Viridis Energy's 1H 2015 revenues increased by 18% to $14.5 million

Market: Biofuel
August 27, 2015
Aug 30, 2015. /Lesprom Network/. Viridis Energy's revenues increased to $14.5 million during the six-month period ended June 30, 2015, an increase of $2.2 million, or 18% from $12.3 million for the comparable period in 2014, as the company said in the press release received by Lesprom Network.

The increase in revenue for the six month period ended June 30, 2015 compared to the prior year period is primarily attributable to an increase of $3.2 million in sales from Viridis Merchants Inc., which was partially offset by a decrease in sales from Okanagan Pellet Company Ltd. due to the implementation of the three phase plan previously reported.

For the 2Q the Company recorded revenues of $5.74 million compared to $6.65 million in the 2Q 2014, a decrease of $906,000, or 14% from the comparable period in 2014.

EBITDA was a loss of $1.7 million for the six month period ended June 30, 2015, compared to an EBITDA loss of $1.5 million the same period last year.

For the six months ended June 30, 2015, the net loss increased by $644,000 to $3.19 million from $2.54 million for the same six month period last year. The Company’s net loss increased by $905,000 to $1.87 million for the quarter ended June 30, 2015 from $966,000 in the comparable quarter last year.

“The losses incurred during the first half are not reflective of what we expect during the remainder of the year. We have right sized our operations at Scotia to deliver significantly improved results, and the first phase of upgrades at our OPC plant are near completion and we expect it to return to profitability in the 4Q,” Christopher Robertson said.

“Viridis Merchants continues to experience solid growth in the US residential markets. Our aggregation services and brand development sets us apart from distributors and producers in the region. As a result, we are revising revenue guidance for 2015 to $30 million and positive EBITDA and cash flow in the 4Q,” he added.

Viridis Energy Inc. is a manufacturer and distributor of renewable energy providing wood pellet biomass to global residential and industrial markets.



Topics: Finance

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