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WIKI ANALYSIS
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Ameresco (NYSE: AMRC) provides services which help its customers to reduce their energy consumption and cut energy spending. This includes upgrading a company's energy infrastructure or upgrading a facility's heating, ventilation, and air conditioning systems. The company also builds or funds small renewable energy plants. Each of the engagements tend to be customized for the particular needs of the customers and sometimes includes aiding in acquiring third party funding.[1] Ameresco was one of the largest remaining private energy efficiency companies and has participated in over $5B worth of projects.[2]
The company's initial public offering of stock filed on the NYSE and went public on 21 July 2010. It was priced at $10, below the initial price range of $14-$16. The major underwriters was Bank of America (BAC). The company raised $87M by selling 8.7M shares [3] The company plans to use the funds from its IPO to pay off its debt.[4]
While the majority of the company's revenues still come from energy efficiency engagements, its renewable energy projects are growing. Since 2007, the Ameresco's renewable energy revenue has grown both absolutely and in its share of total revenue it has generated. It consisted of 8%, 17%, and 21% of the company's revenue in 2007, 2008, and 2009 respectively. The company hopes to continue to expand the number of plants it operates and rely increasingly on revenue from renewable energy.[1]
The company achieved profitability in 2002 and has remained profitable every year since. Ameresco's revenue in 2009 was $429M which was a 8.3% increase from its 2008 revenue of $396M. The company's net income has also rise by 8.7% from $18.3M in 2008 to $19.9M in 2009.[5] While the company's revenue and net income have consistently risen, 85% of its revenue is derived from sales to federal, state, or local governments.[6] This forces Ameresco to rely on the continued fiscal health of government organizations.
References
- ↑ 1.0 1.1 AMRC S-1 2009 "Prospectus Summary" pg. 1
- ↑ Ameresco "Expertise" 22 July 2010
- ↑ Renaissance Capital - IPO "Ameresco (AMRC)"
- ↑ Business Week - "Ameresco prices shares of IPO below range" 22 July 2010
- ↑ AMRC S-1 2009 "Summary of Consolidated Financial Data" pg. 8
- ↑ AMRC S-1 2009 "Risks" pg. 14
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