Parent of Texas REP Reports Loss for 2013

Summer Energy Holdings, Inc., the parent of Texas retail provider Summer Energy, LLC, reported a net loss of $2.4 million for the year ending December 31, 2013, it said in a 10-K.

In 2012, Summer Energy Holdings had recorded a net loss of $1.6 million.

Summer Energy Holdings said that the losses were, "primarily due to operating expenses and cost of goods sold incurred in excess of revenue as we attempt to obtain economies of scale, professional fees associated with the reverse acquisition, and amortization of financing costs."

For 2013, Summer Energy Holdings generated $26 million in electricity revenue, primarily from commercial customers, and also from various long and short-term residential customers. Included within these revenues are revenues from contract cancellation fees, disconnection fess and late fees in the amount of $1 million.

Electricity revenues for the year ended December 31, 2012 had been $6.3 million.

Gross profit for the year 2013 was $2.6 million, versus $1.2 million in 2012.

Operating expenses were $4.8 million in 2013, versus $2.8 million in 2012.