BRIGHTON, Mich., April 02, 2018 (GLOBE NEWSWIRE) -- CGE Energy, Inc. (OTCPink:CGEI) announces its financial results for the first quarter of fiscal year 2018 ended December 31, 2017.
"Our first quarter results were in line with our expectations, and we continued to make progress on our strategic initiatives to commercialize the Sustain Program and position the company for future growth,” said Bryan Zaplitny, President and Chief Executive Officer of CGE Energy, Inc.
During much of 2017, CGE was in the development stage of its proprietary Sustain Program; patenting of its WIND•e20® wind turbine; the development, engineering and construction of a 1/10th scale demonstration unit with ROUSH Industries; received backing from a major capital provider to fund energy projects; and creating proprietary software to help enable the national scaling of the Sustain Program.
Financial Highlights
- Revenue for the first quarter of fiscal year 2018 was $743,601, as compared to $339,924 for the same period last year.
- Gross Profit for the first quarter was $388,087, as compared to $140,401 for the same period past year.
- Net Income for the quarter was $261,034, as compared to a net loss of $12,925 for the same period last year.
Mr. Zaplitny added, “Over and above our first quarter results, we added to our Mutual Success Agreement project backlog an estimated total future revenue of $6.85 Million.” Management further describes the importance of their Mutual Success Agreement (MSA) in the Management Discussion section of the financial. An MSA is an agreement for a customer to proceed with a fully contracted project if CGE achieves pre-defined project milestone based on developing a successful project for the customer. Only after an MSA is signed, CGE invests into a comprehensive energy audit for the customer. Historically, approximately 80% of CGE’s Mutual Success Agreement backlog projects ultimately have resulted in a signed contract.
"We remain committed to developing long-term partnerships and establishing new strategic relationships, as well as pursuing unique opportunities with our current partners and potential customers. Our emphasis for the remainder of this fiscal year will be on maximizing our sales and marketing activities as well as improving overall operational execution,” concluded Mr. Zaplitny.
About CGE Energy Inc.
CGE Energy, Inc. makes it easy for businesses, local governments, and non-profits to receive the benefits of sustainable energy projects with no upfront cost. CGE hand-selects the very best facilities to partner with and turns their wasted energy into immediate and continuous savings for the customer. By uniquely selling sustainability-as-a-service, CGE’s proprietary Sustain business model delivers an exclusive combination of today’s best energy efficiency and sustainable energy generation technologies, including CGE’s exclusive WIND-e20 wind turbine.
To learn more visit http://www.cgeenergy.com.
Forward-Looking Statements
This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. All forward-looking statements included in this release are based on information available to us on the date hereof and speak only as of the date hereof. We undertake no obligation to update or revise publicly any forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements.
Investor Relations Contact:
Andrew Barwicki
Barwicki Investor Relations, Inc.
Phone: 516-662-9461