The New Power Co. (TNPC), the first nationally branded providerof electricity and natural gas to residential and small commercialcustomers in the United States, reported yesterday that itsrevenues derived from the sale and delivery of the commodities toretail customers during the third quarter for 2000 was $18.2million. Gross profit for the new company was $1.3 million (7.2% ofrevenues). The net loss for the quarter was $69.9 million, or $2.96per basic share, based on 23,581097 weighted average common sharesoutstanding. “This was a quarter of important progress for The NewPower Company, as we achieved both our overall financialperformance targets and business objectives,” commented H. EugeneLockhart, CEO. “Additionally, the successful completion of our IPOjust after the close of the quarter enabled us to raise $546million, firmly positioning New Power as the first mover inestablishing a national brand to address the $150 billionderegulating electric and natural gas marketplace for residentialand small commercial customers.” The company hopes to achieverevenues of $60 to $63 million for the fourth quarter, with ayear-end customer count in the area of 340,000.
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The New Power Co. (TNPC), the first nationally branded provider ofelectricity and natural gas to residential and small commercialcustomers in the United States, reported yesterday that its revenuesderived from the sale and delivery of the commodities to retailcustomers during the third quarter for 2000 was $18.2 million (seeDaily GPI, Nov 6). Gross profit for thenew company was $1.3 million (7.2% of revenues). The net loss for thequarter was $69.9 million, or $2.96 per basic share, based on23,581097 weighted average common shares outstanding. “This was aquarter of important progress for The New Power Company, as weachieved both our overall financial performance targets and businessobjectives,” commented H. Eugene Lockhart, CEO. “Additionally, thesuccessful completion of our IPO just after the close of the quarterenabled us to raise $546 million, firmly positioning New Power as thefirst mover in establishing a national brand to address the $150billion deregulating electric and natural gas marketplace forresidential and small commercial customers.” The company hopes toachieve revenues of $60 to $63 million for the fourth quarter, with ayear-end customer count in the area of 340,000.
TNPC’s New Power Company Readies for Retail
In its quest to become the first nationally branded utility in the United States, TNPC Inc. – an alliance of Enron Corp., America Online and IBM – said that its initial public offering of 24 million common shares at $21 per share would net the company nearly $473 million to intensify its retail marketing efforts and build a customer base. The offering closes Wednesday.
TNPC’s New Power Company Readies for Retail
In its quest to become the first nationally branded utility inthe United States, TNPC Inc. — an alliance of Enron Corp.,America Online and IBM — said yesterday that its initial publicoffering of 24 million common shares at $21 per share would net thecompany nearly $473 million to intensify its retail marketingefforts and build a customer base.
