Consolidated Statements of Operations Shows Lexington (LP&L) Reported Gross Profit of Over $2 million and Net Profit of Nearly $600K for Nine Months Ended Sept. 30, 2014
TUSTIN, CA / ACCESSWIRE / January 13, 2015 / Premier Holding Corporation (PRHL), an energy seller and reseller in deregulated markets, is pleased to announce that it has filed the 8K related to the audit of its recent acquisition of 85% of Lexington Power and Light, LLC (LP&L). PRHL's new subsidiary operates as a supplier of energy (electricity and natural gas) in deregulated markets, beginning with the state of New York.
This audit is a critical part of finalizing the merger between the two entities. The audit shows that LP&L grew sales from 2012 to 2013 at an impressive 46% from $5.14 million over $9.52 million. Unaudited numbers show that Lexington became profitable in the first nine months of 2014 with $2.08 million in gross profit and nearly $600,000 in net profit and $8.63 million in revenue. Consolidated pro-forma revenue for both PRHL and LP&L for the nine months ended September 30, 2014 show revenue of $10.91 million. With one more quarter to go, this punctuates a very successful year for 2014.
The numbers confirm that Premier successfully acquired a company that has shown to be a profitable, fast growing energy supplier. Lexington Power and Light is a major part of Premier's larger plan to provide "everything energy" to its thousands of clients and the massive potential energy market. LP&L will allow Premier to leverage the marketing success of energy brokers such as its current subsidiary, The Power Company (TPC). Further, it will create new energy efficiency prospects for E3 (Energy Efficiency Experts,) another subsidiary of Premier, allowing the company to promote its plan of integration in this sector.
In July of 2014, Premier produced detailed pro-forma forecasts for the years 2015 through 2018 assuming the Company merged with an existing targeted supplier by year-end 2014. These pro-formas demonstrated that revenue could climb from $50+ million in 2015 to over $500 million in 2018. Management maintains that these growth numbers can still be reached as long as licensing in new states moves relatively quickly.
Additionally, Premier announces that as of the close of 2014, the total number of residential customer equivalents that have been contracted to date between Premier's subsidiaries The Power Company (TPC) and LP&L is expected to exceed 100,000 contracts. Residential contracts have sold for a wide range, at times exceeding $1,000 per contract. Management at PRHL is confident that analysts and the investing public should recognize the low current market valuation of PRHL.
PRHL's President and CEO Randall Letcavage stated, "This audit confirms that this acquisition is a strategic move designed to complement and maximize the outstanding work being performed at The Power Company." Mr. Letcavage continued, "We continue to believe that Premier is now positioned to experience dramatic growth and to be recognized as a leader and one of the fastest growing businesses in the energy sector."
About Premier Holding Corporation:
Under the corporate motto, "Everything Energy", Premier is an energy holding company focused on acquiring and integrating energy companies as synergistic subsidiaries. The Company accumulates residential and commercial clients in deregulated markets from all subsidiaries and cross sells energy and energy efficiency products and services, maximizing profit potential and minimizing cost of client procurement. In addition, Premier Holding provides top line management and financial support, which includes access to capital, financing, legal, insurance, mergers, acquisitions, joint ventures and management strategies. Additional integrated business offerings include direct energy services as power purchase agreements (PPAs), energy financing and leasing of generation programs in urban and rural real estate environments, lighting efficiency systems and refrigeration systems. For more information visit PRHL Investors Relations www.prhlcorp.com.
About Lexington Power and Light, LLC (LP&L):
LP&L is an independent energy services company (ESCO) that sells electricity and natural gas to commercial and residential consumers. Under deregulation, energy consumers have the right to purchase energy supply from an independent ESCO like LP&L. As a direct supplier, our purpose at LP&L is to provide superior customer service in conjunction with the supply of discount electricity and natural gas, while promoting energy conservation. Currently LP&L services the New York Market in four (4) utility areas. Our expansion plans include a nine (9) State presence in twenty three (23) utility areas. Our mission is to educate all energy consumers of the benefits of deregulation and the positive impact it has on them. Built on the principles of saving energy consumers money, honesty and integrity our goal is to make a difference one home, one business, and one neighborhood at a time. Visit www.lexpl.com for more information.
About The Power Company (TPC):
The Power Company USA, LLC is a professional energy services firm offering brokerage and consulting services with a progressive and unique perspective on energy management based in Chicago, Illinois. Their mission is to assist companies in reducing and managing their electricity expenses. Their diverse portfolio of energy providers, transparent pricing, and unparalleled industry experience offers customers the freedom of exploring all of their options for choosing the best plan and provider. Operating in all currently deregulated states, including Texas, New York and Illinois, TPC and its partners/suppliers have provided an invaluable service to its clients. Their team has consulted and/or serviced such prominent companies, organizations and governmental entities such as: The City of Dallas, Ralcorp, Choice Hotels, Apex Hospital Systems, Mercedes Dealerships, Leona's Restaurant Group, McDonald's, and many others. Because of the large amount of business transacted and their long-standing relationships with Regional Energy Suppliers, TPC is assured to provide the most competitive prices in the industry. For more information visit: www.thepowercompany.com.
Premier Holding Corp. Safe Harbor:
This press release contains certain statements that may include "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes", "expects", "anticipate", "optimistic", "intend", "will", or other similar expressions. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
SOURCE: Premier Holding Corp.