It will most likely increase earnings in some years, and decrease them in others. The restatement of earnings might induce a faint ache in the temples, but no migraine. The February 15th press release said Ameresco expects 2012 earnings to be between $0.38 and $0.42 per share. As Ameresco has 45 million shares outstanding, the per share effect for each year should be 2 cents or less. The hedge to be re-classified is only one of seven such hedges, so it seems very likely that the magnitude of the earnings restatement will be less than $1 million in each year it affects. It seems unlikely that 2012 holds any more bad news: Ameresco's management had 20-20 hindsight to guide their estimates for the press release.Īmeresco recorded a gain on its combined hedges of $2.3 million in 2009, a loss of $0.1 million in 2010, and no net gain or loss in 2011. Ameresco's fourth quarter results were impacted by superstorm Sandy, a challenging solar market, and the fiscal uncertainty emanating from Washington. On February 15, the company updated its net income outlook for 2012. First of all, the bad news from the fourth quarter is already out. Rest assured, the earnings delay is nothing like the scary stuff at Lime Energy (NASD:LIME) and Maxwell Technologies (NASD:MXWL) which I covered in the first two parts of this series. Williams has a BA in Economics, so I can just imagine the brain damage it must have caused the typical small investor. Sean Williams at Motley Fool wrote that reading the press release gave him a headache.
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I think the scariest thing about energy efficiency provider Ameresco's, Inc.'s (NYSE:AMRC) recent postponement of its fourth quarter and fiscal year 2012 financial results was trying to understand the accounting issues which led to the delay.