Summer Energy Holdings, Inc. Reports Earnings Results for the Full Year Ended December 31, 2018
April 11, 2019 at 04:24 pm EDT
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Summer Energy Holdings, Inc. announced earnings results for the full year ended December 31, 2018. For the full year, the company announced sales was USD 151.903 million compared to USD 117.683 million a year ago. Operating loss was USD 6.338 million compared to operating Income of USD 2.589 million a year ago. Net loss was USD 7.753 million compared to net income of USD 1.266 million a year ago. Basic loss per share from continuing operations was USD 0.29 compared to basic earnings per share from continuing operations of USD 0.05 a year ago.
Summer Energy Holdings, Inc. operates through its wholly owned subsidiaries Summer Energy, LLC (Summer LLC), Summer Energy Midwest, LLC (Summer Midwest), and Summer Energy Northeast, LLC. Summer LLC is a retail electric provider in the state of Texas under a license with the Public Utility Commission of Texas (PUCT). Summer LLC procures wholesale energy and resells to commercial and residential customers. The Company provides electricity to residential and all size commercial customers in the restructured retail energy market. Summer Northeast is engaged in serving electric load to both residential and commercial customers in the Northeastern United States and holds licenses in Massachusetts and New Hampshire. Summer Midwest provide billing, collections, back-office service, including supply and scheduling services, customer service and accounting services.