Viridis reported revenues for the three months ended March 31, 2014 of approximately $5.6 million compared to $2.3 million for the same period of the previous year and $6.1 million in the 4Q 2013. The year-over-year improvement predominately reflects the continued ramp-up of production from the Company’s plant in Nova Scotia, and revenue from Viridis Merchant initial transaction. The decline in revenues from the 4Q was attributed to the impact of a strike by third-party freight operators, which has since been resolved, that prevented the Company’s Okanagan plant from delivering product during a six week period in the 1Q.
The Company reported a comprehensive net loss of $(1.6) million or $(0.01) per basic share for the 1Q 2014 compared to a comprehensive net loss of $(753,000) or $(0.01) per basic share for the 1Q 2013 period and a comprehensive net loss of $(1.3) million or $(0.01) per basic share for the 4Q 2013.
“We started this year with two significant revenue developments. We released the largest wood pellet shipment ever exported from Nova Scotia from a plant that we re-opened only a few months prior, and we posted the second transaction for Viridis Merchants. Had it not been for the abnormally hostile winter and a rare trucking strike, we would have posted a record quarter as well. The disruption in shipping alone impacted our quarterly results by approximately $700,000 in delayed revenues,” commented Christopher Robertson, Viridis’ CEO.
“As discussed at year-end, Viridis is well positioned for a breakout year in 2014. Our OPC plant is operating at full capacity and Scotia Atlantic Biomass is gaining meaningful progress towards achieving full operating capacity. Additionally, both Viridis Merchants transactions have begun contributing to revenues. Consequently, we anticipate 2014 evenues will fall in a range between $30 million and $35 million, exiting the year at a profitable run-rate.”
Viridis Energy Inc. is a publicly traded, "Cleantech" manufacturer and distributor of renewable energy providing wood waste biomass fuel to global residential and industrial markets.
