HENDERSON, NV--(Marketwire - February 11, 2013) - Blue Earth, Inc. (BBLU), a renewable energy and energy efficiency services company, announced preliminary, unaudited financial results for the fiscal year ended December 31, 2012. Although the financial results are subject to change as the annual audit is completed, the preliminary report is intended to provide investors updated information on revenue guidance provided in the Company's last investor conference call.
For the year ended December 31, 2012 the Company had annual revenues of approximately $10.3 million, 194% of the Company's 2011 annual revenues of $5,315,644. Fourth quarter revenues of about $4.9 million dollars almost equalled revenues for the first three quarters of 2012 combined, which is consistent with the acceleration in revenue growth presented to investors in the previous conference call. At this time, management anticipates that revenues for the first two quarters of 2013 should exceed revenues for all four quarters of 2012. The forecast assumes that the Company commences additional solar PV Hawaii projects soon, which is conditioned upon pending financing arrangements being finalized in the near team.
Gross profits for 2012 were approximately $3.2 million as compared to $2,477,387 in 2011. Gross profit declined to 32% of revenues from 53% in 2011, as revenues from lower margin renewable energy projects increased faster than the revenue growth of energy efficiency projects.
Net loss for the Company was approximately $8.8 million in 2012, as compared to $14,018,986 in 2011. Approximately $3.6 million of the net loss in 2012 was non-cash items. The net cash used in operations was about $5.2 million. The Company invested heavily in its sales, marketing and operational infrastructure to drive growth to better absorb fixed costs. In addition, the Company had significant project development costs for projects that are expected to commence soon. These investments are expected to enable the Company to successfully ramp up revenues and EBITDA performance to the levels previously forecasted for 2013. At this point in time, management has no reason to alter previous forward looking forecasts; however, they are subject to significant implementation risks, primarily financing.
BBLU is engaged in the clean technology industry with a primary focus on the energy efficiency and renewable energy sectors. We strive to participate in the global movement for a sustainable planet by offering products and services that will optimize energy use, reduce harmful environmental emissions and substantially reduce energy costs to our customers. For more information about Blue Earth, Inc., please visit www.blueearthinc.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein, are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.