TORONTO, May 15, 2014 /PRNewswire/ -- Atlantic Wind & Solar (OTC: AWSL) reports financial results on operations and records first quarter profit.
Continuing with the trend of higher sales and increased profitability over the past 17 quarters, Atlantic more than doubled its sales (up 227%) from the previous year. More impressive were the increases in profit margins of 30% compared to 17.6% for the same period in 2013.
Profitability continued to improve significantly. Losses were reversed with the company's first ever profit of $319,477 or .01 per share for the quarter - a substantial improvement over the previous quarter's loss of $102,643.
With its portfolio of PV projects in Ontario under construction management expects to report similarly positive results for the balance of the year.
Commenting on the results, Chairman, CEO Gilles Trahan stated "Atlantic recorded its first profitable quarter marking the success of its business model and management's commitment to its successful execution. With profitability reached, management will work toward improving its balance sheet with the reduction of payables and reduction of Preferred shares, while continuing to expand the business".
Finally, in Ecuador Atlantic is in advanced negotiations for the co-development and sale of an interest in its 25 MWp approved power plant project. Atlantic hopes to finalize this in Q2 / Q3 2014.
To read the full report and/or sign up for news alerts and updates, visit the company's web site, at: www.AtlanticWindandSolar.com
About Atlantic Wind and Solar Inc:
Atlantic is a developer of utility scale renewable energy plants with over 450 MW's of projects at various stages of development in Canada, South America and the Caribbean.
Disclaimer: Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the OTCMarkets.com including the Company's Annual Report, Quarterly Reports, and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.
SOURCE Atlantic Wind and Solar Inc.