UGE Reports First Quarter 2020 Financial Results
Toronto, Ontario--(Newsfile Corp. - May 28, 2020) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, reported its financial results for the three months ended March 31, 2020. UGE reports in US dollars.
In the first quarter of 2020, UGE continued to make progress in executing on its updated business plan that sees it concentrate on developing, building, and financing most of its projects going forward. Management believes that by concentrating on projects where it plays all three roles, the Company will achieve superior results.
Highlights from the quarter were as follows:
- The first quarter of 2020 set all-time records for the Company in securing new projects, as backlog grew from $30.3 million on December 31, 2019 to $72.4 million on March 31, 2020. Growth in backlog was driven by growth in the US market, including the Company's expansion into New England.
Continuing the trend set in 2019, gross margins continued to out-perform expectations at 27% in the quarter.
Revenue in the Company's US and Philippines markets grew 212% versus the comparable quarter; the two regions represent UGE's two project development markets which are expected to drive growth going forward. Overall, revenue fell in the quarter, due to the discontinuation of the Company's "EPC" (engineering, procurement, construction) business.
In early March 2020, restrictions related to the COVID-19 pandemic began to impede construction activities; by late May, the Company had restarted construction in most regions in which it operates.
Full financial results and Management's Discussion and Analysis are posted to SEDAR (www.sedar.com) as well as on the Company's website.
UGE's CEO, Nick Blitterswyk, and CFO, Paul Kania, will be hosting a webinar to provide further analysis of the financial results and to answer your questions following the presentation. You can register for the webinar, below:
Date: Monday, June 1, 2020
Time: 2:00pm EDT
Granting of Options
UGE also announces it has granted a total of 200,000 options to its independent board members. The strike price is yesterday's closing price of $0.24 per share and the options vest on June 30, 2020, with a term of five-years.
UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing low cost distributed renewable energy solutions at no upfront cost and maximum long-term benefit. With over 400MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
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