Records were set in project development for a second year in a row, sales more than doubled from the previous year, and profitability continued to improve significantly.
May 15th, 2014 Toronto, Canada, 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 the balance of the year to report similarly positive results.
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, Atlantic is in advanced negotiations for the co-development and sale of an interest in its 25 MWp approved power plant project in Ecuador. 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
To view the full 2013 Annual report filed with OTCMarkets Click here.
About Atlantic Wind and Solar Inc:
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.
For stock quotes, charts and our financial filings and reports visit: http://www.otcmarkets.com/stock/AWSL/quote
SOURCE: Atlantic Wind & Solar Inc.
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