Texas REP Reports Wider Loss

Summer Energy Holdings, the parent of Texas REP Summer Energy, LLC, reported a wider loss for the three months ending September 30, 2014, as the company continues to attempt to obtain economies of scale.

The net loss for the quarter ended September 30, 2014 was $1.3 million, versus a loss of $957,000 a year ago.

Gross profit in the current-year quarter was $1.2 million, up from $477,000 a year ago.

Revenues for the quarter ended September 30, 2014 were $17.7 million, up from $10.5 million a year ago. The revenues from the 2014 quarter were primarily from commercial customers, and from various long and short-term residential customers, but also include $518,000 from cancellation fees, disconnection fees and late fees

In a 10-Q, Summer Energy said, "Management plans to continue to execute on its sales and marketing program to solicit individual commercial and residential customers. Management also plans to continue to acquire portfolios of commercial and residential customers when offered at reasonable prices."