Lime Energy Company (LIME) has reported a 41.26 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $1.06 million, or $0.03 a share in the quarter, compared with $1.81 million, or $0.05 a share for the same period last year.
Revenue during the quarter dropped 20.02 percent to $25.72 million from $32.16 million in the previous year period. Gross margin for the quarter contracted 40 basis points over the previous year period to 33.91 percent. Operating margin for the quarter stood at negative 1.31 percent as compared to a positive 2.70 percent for the previous year period.
Operating loss for the quarter was $0.34 million, compared with an operating income of $0.87 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.66 million compared with $2.18 million in the prior year period. At the same time, adjusted EBITDA margin contracted 422 basis points in the quarter to 2.57 percent from 6.79 percent in the last year period.
"The third quarter saw the improvement in results that we had expected." said Adam Procell, Lime Energy president & chief executive officer. "We now have all key utility programs back up and running. This, together with our continued focus on reducing our fixed cost base, puts us in a solid position to achieve further improvements in operating and financial results in the fourth quarter of 2016 and into 2017."
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