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Monday, August 24, 2009

Energy Composites reports revenue increase, second quarter net loss

From an article by in the Wisconsin Rapids Tribune:

Energy Composites Corp. had an 18.1 percent increase in revenue during the second quarter from the same period in 2008, the Wisconsin Rapids-based company announced today.

Despite the increase and a 7.5 percent increase in gross profit, the manufacturer had a net loss of $579,781, about 45 percent higher than the second quarter of 2008, according to the company’s quarterly financial results.

Company leaders attributed the loss to continued investments in its planned 350,000-square-foot manufacturing plant it expects to build in the Rapids East Commerce Center. Announced March 31, the new plant will construct industrial wind-turbine blades and create more than 400 local jobs.

Energy Composites Chief Executive Officer Sam Fairchild said the company also continues to diversify its product line and soon will have several significant contractual and personnel announcements as a result of those efforts.

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