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Green States Energy Reports 2014 Results
Hamilton, Bermuda – 19 June, 2015 – In a filing with the Bermuda Stock Exchange (“BSX”), Green States Energy, Inc. (the “Company”; Ticker: GSE.BH), announced 2014 financial results. The filing states:
SHORT HILLS, New Jersey – June 19, 2015 – Green States Energy, Inc. (BSX: GSE.BH) today announced financial results for its fiscal 2014 and 2013 years ended December 31. The Company posted record revenue of $5.9 million for 2014 compared to $3.4 million for 2013.
The increase in year-over-year revenues reflects the Company’s acquisition of a 4.3MW solar project in that was placed into service in May of 2014 and another 3.7MW solar project in Massachusetts that was placed into service in June of 2014. With the addition of these two projects GSE’s has over 18MWs of operating assets.
"We are pleased to report record growth in both revenues and assets, reflecting the continuing positive contribution of our asset acquisition program," said Stephen Clevett, GSE’s CEO. “Our shift away in late 2011 from greenfield development towards asset acquisition is yielding positive results and we're very excited about our record breaking year in in 2014”.
The Company’s audited financial statements for the 2014 and 2013 periods are available from the Company. Please send inquiries to Joseph Duey, CFO, at JDuey@GreenStatesEnergy.com
Financial Results
The following tables set forth the financial results for the periods ended December 31, 2014 and 2013:
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Consolidated Balance Sheets (USD $) |
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December 31 |
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2014 |
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2013 |
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Assets |
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Current assets |
3,092,668 |
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4,551,713 |
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Investment in energy property, net |
58,559,069 |
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50,196,950 |
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Intangible assets, net |
5,733,986 |
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3,439,950 |
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Other assets |
2,396,587 |
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781,019 |
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Total assets |
69,782,310 |
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58,969,632 |
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Liabilities and Shareholders' Equity |
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Current liabilities |
6,289,428 |
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23,711,577 |
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Long-term debt |
37,628,752 |
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13,175,516 |
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Other liabilities |
15,995,174 |
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11,517,593 |
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Shareholders' equity |
9,868,956 |
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10,564,946 |
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Total liabilities and shareholders' equity |
69,782,310 |
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58,969,632 |
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Common Shares Outstanding |
18,461,488 |
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18,711,488 |
Condensed Income Statement (USD $) |
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Years Ended December 31 |
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2014 |
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2013 |
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Total revenues |
5,896,442 |
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3,379,374 |
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Total operating expenses |
2,804,348 |
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3,156,265 |
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Net operating loss |
3,092,094 |
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223,109 |
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Depreciation and amortization |
(2,405,292) |
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(2,008,295) |
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Total other (expense) income |
(1,711,590) |
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(1,687,894 |
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Net (loss) income |
(1,024,788) |
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(3,473,080) |
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Loss (income) attributable to non-controlling interest |
(466,711) |
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1,771,439 |
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Net (loss) income attributable to Green states Energy, Inc. |
(558,077) |
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(5,244,519) |
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About Green States Energy, Inc.
Green States Energy, Inc. (the “Company” or “GSE”) is an Independent Power Producer (“IPP”) that acquires, develops and operates clean electric generating plants in North America. Our goal is to grow into a leading IPP. With proven expertise in engineering, construction, interconnection, and project finance, and with access to both debt and tax equity markets, GSE has the ability to take clean energy projects through the development process to operational status. The Company’s headquarters address is 51 JFK Parkway, 1st Floor West, Short Hills, NJ 07078. The Company's corporate website is located at www.greenstatesenergy.com
This presentation contains "forward-looking statements" within the meaning of the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including changes from anticipated levels of sales, future national or regional economic and competitive conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, the Company’s ability to complete additional acquisitions and other factors. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this presentation.
Company Contact:
Green States Energy, Inc.
Joseph Duey
Chief Financial Officer
(704) 519-6723
http://www.GreenStatesEnergy.com
SOURCE Green States Energy, Inc.