GreenHouse Holdings Inc., a San Diego -based integrated energy solutions provider, today posted financial and operational results for the first-quarter 2011.
Revenues for the three months ended March 31, 2011, were approximately $1.47 million, a 33 percent increase over $1.10 million reported for the comparable period of 2010. The company’s revenues were impacted by $323,000 in revenue generated by Life Protection Inc., which GreenHouse acquired on September 8, 2010.
Gross profit percentage was 44 percent and 49 percent for the first quarter of 2010 and 2011, respectively. The company said the decrease in gross profit percentage was due to increased costs incurred as a result of rain delays on a large project completed by Life Protection.
Net loss was approximately $1.19 million for the first quarter compared to a net loss of approximately $926,000 for the three months ended March 31, 2010.
During the first quarter of 2011 the company signed a $151 million contract to design, develop and construct a national security training center, reflecting the company’s largest building contract in its history. The project is expected to generate consistent revenue over the next three years.
GreenHouse also signed a $28 million agreement to provide sustainable textured coating product to OceanSafe, a manufacturer of leading-edge steel structural insulated panels, for use in the construction of energy efficient buildings.
The contracts are expected to boost GreenHouse revenues in the second half of 2011, and John Galt, CEO of GreenHouse, said the contracts validate his company’s business model of leveraging key relationships and cost-effective energy solutions as it strives to become a market leader.
“We intend to expand operations in our LPI division internationally, to become a one-stop-shop for worldwide, green, government contracting solutions … We are confident that we possess a platform capable of providing sustained operational and financial growth. We remain committed to increasing our revenue while reducing overhead across all business lines, as we strive to achieve our ultimate goals of increased earnings and improved shareholder value,” Galt stated in the press release.
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