11.5.2007: Meldung: Distributed Energy Systems Corp.: 1st Quarter Financial Results - Agreement with Perseus,
WALLINGFORD, Conn., May 10 -- Distributed Energy Systems Corp., which creates and delivers products and solutions for the decentralized energy marketplace, today reported financial results for the first quarter of 2007.
For the first quarter ended March 31, 2007, revenues increased to $8.4 million from $7.6 million in the same period of 2006. The net loss for the first quarter was $14.6 million, or $0.37 per share, compared with a net loss of $7.3 million, or $0.20 per share in same period of 2006.
The company"s previously announced initiative to streamline its operations to better position the company for improved growth and strengthen systems sales, engineering, production, service and technology development has resulted in the Company recording a restructuring charge of approximately $0.6 million in the first quarter of 2007 related to the reduction of its workforce. Related to this restructuring, the first quarter results include a non-cash charge of approximately $1.2 million as it accelerated depreciation on its Waitsfield, VT facility which the Company plans to exit by June 30, 2007. This reorganization is estimated to result in savings of approximately $4-$5 million, on an annualized basis, beginning in the second quarter of 2007.
The results for the quarter ended March 31, 2007 also include approximately $5.8 million, or $0.15 per share, of non-cash charges associated with warrants issued as part of the company"s joint venture with Morgan Stanley Wind, LLC.
On May 10, 2007, Distributed Energy Systems Corporation entered into a securities purchase agreement with an investment fund managed by Perseus, L.L.C., a merchant bank and private equity fund management company headquartered in Washington, D.C. Since its inception in 1995, Perseus has invested in numerous buyout and growth equity transactions in the United States, Canada, and Western Europe.
Details on the securities purchase agreement can be found in the Distributed Energy Systems Corporation"s Form 10-Q filed today.
Upon closing of the transaction with Perseus L.L.C., the Company will hold a conference call to update investors on its business prospects and outlook.
About Distributed Energy Systems Corp.
Distributed Energy Systems Corp. (Nasdaq: DESC) creates and delivers products and solutions to the emerging decentralized energy marketplace, giving users greater control over their energy cost, quality and reliability. The company delivers a combination of practical, ready-today energy solutions and the solid business platforms for capitalizing on the changing energy landscape. For more information visit http://www.distributed-energy.com.
About Perseus, L.L.C.
Perseus, L.L.C. is a private equity fund management company headquartered in Washington, D.C., with an office in New York and affiliate offices in Munich and New Delhi. Founded in 1995, Perseus invests in companies with which it can participate in the strategic planning, operations and development and thereby add significant value to the investment. Perseus and its affiliates manage seven investment funds with capital commitments totalling over US$1.6 billion. Perseus has been one of the most active private equity investors in the energy technology industry and has made 18 energy technology investments in such sectors as distributed generation, clean fuels, solar power, power storage, oil recycling, and grid enhancing technologies. All references in this press release to Perseus are intended to refer to Perseus, L.L.C. and its managed investment funds. www.perseusllc.com
SOURCE Distributed Energy Systems Corp.
/CONTACT: Peter J. Tallian, Chief Financial Officer, of Distributed
Energy Systems Corp., +1-203-678-2148/
/Web site: http://www.distributed-energy.com
CO: Distributed Energy Systems Corp.; Perseus, L.L.C.
IN: OIL UTI FIN
SU: ERN FNC CCA