UGE Releases Preliminary Financial Results for the Fourth Quarter of 2016
Toronto, Ontario--(Newsfile Corp. - January 24, 2017) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), today released preliminary selected financial information for the fourth quarter ended December 31, 2016, including estimates for revenue and backlog as well as additional commentary. UGE reports all amounts in US dollars, unless otherwise noted.
Revenues for the fourth quarter of 2016 were approximately $3.5 million, making it the Company's largest revenue-generating quarter in its history. Previously, the Company's largest revenue-generating quarter from continuing operations1 was $1.5 million in the second quarter of 2016, and $2.7 million when including discontinued operations1 in the third quarter of 2015.
2016 fourth quarter results were driven by progress made on projects that included RISE:NYC, which consists of 17 microgrid sites in New York, and the SolarShare FiT3 portfolio in Ontario.
"As we stay focused on scaling revenues and profitability considerably in 2017, we are excited to see our revenues markedly increase in Q4," stated Nick Blitterswyk, CEO of UGE. "We look forward to showing even stronger results throughout 2017."
As at December 31, 2016, UGE's order backlog was $34.8 million. Full audited results for 2016 will be released in April, 2017.
1 Excludes results and values associated with the divestment of UGE Holdings Ltd., the Company's former wind-focused subsidiary, as described in the press release issued September 6, 2016 and reported in the interim consolidated financial statements for the quarter ended September 30, 2016.