Loss narrows at Environmental Power during 2Q
Environmental Power Corp., a Tarrytown-based company that produces natural gas from animal waste and other organic materials, reported a net loss of $2.6 million, or 17 cents a share, during the second quarter, an improvement from a net loss of $5.3 million, or 34 cents a share, a year earlier.
The company said that the improved results were largely due to cost cutting programs.
Revenues increased to $1.2 million from $1.1 million a year earlier, as the company increased the expected natural gas sales volumes at each of its development projects. The company’s Huckabay Ridge plant in Stephenville, Texas, is performing “at or exceeding targeted reliability levels and producing (natural gas) in accordance with expectations,” the company said in a written statement.