Parent of Texas Retail Provider Posts Profit, Doubles Revenue

Summer Energy Holdings, Inc., the parent of Texas retail provider Summer Energy, LLC, posted net income for the quarter ended March 31, 2015 of $351,000, compared to a loss of $1.0 million a year ago.

Gross profit for the quarter ended March 31, 2015 totaled $3.4 million, compared to $495,000 for the quarter ended March 31, 2014. The increase in gross profit is a result of strategic marketing partnerships and third party sales to both residential and commercial customers, the company said.

Revenue for the quarter ended March 31, 2015 was $16.0 million, primarily from commercial customers, and from the addition of various long and short-term residential customers. About $675,000 of total revenue was generated from cancellation fees, disconnection fees and late fees

Revenue for the 2014 quarter had been $7.2 million.

A subsidiary of Summer Energy Holdings, Inc. recently said in an application for an Ohio electric supplier license that Summer Energy Holdings, Inc. was serving 34,000 meters, of 74,000 Residential Customer Equivalents, as of April 30, 2015