Distributed Energy Systems Corp. (Nasdaq: DESC), has reported revenues of $6.8 million for the second quarter ended June 30, 2007, compared with $9.4 million reported in the same period of 2006. The company’s net loss was $10.3 million for this year’s second quarter, or $0.26 per share, compared with a net loss of $6.5 million, or $0.17 per share for the same period a year ago. For the first six months of 2007, revenues were $15.3 million, with a net loss of $24.9 million, or $0.63 per share, compared to revenues of $17.0 million, and a net loss of $13.9 million or $0.36 per share for the comparable 2006 period.
Ambrose L. Schwallie, Distributed Energy Systems’ chief executive officer, said: “The previously announced initiatives to refocus on more attractive markets, such as oil and gas, wind systems and power electronics, which should improve our sales and margins over time, have yet to achieve their potential. In addition, we continued to work toward project completion, along with negotiations to disengage from legacy engineering, procurement and construction projects and service obligations which were uneconomic, and the costs associated with those activities had an additional unfavorable impact on our results.”
“At the same time,” Mr. Schwallie stated, “we saw continued progress on margins at Proton Energy Systems, which was again able to significantly cut operating losses during the quarter. That performance is more representative of our near-term goals and of the potential for improvement throughout the company, as we work toward achieving both an operational and financial turnaround.”
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