Revenues have risen sharply for Distributed Energy Systems and progress continues towards profitability.
Revenues rose to $12.2 million for the second quarter ended June 30, compared with $4.3 million in the same period one year ago and the company narrowed its second quarter 2005 net loss to $4,502,000, or $0.13 per share, compared to $5,894,000, or $0.17 per share, during the same period in 2004.
The company says the record quarterly revenues primarily reflect strong performance at its Northern Power Systems unit – Northern Power, along with Proton Energy Systems, merged to form Distributed Energy Systems Corp in late 2003.
DESC reported that its gross margins were positive for the third consecutive quarter. Cash and marketable securities as of June 30 were $45.8 million compared to $49.8 million for the previous quarter.
The change primarily reflected the net loss for the quarter, with working capital requirements remaining essentially unchanged.
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