout 2017." As at Dec. 31, 2016, UGE's order backlog was $34.8-million. Full audited results for 2016 will be released in April, 2017.
(1) Excludes results and values associated with the divestment of UGE Holdings Ltd., the company's former wind-focused subsidiary, as described in the press release issued Sept. 6, 2016, and reported in the interim consolidated financial statements for the quarter ended Sept. 30, 2016.
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