Lime Energy Co. (LIME)

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NEWARK, N.J.--(BUSINESS WIRE)--Lime Energy Co., a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the three and nine months ended September 30, 2016. “The third quarter saw the improvement in results that we had expected,” said Adam Procell, Lime Energy President & CEO. “We now have all key utility programs back up and running. This, together with our continued focus on reducing our fixed cost base, puts us in a solid position to achieve further improvements in operating and financial results in the fourth quarter of 2016 and into 2017.” Three months ended September 30, 2016 highlights(Comparisons are to the three months ended September 30, 2015) Revenue of $25.7 million, down $6.4 million Gross profit margins of 33.9%, compared to 34.3% Selling, general and administrative (“SG&A”) decreased $0.6 million to $8.7 million Other income of $1.4 million, up $0.4 million Net income of $1.1 million, down $0.7 million Basic earnings per share from continuing operations of $0.07 as compared to $0.15 Diluted earnings per share from continuing operations of ($0.03) as compared to $0.05 Adjusted EBITDA(1) of $0.7 million, down from adjusted EBITDA of $2.2 million Nine months ended September 30, 2016 highlights(Comparisons are to the nine months ended September 30, 2015) On March 24, 2015 Lime Energy completed its purchase of EnerPath. Because the closing of the transaction occurred in the 2015 first quarter, the highlights and comparisons below and the other financial information included in this earnings release includes only stand-alone data for Lime Energy for the period from January 1, 2015 to March 23, 2015 along with the combined results from March 24, 2016 to June 30, 2016. Revenue of $69.9 million, down $12.5 million Gross profit margin of 31.3%, compared to 33.3% Selling, general and administrative (“SG&A”) increased $4.4 million to $28.9 million Other expense of ($1.2) million versus ($2.9) million in previous year Net loss of ($9.7) million, increased from net loss of ($1.3) million Basic earnings per share from continuing operations of ($1.12) as compared to ($0.20) Diluted earnings per share from continuing operations of ($1.12) as compared to ($0.20) Adjusted EBITDA of ($4.8) million, down from adjusted EBITDA of $4.4 million ___________________________ (1) See below for reconciliation of non-GAAP measures Revenue. The company’s 2016 3rd quarter revenues were $25.7 million, down $6.4 million or 20% year-over-year from 2015 3rd quarter. The majority of the decrease related to the delay of the New Jersey utility program. In the third quarter, we restarted New Jersey in late-September with sales, and we expect to record revenues and gross profit in fourth quarter of 2016. We expect the New Jersey program to contribute to our 2016 Q4 results. Gross Profit. Gross profit margins in the 2016 3rd quarter were 33.9%, down 40 basis point from the previous 2015 3rd quarter. This decline resulted from the mix of utility programs and a shift in utility measures. SG&A Expenses. Selling, general and administrative expenses for the 2016 third quarter were $8.7 million, a decrease of $0.6 million. The decrease was primarily due reducing travel and outside services. Other Income. Other income, net was $1.4 million for the three months ended September 30, 2016, compared to other income, net of $1.0 million, for the three months ended September 30, 2015. The $0.4 million improvement was primarily a result of a $0.8 million increase in the gain from the change in derivative liability and $0.2 million recovered against the SEC investigation offset by a $0.6 million increase in net interest expense. SEC Investigation. In 2012, the SEC commenced an investigation with respect to certain of the Company’s revenue recognition practices and financial reporting. In October 2016 we reached a settlement. In connection with the settlement process, the SEC filed a complaint against the Company and four former officers in the U.S. District Court for the Southern District of New York (“the Court”). The Company, without admitting or denying the allegations in the SEC’s complaint, had consented to the entry of a final judgment pursuant to which it would pay a civil monetary penalty of $1 million, payable in 5 installments over the next 12 months. The first payment was made in October 2016. The Court approved the settlement in October 2016. Adjusted EBITDA. Adjusted EBITDA for the quarter was $0.7 million, a decrease of $4.8 million. The decrease was primarily driven by a reduction in revenue. Liquidity. In November, 2016, the Company entered into an amendment to its Loan and Security Agreement with Heritage Bank of Commerce (the “Bank”). In conjunction with this amendment, the Bank also issued a waiver for the quarter ending June 30, 2016 covenant targets. This amendment reduces the Credit Facility to $6.0 million and increases the variable interest rate to the prime rate plus 2.5%. The amendment also requires the Company to achieve quarterly EBITDA targets, as follows: ($1.0) million loss for the quarter ending September 30, 2016; and $1.0 million for the quarter ending December 31, 2016. The Company and the Bank agreed to negotiate and agree on EBITDA targets for 2017 by February 15, 2017, absent which all amounts then outstanding would be due and payable on March 31, 2017. As of September 30, 2016, the Company was in compliance with its asset coverage ratio covenant and its new revised EBITDA covenant with the Bank. The Company ended the quarter with $0.9 million in cash and $4.6 million of availability to borrow on our credit facility for a total liquidity of $5.5 million. As of September 30, 2016, the Company has not drawn down on the Credit Facility although there are two letters of credit outstanding amounting to $1.4 million. Delisting and transfer of listing As previously reported on Current Reports on Form 8-K, the Company was suspended from trading on the NASDAQ Capital Market on August 31, 2016. The Company’s common stock currently trades over-the-counter and is quoted on a service operated by OTC Markets Group, Inc. Reverse/forward stock split The board of directors of the Company has approved a reverse/forward stock split to reduce the number of record holders of the Common Stock and to allow the Company to terminate the registration of the Common Stock under the Exchange Act. The Company has filed a preliminary proxy statement that includes important information regarding the proposed reverse/forward stock split. A definitive proxy statement will be filed with the Securities and Exchange Commission and mailed to stockholders at least 20 calendar days prior to the special stockholders meeting at which the proposed transaction will be voted on. About Lime Energy Co. Lime Energy is building a new energy future. As a leading national provider of energy efficiency for utilities’ small business customers, Lime Energy designs and implements direct install programs for its utility clients which have consistently exceeded program savings goals. Its award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have — energy efficiency. Conference Call Information Lime Energy will host a conference call with investors Tuesday, November 15, 2016, at 1:30 p.m. ET to discuss these results which can be accessed as follows: North America: 1 (844) 282-4412International: 1 (513) 988-8485Passcode: 15065192 A live audio webcast will be available through Lime Energy’s Investor Relations section of its website at http://www.lime-energy.com/investors/. The webcast is also being distributed through the Thomson Reuters StreetEvents Network. Institutional investors can access the call via Thomson Reuters’ StreetEvents (www.streetevents.com), a password-protected event management site. Forward Looking Statements This press release and the referenced earnings conference call includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. You can identify these forward-looking statements by the use of words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company’s control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied. These risks and uncertainties are described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy’s subsequent SEC filings; such risk factors are incorporated herein by reference. These statements include but are not limited to statements regarding the operations of Lime Energy, the timing of delayed utility programs, outcome of pending bids. The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements. The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates. Condensed Consolidated Statement of Operations ($ Thousands, except per share amounts) Reconciliation of GAAP Net Income to Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents our earnings before interest, taxes, depreciation and amortization, share based compensation, (Gain) loss from change in derivative liability, (Income) loss from the operation of discontinued operations, other one-time costs, acquisition costs and the extinguishment of debt. This non-GAAP financial measure has certain limitations, including that it does not have a standardized meaning and, therefore, our definition may be different from similar non-GAAP financial measures used by other companies and/or analysts. Thus, it may be more difficult to compare our financial performance to that of other companies. We believe our reporting of adjusted EBITDA assists investors in evaluating our operating performance. However, because adjusted EBITDA is not a measure of financial performance calculated in accordance with GAAP, such measure should be considered in addition to, but not as a substitute for, other measures of our financial performance reported in accordance with GAAP, such as net income.

NEWARK, N.J.--(BUSINESS WIRE)--Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the second quarter and first half of 2016. “We knew that the second quarter would be challenging due to delays in key utility programs; however, we are working towards our return to profitability as we move into the second half of the year,” said Adam Procell, Lime Energy President & CEO. “We are moving forward with our plans to scale the Company and continue to leverage innovative technology to achieve our goals.” Second quarter highlights(Comparisons are to the second quarter of 2015) Revenue of $21.0 million, down $10.9 million Gross profit margins of 29.7%, compared to 34.0% Selling, general and administrative (“SG&A”) increased $0.8 million to $10.2 million Other income of $1.1 million versus an other expense of ($1.7) million in previous year Net loss of $3.4 million, increased from net loss of $1.0 million Basic and diluted loss per share from continuing operations of $0.39 as compared to $0.12 Adjusted EBITDA(1) of ($3.1) million, down from adjusted EBITDA of $2.0 million First half highlights(Comparisons are to the first half of 2015) On March 24, 2015 Lime Energy completed its purchase of EnerPath. Because the closing of the transaction occurred in the 2015 first quarter, the highlights and comparisons below and the other financial information included in this earnings release includes only stand-alone data for Lime Energy for the period from January 1, 2015 to March 23, 2015 along with the combined results from March 24, 2016 to June 30, 2016. Revenue of $44.2 million, down $6.1 million Gross profit margin of 29.8%, compared to 32.6% Selling, general and administrative (“SG&A”) increased $5.0 million to $20.2 million Other expense of ($2.6) million versus ($3.9) million in previous year Net loss of $10.7 million, increased from net loss of $3.1 million Basic and diluted loss per share from continuing operations of $1.19 as compared to $0.82 Adjusted EBITDA of ($5.4) million, down from adjusted EBITDA of $2.2 million ______________________(1) See below for reconciliation of non-GAAP measures Revenue. The company’s 2016 2nd quarter revenues were $21.0 million, down $10.9 million or 34% year-over-year from 2015 2nd quarter. The majority of the decrease related to the delay of two key utility programs, LADWP and New Jersey. In the second quarter, we restarted at LADWP in mid-April with sales, and we just started to record revenues and gross profit in June. We expect the LADWP program to meaningfully contribute to our 2016 Q3 results. We are also awaiting to hear back on the New Jersey Small Business Direct program. A RFP (request for proposal) was sent out at the end of May. We submitted our proposal in June and conducted a final interview in July. We are expecting to hear back in August. If successful, the program would start back up in September with sales and contribute revenues and gross profit in 2016 fourth quarter. Gross Profit. Gross profit margins in the 2016 2nd quarter were 29.7%, down 430 basis point from the previous 2015 2nd quarter. This decline resulted from the mix of utility programs, a shift in utility measures, and various cost overruns on projects. SG&A Expenses. Selling, general and administrative expenses for the 2016 second quarter were $10.2 million, an increase of $0.8 million. The increase was primarily due to increased I.T. development work procured through outside consultants, in addition to severance charges relating to the departure of the previous CFO. The I.T. development resulted in both increased consulting expense and increased depreciation expense (from the capitalized elements). Other Expense. Other income, net was $1.1 million for the three months ended June 30, 2016, compared to other expense, net of ($1.7) million, for the three months ended June 30, 2015. The $2.8 million improvement was primarily a result of a $4.4 million increase in the gain from the change in derivative liability, offset by a $1.0 million charge for the SEC investigation and $0.6 million increase in net interest expense. SEC Investigation. In 2012, the SEC commenced an investigation with respect to certain of the Company’s revenue recognition practices and financial reporting. The Company has cooperated with the Staff of the Enforcement Division of the U.S. Securities and Exchange Commission (“SEC staff”) throughout the course of the investigation. During the second quarter of 2016, the Company reached an agreement in principle with the SEC staff to resolve the investigation. At this time, in accordance with ASC 450, “Contingencies”, the Company has recorded a $1.0 million charge to income, the amount it believes is now probable will be paid. This charge is recorded in Other Expenses in the Condensed Consolidated Statement of Operations. The SEC staff has not yet presented the proposed settlement to the Commission, and no assurance can be given that the Commission will approve the proposed settlement or that the amount estimated will not change. Adjusted EBITDA. Adjusted EBITDA for the quarter was ($3.1) million, a decrease of $5.1 million. The decrease was primarily driven by a reduction in revenue and gross profit margin. Liquidity. The Company ended the quarter with $2.7 million in cash and $5.9 million of availability to borrow on our credit facility for a total liquidity of $8.6 million, assuming a positive covenant resolution with our lender. Currently, we are not in compliance with the EBITDA covenant under the credit facility, but we expect to receive a waiver from the bank along with renegotiating the EBITDA covenant targets. Asset coverage and borrowing base calculations are in compliance. In the second quarter 2016, the credit facility was increased to $10 million from $6.0 million. At June 30, 2016, we have no principal borrowings on the credit facility although there are two letters of credit outstanding amounting to $1.4 million. Failure to satisfy a continued listing rule As previously reported on Current Reports on Form 8-K, the Company currently does not meet the continued listing requirement set forth in Listing Rule 5550(b)(1), which requires companies listed on the NASDAQ Capital Market to maintain a minimum of $2.5 million in stockholders’ equity for continued listing. On July 12, 2016, we received a letter from the NASDAQ Listing Qualification staff indicating that, unless the Company timely requests a hearing before the NASDAQ Listing Qualifications Panel (the “Panel”), the Company’s securities would be delisted from the NASDAQ Capital Market due to the Company’s non-compliance with Listing Rule 5550(b). We have a hearing before the Panel scheduled on August 25, 2016, at which we will present a plan to evidence compliance with the Listing Rule 5550(b)(1), which requires the Company to maintain a minimum of $2.5 million in stockholders’ equity, or with Listing Rule 5550(b)(3), which requires net income from continuing operations of $500,000. The Company’s common stock will continue to trade on the NASDAQ Capital Market under the symbol “LIME” pending the completion of the hearing process and the expiration of any extension period granted by the Panel. A ruling is likely to be received seven days after the hearing. There can be no assurance that we will be successful in receiving an extension from the Panel to regain compliance or in maintaining its listing on the NASDAQ Capital Market, which could impair the liquidity and market price of the Company’s common stock including limited availability of market quotations for its stock. NASDAQ’s determination to delist the Company’s common stock could materially and adversely affect the Company’s access to capital markets and its ability to raise capital on acceptable terms, if at all. About Lime Energy Co. Lime Energy is building a new energy future. As a leading national provider of energy efficiency for utilities’ small business customers, Lime Energy designs and implements direct install programs for its utility clients which have consistently exceeded program savings goals. Its award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have — energy efficiency. Conference Call Information Lime Energy will host a conference call with investors Wednesday, August 17, 2016, at 4:30 p.m. ET to discuss these results which can be accessed as follows: North America: 1 (844) 282-4412International: 1 (513) 988-8485Passcode: 58714366 A live audio webcast will be available through Lime Energy’s Investor Relations section of its website at http://www.lime-energy.com/investors/. The webcast is also being distributed through the Thomson Reuters StreetEvents Network. Institutional investors can access the call via Thomson Reuters’ StreetEvents (www.streetevents.com), a password-protected event management site. Forward Looking Statements This press release and the referenced earnings conference call includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. You can identify these forward-looking statements by the use of words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company’s control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied. These risks and uncertainties are described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy’s subsequent SEC filings; such risk factors are incorporated herein by reference. These statements include but are not limited to statements regarding the operations of Lime Energy, the timing of delayed utility programs, outcome of pending bids, outcome of discussions with the SEC and outlook for obtaining a favorable settlement, ability to have a positive covenant resolution with our lender; and maintaining the company’s listing on NASDAQ. The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements. The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates. ($ Thousands, except per share amounts) Reconciliation of GAAP Net Income to Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents our earnings before interest, taxes, depreciation and amortization, share based compensation, (Gain) loss from change in derivative liability, loss from the operation of discontinued operations, other one-time costs, acquisition costs and the extinguishment of debt. This non-GAAP financial measure has certain limitations, including that it does not have a standardized meaning and, therefore, our definition may be different from similar non-GAAP financial measures used by other companies and/or analysts. Thus, it may be more difficult to compare our financial performance to that of other companies. We believe our reporting of adjusted EBITDA assists investors in evaluating our operating performance. However, because adjusted EBITDA is not a measure of financial performance calculated in accordance with GAAP, such measure should be considered in addition to, but not as a substitute for, other measures of our financial performance reported in accordance with GAAP, such as net income.

NEWARK, N.J.--(BUSINESS WIRE)--Lime Energy Co. (NASDAQ:LIME), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the three-month period ended March 31, 2016. “We have positioned ourselves as a leading national provider of smart building products and services to small and mid-sized businesses,” said Adam Procell, Lime Energy President & CEO. “Our innovative intelligent efficiency solutions help usher these customers into the clean energy economy, while solving critical environmental challenges facing utilities and their regulators.” Results for the Three-Month Period ended March 31, 2016(All comparisons are to the first quarter of 2015) Consolidated revenue from continuing operations increased $4.8 million, or 26.5%, to $23.1. Gross profit increased $1.4 million, or 26.2%, to $6.9 million. Gross profit margin decreased slightly from 30.1% to 30.0%. Selling, general and administrative expenses increased $4.2 million, or 72.2%, to $10.0 million. With the acquisition of EnerPath, our combined SG&A expenses as a percentage of revenue increased to 43.2% for first quarter 2016, as compared to 31.7% for the same period in 2015. Net loss was $7.3 million, compared to net loss of $2.1 million for the first quarter of 2015. Basic and diluted loss per share increased from $0.25 to $0.80. The expenses related to Lime Energy’s 2013 restatement, stockholder lawsuits, SEC investigation, acquisition costs, and loss on extinguishment of debt contributed $0.25 and $0.24 to the basic and diluted loss per share for the three-month periods ended March 31, 2016 and 2015, respectively. Adjusted EBITDA loss increased to negative $4.8 million compared to negative $2.0 million for the first quarter of 2015. As defined by the Company, Adjusted EBITDA includes acquisition costs, legal expenses related to our July 2013 restatement, stockholder lawsuits, SEC investigation, and loss on extinguishment of debt. Our Adjusted EBITDA excluding such expenses was negative $2.4 million for the first quarter of 2016, as compared to positive $222 thousand for the first quarter of 2015.* * Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release. Business Highlights During the first quarter of 2016 we were awarded the small business energy efficiency program with Oncor in Texas, a new utility client. We were awarded the small business energy efficiency program with AEP Kentucky, a new utility territory for an existing client (we have been serving AEP Ohio since 2013). We were awarded the LADWP Commercial Direct Install Program under a re-compete, with expanded measures and customer eligibility. We deployed a new technology platform to manage the small business energy efficiency programs of NYSEG and RG&E in New York, which we were awarded late in 2015 under a re-compete. We expanded our team in Massachusetts to serve the Eversource small business energy efficiency program where we were awarded new territories for 2016. During the hold period prior to starting the new contract with LADWP, we utilized our LADWP team to serve the community in various volunteer initiatives. These included community gardens and clean-ups as well as working with at-risk youth in mentoring programs. LIME ENERGY CO.Condensed Consolidated Statement of Operations($ Thousands, except per share amounts) Total Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure We report our financial results in accordance with generally accepted accounting principles (“GAAP”). However, from time to time, we use certain non-GAAP financial measures in evaluating and discussing the Company’s results and performance. We believe that these non-GAAP measures supplement the readers’ understanding of our financial performance by providing our stockholders and investors with additional information to evaluate our operating performance using criteria used by our management in evaluating our performance in comparison to prior results. As presented, Adjusted EBITDA excludes certain financial information compared with net income (loss), the most directly comparable GAAP financial measure. Below is reconciliation of Adjusted EBITDA to net income (loss): About Lime Energy Co. Lime Energy is building a new energy future. As a leading national provider of energy efficiency for utilities’ small business customers, Lime Energy designs and implements direct install programs for its utility clients which have consistently exceeded program savings goals. Its award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have — energy efficiency. Additional Information Additional information regarding the results for the three-month period ended March 31, 2016, is available in the Company’s Form 10-Q, which will be made available on the Company’s website at www.lime-energy.com and on EDGAR at www.sec.gov. Conference Call Information Lime Energy will host a conference call with investors today, May 13, 2016, at 4:30 p.m. ET to discuss these results which can be accessed as follows: North America: (866) 430-2032International: (704) 908-0415Passcode: 96934442 A live audio webcast will be available through Lime Energy’s Investor Relations section of its website at http://www.lime-energy.com/investors/. The webcast is also being distributed through the Thomson Reuters StreetEvents Network. Institutional investors can access the call via Thomson Reuters’ StreetEvents (www.streetevents.com), a password-protected event management site. FORWARD-LOOKING STATEMENTS This press release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. You can identify these forward-looking statements by the use of words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy’s actual results, performance, prospects or opportunities in the remainder of 2016 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy’s subsequent SEC filings; such risk factors are incorporated herein by reference.

NEWARK, N.J.--(BUSINESS WIRE)--Lime Energy Co. (NASDAQ:LIME), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the twelve-month period ended December 31, 2015. “Lime Energy is well positioned to provide much needed services to small business customers which meet the changing needs of the electric utility industry,” said Adam Procell, Lime Energy President & CEO. “As this industry takes shape, we will continue to make the investments which position us to be a leader in the space, with a differentiated offering. We will remain at the forefront of serving utility clients and their small business customers.” Results for the Twelve-Month Period ended December 31, 2015 Consolidated revenue from continuing operations, including from our acquisition of EnerPath, increased $53.8 million, or 91.5%, to $112.6 million from $58.8 million earned in 2014. Gross profit increased $20.1 million, or 113.9%, to $37.8 million. Gross profit margin improved from 30.0% to 33.5%. Selling, general and administrative expenses increased $14.9 million, or 73.7%, to $35.1 million. With the acquisition of EnerPath, our combined SG&A expenses as a percentage of revenue declined to 31.1% for 2015, as compared to 34.3% for 2014. SG&A expenses for 2015 included $477 thousand of legal expenses related to our July 2013 restatement and related stockholder lawsuits and SEC investigation, compared to $813 thousand in 2014. For 2015, SG&A expenses also included $1.9 million related to the acquisition of EnerPath. Net loss from continuing operations totaled $2.5 million, compared to a net loss from continuing operations of $2.6 million in 2014. Net loss from discontinued operations was $632 thousand, compared to income of $7 thousand in 2014. Net loss was $3.2 million, compared to net loss of $2.6 million in 2014. The basic and diluted loss per share from continuing operations improved from $1.44 to $0.40 for 2015. The basic and diluted loss per share from discontinued operations was $0.07 for 2015, compared to $0.00 for 2014. The total basic and diluted loss per share improved from $1.44 to $0.47 for 2015. The expenses related to Lime Energy’s 2013 restatement, stockholder lawsuits, and SEC investigation contributed $0.05 and $0.21 to the basic and diluted loss per share from continuing operations and the total net loss per share for 2015 and 2014. Adjusted EBITDA improved to positive $2.6 million from negative $1.5 million in 2014. As defined by the Company, Adjusted EBITDA includes acquisition costs, legal expenses related to the 2013 restatement, stockholder lawsuits, and SEC investigation, and a one-time non-cash charge resulting from the Company’s determination, effective during 2015, to recognize revenue on the completed contract basis, rather than the percentage of completion method. Our Adjusted EBITDA excluding such expenses was positive $5.6 million in 2015, as compared to negative $701 thousand in 2014.* * Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release. Business Highlights During 2015, we were awarded several contracts under re-competes with existing clients and expansions of several key utility programs. On March 24, 2015, we acquired EnerPath International Holding Company, creating a national platform for delivering energy efficiency to mass market customers (small businesses and residential). During 2015, we integrated the technology and product development teams of Lime Energy and EnerPath and are poised to lead the way for innovative technology solutions serving commercial buildings. We deployed new technology solutions and energy efficiency measures across all of our programs, bringing state-of-the-art solutions including LED lighting to small business customers. We participated in key regulatory proceedings at the federal and state levels, advocating for energy efficiency as a key solution to environmental and power grid challenges. We put in place uniform procurement processes across all utility programs. We moved our headquarters from North Carolina to New Jersey, improving alignment of our executive management team and corporate resources. We added seven new utility programs, and we now serve 13 of the nation’s 25 largest utilities. LIME ENERGY CO.Condensed Consolidated Statement of Operations($ Thousands, except per share amounts) Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure We report our financial results in accordance with generally accepted accounting principles (“GAAP”). However, from time to time, we use certain non-GAAP financial measures in evaluating and discussing the Company’s results and performance. We believe that these non-GAAP measures supplement the readers’ understanding of our financial performance by providing our stockholders and investors with additional information to evaluate our operating performance using criteria used by our management in evaluating our performance in comparison to prior results. As presented in the tables above, Adjusted EBITDA excludes certain financial information compared with net income (loss), the most directly comparable GAAP financial measure. Below is reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure: About Lime Energy Co. Lime Energy is building a new energy future. As a leading national provider of energy efficiency for utilities’ small business customers, Lime Energy designs and implements direct install programs for its utility clients which have consistently exceeded program savings goals. Its award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have — energy efficiency. Additional Information A full analysis of the results for the twelve-month period ended December 31, 2015, is available in the Company’s Form 10-K, which will be made available on the Company’s website at www.lime-energy.com and on EDGAR at www.sec.gov. Conference Call Information Lime Energy will host a conference call with investors today, March 30, 2016, at 4:30 p.m. ET to discuss these results which can be accessed as follows: A live audio webcast will be available through Lime Energy’s Investor Relations section of its website at http://www.lime-energy.com/investors/. The webcast is also being distributed through the Thomson Reuters StreetEvents Network. Institutional investors can access the call via Thomson Reuters’ StreetEvents (www.streetevents.com), a password-protected event management site. FORWARD-LOOKING STATEMENTS This press release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. You can identify these forward-looking statements by the use of words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy’s actual results, performance, prospects or opportunities in the remainder of 2016 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy’s subsequent SEC filings; such risk factors are incorporated herein by reference.

WOODBRIDGE, N.J.--(BUSINESS WIRE)--Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the three- and nine-month periods ended September 30, 2015. “We are proud of the company that we have built and, with consecutive quarters that demonstrate the improved performance that we had targeted for 2015, we believe that we are moving in the right direction,” said Adam Procell, Lime Energy President & CEO. “The utility industry is undergoing disruptive change, and energy efficiency is poised to take its rightful place at the top of the list of clean energy solutions. We feel strongly that we have selected the right areas of focus and we like our leadership position in commercial building energy services. We will continue to innovate and build a company that will be relevant for the long term.” Results for the three-month period ended September 30, 2015 (All comparisons are to the third quarter of 2014.) Consolidated revenue from continuing operations, including from our recent acquisition of EnerPath, increased $16.6 million, or 106.4%, to $32.2 million. Gross profit increased $6.2 million, or 127.5%, to $11.0 million. Gross profit margin improved from 31.1% to 34.3%. SG&A expenses increased $4.5 million, or 91.4%, to $9.4 million. With the acquisition of EnerPath, our combined SG&A expenses as a percentage of revenue declined to 29.1% for the third quarter of 2015, as compared to 31.4% for the same period in 2014. SG&A expenses for the third quarter included $65 thousand of legal expenses related to the restatement we completed in July 2013, stockholder lawsuits, and the SEC investigation, compared to $94 thousand in the prior- year period. Income from continuing operations increased to income of $1.9 million from a loss of $45 thousand. Income (loss) from discontinued operations decreased $182 thousand, or 133.8%, to a loss of $46 thousand, from income of $136 thousand. Net income increased $1.7 million, or 1892.3%, to $1.8 million from $91 thousand. Basic earnings per share from continuing operations increased $0.30 to $0.15 from a loss of $0.15. Diluted earnings per share from continuing operations increased $0.20 to $0.05 from a loss of $0.15. Basic and diluted earnings per share from discontinued operations declined $0.04 to $0.00 from earnings per share of $0.04. Basic net earnings per share increased $0.26 to $0.15 from a loss per share of $0.11. Diluted net earnings per share increased $0.16 to $0.05 from a loss per share of $0.11. The expenses related to Lime Energy’s 2013 restatement, stockholder lawsuits, and SEC investigation contributed $0.00 and $0.03 to the basic and diluted loss per share from continuing operations and the total net loss per share for the three-month periods ended September 30, 2015 and 2014. Adjusted EBITDA increased $1.4 million, or 754.3%, to $1.6 million from $186 thousand. Excluding acquisition costs, expenses related to the restatement, costs of defense of stockholder lawsuits, and costs and expenses related to the SEC investigation, adjusted EBITDA would have increased $1.7 million, or 343.7%, to $2.2 million.* * Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release. Results for the nine-month period ended September 30, 2015 (All comparisons are to the first half of 2014.) Consolidated revenue from continuing operations, including from our recent acquisition of EnerPath, increased $41.0 million, or 98.8%, to $82.4 million. Gross profit increased $14.4 million, or 110.9%, to $27.4 million. Gross profit margin improved from 31.3% to 33.3%. SG&A expenses increased $10.1 million, or 69.9%, to $24.6 million. With the acquisition of EnerPath, our combined SG&A expenses as a percentage of revenue declined to 29.8% for the first nine months of 2015, as compared to 34.9% for the same period in 2014. SG&A expenses included $287 thousand of legal expenses related to the restatement, stockholder lawsuits, and SEC investigation, compared to $690 thousand in the prior-year period. Loss from continuing operations decreased $432 thousand, or 30.0%, to $1.0 million. Income (loss) from discontinued operations decreased by $454 thousand, or 242.8%, to a loss of $267 thousand from income of $187 thousand. Net loss increased $22 thousand, or 1.8%, to $1.3 million. Basic and diluted loss per share from continuing operations declined $0.85 to $0.20 from $1.05. The loss per share from discontinued operations increased $0.08 to a loss per share of $0.03 from earnings per share of $0.05. The total net loss per share declined $0.77 to $0.23 from $1.00. The expenses related to Lime Energy’s 2013 restatement, stockholder lawsuits, and SEC investigation contributed $0.03 and $0.18 to the basic and diluted loss per share from continuing operations and the total net loss per share for the nine-month periods ended September 30, 2014 and 2015, respectively. Adjusted EBITDA increased $1.9 million, or 278.7%, to $1.2 million from a loss of $686 thousand. Excluding acquisition costs, expenses related to the restatement, costs of defense of stockholder lawsuits, costs and expenses related to the SEC investigation, and loss on extinguishment of debt, adjusted EBITDA would have increased $4.5 million, or 4935.2%, to $4.4 million from a loss of $91 thousand.* * Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release. Business Highlights: During the third quarter, Lime Energy was awarded several contracts under re-competes with existing clients. We have integrated the technology and product development teams of Lime Energy and EnerPath and are poised to lead the way for innovative technology solutions serving commercial buildings. We deployed new technology solutions and energy efficiency measures across all of our programs, bringing state-of-the-art solutions including LED lighting to small business customers. We participated in key regulatory proceedings at the federal and state levels, advocating for energy efficiency as a key solution to environmental and power grid challenges. We made significant progress toward our previously announced commitment to the White House to implement 1,000 energy efficiency upgrades for small businesses in low and moderate-income neighborhoods. (Unaudited, in thousands) Weighted Average Common Shares Outstanding - Basic Diluted Income (loss) Per Common Share Weighted Average Common Shares Outstanding - Diluted Basic and Diluted Loss Per Common Share Weighted Average Common Shares Outstanding Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure We report our financial results in accordance with generally accepted accounting principles (“GAAP”). However, from time to time, we use certain non-GAAP financial measures in evaluating and discussing the Company’s results and performance. We believe that these non-GAAP measures supplement the readers’ understanding of our financial performance by providing our stockholders and investors with additional information to evaluate our operating performance using criteria used by our management in evaluating our performance in comparison to prior results. As presented in the tables above, Adjusted EBITDA excludes certain financial information compared with net income (loss), the most directly comparable GAAP financial measure. Below is reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure: Costs related to restatement activities and defense of stockholder lawsuits About Lime Energy Co. Lime Energy is building a new energy future. As a leading national provider of energy efficiency for utilities’ small business customers, Lime Energy designs and implements direct install programs for its utility clients which have consistently exceeded program savings goals. Its award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have – energy efficiency. Additional Information A full analysis of the results for the three- and nine-month periods ended September 30, 2015, is available in the Company’s Form 10-Q, which will be made available on the Company’s website at www.lime-energy.com and on EDGAR at www.sec.gov. Conference Call Information Lime Energy will host a conference call with investors today, November 12, 2015, at 4:30 p.m. ET to discuss these results which can be accessed as follows: North America: (866) 430-2032.International: (704) 908-0415Passcode: 65954948 A live audio webcast will be available through Lime Energy’s Investor Relations section of its website at http://www.lime-energy.com/investors/. The webcast is also being distributed through the Thomson Reuters StreetEvents Network. Institutional investors can access the call via Thomson Reuters' StreetEvents (www.streetevents.com), a password-protected event management site. FORWARD-LOOKING STATEMENTS This press release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. You can identify these forward-looking statements by the use of words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy’s actual results, performance, prospects or opportunities in the remainder of 2015 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy’s subsequent SEC filings; such risk factors are incorporated herein by reference.

WOODBRIDGE, N.J.--(BUSINESS WIRE)--Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the three-month and six-month periods ended June 30, 2015. “Lime Energy’s ability to deliver cost- effective energy efficient resources and improved customer satisfaction for its utility partners has been rewarded with substantial expansion of its existing programs as well as award of major new programs,” stated Adam Procell, Lime Energy’s President & CEO. “In the second quarter, we delivered on our objectives for revenue growth, gross margin improvement and selling, general and administrative (“SG&A”) expense reduction. With these improvements in place, we are looking to pick up the pace in order to drive a profitable second half.” Results for the three-month period ended June 30, 2015: Consolidated revenue from continuing operations increased $18.4 million, or 135.1% to $32.0 million with the inclusion of EnerPath. Gross profit increased $6.5 million, or 146.3%, to $10.9 million. The gross profit margin improved from 32.5% to 34.0%. SG&A expense increased $4.7 million, or 101.8%, to $9.4 million. With the acquisition of EnerPath, our combined SG&A expenses as a percentage of revenue declined to 29.5% for the second quarter of 2015, as compared to 34.3% for the same period in 2014. SG&A expense for the second quarter includes $95 thousand of legal expenses related to the restatement, stockholder lawsuits and SEC investigation, compared to $306 thousand in the prior year period The loss from continuing operations increased $598 thousand, or 261.1%, to $827 thousand. The loss from discontinued operations increased $213 thousand, or 387.3%, to a loss of $158 thousand, from income of $55 thousand. The net loss increased $811 thousand, or 466.1%, to $985 thousand. The basic and diluted loss per share from continuing operations declined $0.07 to $0.12 from $0.19. The loss per share from discontinued operations increased $0.03 to loss per share of $0.02 from earnings per share of $0.01. The total net loss per share declined $0.04 to $0.14 from $0.18. The expenses related to Lime Energy’s 2013 restatement, stockholder lawsuits and SEC investigation contributed $0.01 and $0.08 to the basic and diluted loss per share from continuing operations and the total net loss per share for the three-month periods ended June 30, 2015 and 2014. The adjusted EBITDA increased $1.7 million to $1.7 million from a loss of $6 thousand. Excluding one-time expenses related to the restatement, stockholder lawsuits and SEC investigation, and acquisition costs, the adjusted EBITDA increased $1.7 million, or 564.7% to earnings of $1.9 million from $300 thousand.* * Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release. Results for the six-month period ended June 30, 2015: Consolidated revenue from continuing operations increased $24.4 million, or 94.2%, to $50.2 million with the inclusion of EnerPath. Gross profit increased $8.2 million, or 101.0%, to $16.4 million. The gross profit margin improved from 31.5% to 32.6%. SG&A expense increased $5.6 million, or 58.9%, to $15.2 million. With the acquisition of EnerPath, our combined SG&A expenses as a percentage of revenue declined to 30.3% for the first half of 2015, as compared to 37.0% for 2014. SG&A expense includes $222 thousand of legal expenses related to the restatement, stockholder lawsuits and SEC investigation, compared to $595 thousand in the prior year period. The loss from continuing operations increased $1.5 million, or 105.6%, to $2.9 million. The loss from discontinued operations increased $273 thousand, or 525.0%, to a loss of $221 thousand. The net loss declined $1.7 million, or 130.1%, to $3.1 million. The basic and diluted loss per share from continuing operations declined $0.52 to $0.37 from $0.89. The loss per share from discontinued operations increased $0.03 to a loss per share of $0.02 from earnings per share of $0.01. The total net loss per share declined $0.49 to $0.39 from $0.88. The expenses related to Lime Energy’s 2013 restatement, stockholder lawsuits and SEC investigation contributed $0.02 and $0.16 to the basic and diluted loss per share from continuing operations and the total net loss per share for the six-month periods ended June 30, 2015 and 2014, respectively. The adjusted EBITDA loss declined $509 thousand, or 58.4%, to $363 thousand from $872 thousand. Excluding one-time expenses related to the restatement, stockholder lawsuits and SEC investigation, acquisition costs and loss on the extinguishment of debt, the adjusted EBITDA increased $2.5 million, or 900.0%, to earnings of $2.2 million from a loss of $277 thousand.* * Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release. Business Highlights: During the second quarter, we implemented the first phase of our integration plan following the acquisition of EnerPath. We completed our 90 Day Integration Plan which included: Integration of all employees into the Lime Energy organization and reporting structure. Combining our technology development teams Aligning procurement and reporting processes across all utility programs Integration of all employees into the Lime Energy organization and reporting structure. Combining our technology development teams Aligning procurement and reporting processes across all utility programs We implemented a uniform regional operations organization which encompasses all legacy Lime and legacy EnerPath utility programs. We put in place uniform procurement processes across all utility programs. We were awarded re-competes or expansions of several key utility programs. We exceeded sales goals across our utility programs, delivering 110% of anticipated sales. We moved our headquarters from North Carolina to New Jersey, improving alignment of our executive management team and corporate resources. LIME ENERGY CO. Condensed Consolidated Statement of Operations (Unaudited, in thousands) Basic and Diluted Loss Per Common Share Basic and Diluted Loss Per Common Share Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure We report our financial results in accordance with generally accepted accounting principles (“GAAP”). However, we believe that certain non-GAAP financial measures that we use to manage the Company’s business fall within the meaning of Regulation G (Disclosure of Non-GAAP Financial Measures) by the Securities and Exchange Commission. We have included these non-GAAP measures, including certain measures that exclude the cost of the restatement and the related, ongoing lawsuits, in this press release because we believe they may provide readers with additional meaningful comparisons to prior reported results. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure is as follows: About Lime Energy Co. Lime Energy is building a new energy future. As a leading national provider of energy efficiency for utilities’ small business customers, Lime designs and implements direct install programs for its utility clients which have consistently exceeded program savings goals. Its award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have – energy efficiency. Additional Information A full analysis of the results for the three-month and six-month periods ended June 30, 2015, is available in the Company’s Form 10-Q, which will be made available on the Company’s website at www.lime-energy.com and on EDGAR. Conference Call Information The Company will hold a conference call with investors today, August 14, 2015, at 4:30 pm ET to discuss these results. Investors can access the call by dialing toll free 1-866 430-2032 and entering passcode 93837605. International callers can dial 1-704-908-0415 and use the same passcode. The live call or a recording can also be accessed through Lime Energy's Investor Relations section of its website at http://www.lime-energy.com/investors/. The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site. FORWARD-LOOKING STATEMENTS This press release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy’s actual results, performance, prospects or opportunities in the remainder of 2014 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy’s subsequent SEC filings; such factors are incorporated herein by reference.

HUNTERSVILLE, N.C.--(BUSINESS WIRE)--Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the three-month period ended March 31, 2015. “The Lime Energy team delivered on several of our goals in the first quarter of 2015 - strong financial performance and the completion of a major acquisition,” said Adam Procell, Lime’s President & CEO. “Our YTD sales performance has been strong, integration is going well and the market prospects are bright for a company that is consistently delivering energy efficiency cost effectively.” Results for the three-month period ended March 31, 2015: Consolidated revenue from continuing operations increased $6.0 million, or 49.0% to $18.3 million. Gross profit increased $1.8 million, or 47.5%, to $5.5 million. The gross profit margin decreased slightly from 30.4% to 30.1%. Selling, general and administrative expense increased $896 thousand, or 18.2% to $5.8 million. SG&A expense for the first quarter included $127 thousand of legal expenses related to the restatement, stockholder lawsuits and SEC investigation, compared to $289 thousand in the year-earlier period. When adjusted for these charges, SG&A expense increased by $1.1 million or 22.9%. First quarter 2015 expense also included $694 thousand of acquisition costs related to the purchase of EnerPath, International Holding Company (“EnerPath”) First quarter 2015 expense also included $2.2 million of interest expense, extinguishment of debt and loss from change in derivative liability. The loss from continuing operations increased $2.1 million, or 181.7%, to $3.3 million. The loss from discontinued operations increased $60 thousand, or 2000.0%, to $63 thousand. The net loss increased $931 thousand, or 79.7%, to $2.1 million. The basic and diluted loss per share from continuing operations declined $0.47 to $0.24 from $0.71. The loss per share from discontinued operations declined $0.01 to $0.01 from $0.00. The total net loss per share declined $0.46 to $0.25 from $0.71. The one-time expenses related to the restatement, stockholder lawsuits and SEC investigation and the acquisition of EnerPath contributed $0.09 and $0.08 to the basic and diluted loss per share from continuing operations and the total net loss per share for the three-month periods ended March 31, 2015 and 2014, respectively. The adjusted EBITDA loss increased $1.2 million, or 132.9%, to $2.0 million from $867 thousand. Excluding expenses related to the restatement, stockholder lawsuits and SEC investigation and one-time costs related to the acquisition of EnerPath and the extinguishment of debt, the adjusted EBITDA loss declined $800 thousand to income of $222 thousand from a loss of $578 thousand.* * Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release. Business Highlights: On March 23, 2015, Lime Energy, Co. acquired EnerPath, International Holding Co., creating a national platform for delivering energy efficiency to mass market customers (small businesses and residential) Added six new utility programs, Lime now serves 12 of the nation’s 25 largest utilities, exclusively engaging more than 1.4 million small business customers with energy efficiency services. Nearly doubled staff, now over 260 Team Members, including more than 150 outside salespeople engaging small business customers daily. Completed comprehensive sales training sessions across the US for all energy services representatives (ESRs). On a proforma combined basis through April, Lime and EnerPath YTD program sales are $40.5 million, versus $29.8 million for the same period in 2014, an improvement of 36%. On a proforma combined basis through April, Lime and EnerPath YTD program installs are $40.5 million, versus $27.9 million for the same period in 2014, an improvement of 45%. On April 23, 2015, Lime completed the issuance of $11.75 million of convertible debt to Bison Capital, to support the EnerPath acquisition. AEP Ohio awarded Lime Energy a 2-year contract extension worth $5 million Created and filled the position of Director of Human Capital, to lead all Lime Energy initiatives with respect to our greatest asset, our people. LIME ENERGY CO. Condensed Consolidated Statement of Operations (Unaudited) Three Months Ended Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure We report our financial results in accordance with generally accepted accounting principles (“GAAP”). However, we believe that certain non-GAAP financial measures that we use to manage the Company’s business fall within the meaning of Regulation G (Disclosure of Non-GAAP Financial Measures) by the Securities and Exchange Commission. We have included these non-GAAP measures, including certain measures that exclude the cost of the restatement and the related, ongoing lawsuits, and one-time costs related to the acquisition of EnerPath, in the press release because we believe they may provide readers with additional meaningful comparisons to prior reported results. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure is as follows: Three Months Ended Acquisition costs About Lime Energy Co. Lime Energy is building a new energy future. As a leading national provider of energy efficiency for utilities’ small business customers, Lime designs and implements direct install programs for our utility clients which have consistently exceeded program savings goals. Our award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have – energy efficiency. Additional Information A full analysis of the results for the three-month period ended March 31, 2015, is available in the Company’s Form 10-Q, which will be made available on the Company’s website at www.lime-energy.com and on EDGAR. Conference Call Information The company will hold a conference call with investors on Monday, May 18, 2015, at 4:30 pm ET to discuss these results. Investors can access the call by dialing toll free 1-866-543-6403 and entering passcode 22309312. International callers can dial 1-617-213-8896 and use the same passcode. The live call can also be accessed through Lime Energy's Investor Relations section of its website http://www.lime-energy.com/investors/. The webcast is also being distributed through the Thomson Reuters StreetEvents Network. Institutional investors can access the call via Thomson Reuters' StreetEvents (www.streetevents.com), a password-protected event management site. Individual investors can listen through LIME Energy's Investor Relations section. FORWARD-LOOKING STATEMENTS This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy’s actual results, performance, prospects or opportunities in the remainder of 2015 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy’s subsequent SEC filings; such factors are incorporated herein by reference.

HUNTERSVILLE, N.C.--(BUSINESS WIRE)--Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the twelve month period ended December 31, 2014. “Having completed an important year of sharpening focus, dramatic growth, improved performance, and significant investment in our technology platform, Lime Energy is stronger today than at any time in our history,” said Lime Energy President & CEO Adam Procell. “Lime is now perfectly aligned with our valued utility clients, and with our clean balance sheet and latest round of financing, we are better able to serve these clients and their small business customers.” Results for the twelve-month period ended December 31, 2014 Consolidated revenue from continuing operations increased $7.3 million, or 14.1%, to $58.8 million from $51.5 million in the year-earlier period. Gross profit increased $3.9 million, or 27.9%, to $17.7 million, while the gross profit margin improved from 26.8% to 30.0%. Selling, general and administrative expense declined $2.7 million to $20.2 million. SG&A expense for 2014 included $813 thousand of expenses related to the restatement and ongoing stockholder lawsuits compared to $2.6 million of similar expenses in the year-earlier period. The 2014 SG&A expense also included $309 thousand of expenses related to raising capital, pursuing mergers and acquisitions and $113 of severance costs, while the 2013 SG&A expense also included $327 thousand of share based compensation expense related to the vesting of options and restricted stock of terminated employees. Excluding these expenses, SG&A decreased $962 thousand, or 4.7% from 2013 levels. The loss from continuing operations declined $8.5 million, or 76.4%, to $2.6 million. The loss from discontinued operations declined $4.5 million, or 100.2%, to a profit of $7 thousand. The net loss declined $13.0 million, or 83.2%, to $2.6 million. The basic and diluted loss per share from continuing operations declined $2.46, or 63.1%, to $1.44 from $3.90. The loss per share from discontinued operations declined $1.25, or 100%, to $0.00 from $1.25. The total net loss per share declined $3.71, or 72.0%, to $1.44 from $5.15. The expenses related to the restatement and stockholder lawsuits contributed $0.21 and $0.72 to the basic and diluted loss per share from continuing operations and the total net loss per share for the twelve-month periods ended December 31, 2014 and 2013, respectively. The adjusted EBITDA loss declined $5.7 million, or 79.1%, to $1.5 million from $7.3 million. Excluding expenses related to the restatement and stockholder lawsuits, the adjusted EBITDA loss declined $4.0 million, or 85.0%, to $0.7 million from $4.7 million.* * Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release. Business Highlights Awarded a 2-year contract following re-compete of the AEP Ohio small business energy efficiency program; Raised $12 million in capital through the sale of preferred stock to fund the Company’s growth; Made significant improvements in our construction administration processes; Re-negotiated terms with suppliers while getting current on payments; Improved financial reporting and communication between accounting and operations; Developed technical and sales training courses for employees across all utility programs; Developed automated payment application for our Direct Install program technology platform Instituted a new commission plan for energy advisors that resulted in improved program sales. LIME ENERGY CO. Condensed Consolidated Statement of Operations ($ Thousands, except per share amounts) Outstanding Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure We report our financial results in accordance with generally accepted accounting principles (“GAAP”). However, we believe that certain non-GAAP financial measures that we use to manage the company’s business fall within the meaning of Regulation G (Disclosure of Non-GAAP Financial Measures) by the Securities and Exchange Commission. We have included these non-GAAP measures in the press release because we believe they may provide readers with additional meaningful comparisons to prior reported results. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure is as follows (in thousands): December 31 About Lime Energy Co. Lime Energy is building a new energy future. As a leading national provider of energy efficiency for utilities’ small business customers, Lime designs and implements direct install programs for our utility clients which have consistently exceeded program savings goals. Our award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have – energy efficiency. Conference Call Information The company will hold a conference call with investors on Tuesday, March 31st at 4:30 pm ET to discuss these results. Investors can access the call by dialing toll free 1-866-510-0707 and entering passcode 42383221. International callers can dial 1-617-597-5376 and use the same passcode. The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at earnings.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site. FORWARD-LOOKING STATEMENTS This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy’s actual results, performance, prospects or opportunities in the remainder of 2015 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to Lime in Lime Energy’s subsequent SEC filings; such factors are incorporated herein by reference. Additional Information A full analysis of the twelve-month period results are available in the Company’s Form 10-K for the period ended December 31, 2014, which will be made available on the Company’s website at www.lime-energy.com and on EDGAR.

HUNTERSVILLE, N.C.--(BUSINESS WIRE)--Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the three-month and nine-month periods ended September 30, 2014. “Lime Energy continued our progress during the third quarter, achieving profitability for the first time since refocusing on our utility programs business, while announcing the award of more than $180 million of new, multi-year contracts with major U.S. utilities,” stated Adam Procell, Lime Energy President & CEO. “Our ability to simultaneously deliver cost effective energy efficiency solutions and improved customer satisfaction for our utility partners makes our business model both valuable and timely. Technological advances continue to broaden the range of products and services that Lime provides for small and mid-sized business customers through our unique programs.” Results for the three-month period ended September 30, 2014: Consolidated revenue from continuing operations increased $2.2 million, or 16.7% to $15.6 million. Gross profit increased $1.1 million, or 31.0%, to $4.8 million. The gross profit margin improved from 27.7% to 31.1%. SG&A expense declined $810 thousand, or 14.2%, to $4.9 million. SG&A expense for the third quarter includes $94 thousand of legal expenses related to the restatement, stockholder lawsuits and SEC investigation, compared to $656 thousand in the prior year period. Excluding these unusual expenses, SG&A expense declined $246 thousand, or 4.9%. The loss from continuing operations declined $3.5 million, or 98.7%, to $45 thousand. The loss from discontinued operations declined $465 thousand, or 141.3%, to income of $136 thousand. The net loss declined $3.9 million, or 102.4%, to income of $91 thousand. The basic and diluted loss per share from continuing operations declined $0.83 to $0.15 from $0.98. The loss per share from discontinued operations declined $0.13 to earnings per share of $0.04 from loss per share of $0.09. The total net loss per share declined $0.96 to $0.11 from $1.07. The expenses related to Lime Energy’s 2013 restatement, stockholder lawsuits and SEC investigation contributed $0.03 to the basic and diluted loss per share from continuing operations and the total net loss per share for the three-month periods ended September 30, 2014 and 2013. The adjusted EBITDA loss declined $1.8 million, or 111.5%, to earnings of $186 thousand from a loss of $1.6 million. Excluding expenses related to the restatement, stockholder lawsuits and SEC investigation, the adjusted EBITDA loss declined $1.2 million, or 129.1% to earnings of $280 thousand from a loss of $962 thousand.* * Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release. Results for the nine-month period ended September 30, 2014: Consolidated revenue from continuing operations increased $3.9 million, or 10.5%, to $41.5 million. Gross profit increased $2.9 million, or 28.9%, to $13.0 million. The gross profit margin improved from 26.9% to 31.3%. SG&A expense declined $2.7 million, or 15.6%, to $14.5 million. SG&A expense includes $690 thousand of legal expenses related to the restatement, stockholder lawsuits and SEC investigation, compared to $2.2 million in the prior year period. Excluding these unusual expenses, SG&A declined $1.1 million, or 7.7%. The loss from continuing operations declined $7.6 million, or 84.2%, to $1.4 million. The loss from discontinued operations declined $3.7 million, or 105.3%, to income of $187 thousand. The net loss declined $11.3 million, or 90.1%, to $1.3 million. The basic and diluted loss per share from continuing operations declined $1.48 to $1.05 from $2.53. The loss per share from discontinued operations declined $1.02 to earnings per share of $0.05 from loss per share of $0.97. The total net loss per share declined $2.50 to $1.00 from $3.50. The expenses related to Lime Energy’s 2013 restatement, stockholder lawsuits and SEC investigation contributed $0.19 to the basic and diluted loss per share from continuing operations and the total net loss per share for the nine-month periods ended September 30, 2014 and 2013, respectively. The adjusted EBITDA loss declined $5.1 million, or 88.1%, to $686 thousand from $5.8 million. Excluding expenses related to the restatement, stockholder lawsuits and SEC investigation, the adjusted EBITDA loss declined $3.6 million, or 100.1%, to earnings of $4 thousand from a loss of $3.6 million.* * Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release. Business Highlights: For the first time since refocusing on our utility programs business, Lime Energy delivered a profitable quarter, generating $365K of positive EBITDA, when adjusted for one-time costs and costs associated with the restatement we completed in July 2013, the stockholder lawsuits and the SEC investigation. During the third quarter Lime Energy was awarded long term contracts for our unique pay-for-performance small business energy efficiency program with leading U.S. utilities totaling more than $180 million. Key 2014 wins have been spread across our Northeast, Southeast and Midwest regions. Lime Energy hired 15 new sales professionals during the third quarter to meet increased energy efficiency targets in existing programs and to ramp-up new program territories. Lime weathered the traditional “summer slump” in small business sales, matching our Q2 number with over $17 million in sales, the highest quarterly sales figures in the history. Finding creative ways to avoid this summer sales drop-off was a key objective of Lime’s at the beginning of 2014. New technology deployments took hold across multiple programs, including refrigeration equipment and controls measures, and exterior LED lighting fixtures and controls. We expanded our marketing and data analytics capacity, allowing us to maximize the value of our industry-leading small business energy efficiency project database. LIME ENERGY CO. Condensed Consolidated Statement of Operations (Unaudited, in thousands) Basic and Diluted Loss Per Common Share Basic and Diluted Loss Per Common Share Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure We report our financial results in accordance with generally accepted accounting principles (“GAAP”). However, we believe that certain non-GAAP financial measures that we use to manage the Company’s business fall within the meaning of Regulation G (Disclosure of Non-GAAP Financial Measures) by the Securities and Exchange Commission. We have included these non-GAAP measures, including certain measures that exclude the cost of the restatement and the related, ongoing lawsuits, in this press release because we believe they may provide readers with additional meaningful comparisons to prior reported results. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure is as follows: About Lime Energy Co. Lime Energy is building a new energy future. As a leading national provider of energy efficiency for utilities’ small business customers, Lime designs and implements direct install programs for its utility clients which have consistently exceeded program savings goals. Its award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have – energy efficiency. Additional Information A full analysis of the results for the three-month and nine-month periods ended September 30, 2014, is available in the Company’s Form 10-Q, which will be made available on the Company’s website at www.lime-energy.com and on EDGAR. Conference Call Information The Company will hold a conference call with investors today, November 12, 2014, at 4:30 pm ET to discuss these results. Investors can access the call by dialing toll free 1-866-202-3048 and entering passcode 63853535. International callers can dial 1-617-213-8843 and use the same passcode. A transcript of the live call can also be accessed through Lime Energy's Investor Relations section of its website at http://www.lime-energy.com/investors/ The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site. FORWARD-LOOKING STATEMENTS This press release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy’s actual results, performance, prospects or opportunities in the remainder of 2014 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy’s subsequent SEC filings; such factors are incorporated herein by reference.

HUNTERSVILLE, N.C.--(BUSINESS WIRE)--Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the three-month and six-month periods ended June 30, 2014. “Lime Energy’s ability to deliver cost effective energy efficient resources and improved customer satisfaction for its utility partners has been rewarded with substantial expansion of its existing programs as well as award of major new programs,” stated Adam Procell, Lime Energy President & CEO. “In the second quarter, we delivered on our objectives of gross margin improvement and Selling, general and administrative (“SG&A”) expense reduction. With these improvements in place, we are looking to pick up the pace to drive a profitable second half.” Results for the three-month period ended June 30, 2014: Consolidated revenue from continuing operations increased $647 thousand, or 5.0% to $13.6 million. Gross profit increased $663 thousand, or 17.7%, to $4.4 million. The gross profit margin improved from 29.0% to 32.5%. SG&A expense declined $750 thousand, or 13.8%, to $4.7 million. SG&A expense for the second quarter includes $306 thousand of legal expenses related to the restatement, stockholder lawsuits and SEC investigation, compared to $287 thousand in the prior year period. Excluding these unusual expenses, SG&A expense declined $771 thousand, or 15.0%. The loss from continuing operations declined $1.7 million, or 88.1%, to $229 thousand. The loss from discontinued operations declined $183 thousand, or 143.0%, to income of $55 thousand. The net loss declined $1.9 million, or 91.5%, to $174 thousand. The basic and diluted loss per share from continuing operations declined $0.34 to $0.19 from $0.53. The loss per share from discontinued operations declined $0.05 to earnings per share of $0.01 from loss per share of $0.04. The total net loss per share declined $0.39 to $0.18 from $0.57. The expenses related to Lime Energy’s 2013 restatement, stockholder lawsuits and SEC investigation contributed $0.08 to the basic and diluted loss per share from continuing operations and the total net loss per share for the three-month periods ended June 30, 2014 and 2013. The adjusted EBITDA loss declined $1.2 million, or 99.5%, to $6 thousand from $1.2 million. Excluding expenses related to the restatement, stockholder lawsuits and SEC investigation, the adjusted EBITDA loss declined $1.2 million, or 132.5% to earnings of $300 thousand from a loss of $924 thousand.* * Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release. Results for the six-month period ended June 30, 2014: Consolidated revenue from continuing operations increased $1.7 million, or 7.1%, to $25.9 million. Gross profit increased $1.8 million, or 27.7%, to $8.1 million. The gross profit margin improved from 26.4% to 31.5%. SG&A expense declined $1.9 million, or 16.3%, to $9.6 million. SG&A expense includes $595 thousand of legal expenses related to the restatement, stockholder lawsuits and SEC investigation, compared to $1.6 million in the prior year period. Excluding these unusual expenses, SG&A declined $899 thousand, or 9.1%. The loss from continuing operations declined $4.2 million, or 75.0%, to $1.4 million. The loss from discontinued operations declined $3.2 million, or 101.6%, to income of $52 thousand. The net loss declined $7.4 million, or 84.7%, to $1.3 million. The basic and diluted loss per share from continuing operations declined $0.66 to $0.89 from $1.55. The loss per share from discontinued operations declined $0.89 to earnings per share of $0.01 from loss per share of $0.88. The total net loss per share declined $1.55 to $0.88 from $2.43. The expenses related to Lime Energy’s 2013 restatement, stockholder lawsuits and SEC investigation contributed $0.16 and $0.44 to the basic and diluted loss per share from continuing operations and the total net loss per share for the six-month periods ended June 30, 2014 and 2013, respectively. The adjusted EBITDA loss declined $3.3 million, or 79.1%, to $872 thousand from $4.2 million. Excluding expenses related to the restatement, stockholder lawsuits and SEC investigation, the adjusted EBITDA loss declined $2.3 million, or 89.4%, to $277 thousand from $2.6 million.* * Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release. Business Highlights: During the second quarter we transitioned to new finance and accounting leadership, including a new CFO and Controller. We are introducing improved communication, reporting and processes which align the finance and accounting group with the operations team. For the first time in Lime Energy’s history, the CEO, CFO, Controller and VP of Operations, have their offices in a single location. This significantly improves communication and our ability to make rapid progress on our initiatives. We have increased the regionalization of our operations teams, grouping multiple programs under a single management team, improving SG&A efficiency, standardization, and the utilization of our top management talent. We continued the development of a professional sales force structure and compensation plan, creating a career path which allows us to attract and retain great sales talent. We initiated a new data analytics for marketing and sales, including weekly sales reporting, which allows us to continuously gain knowledge on which efforts are most successful, and to track performance in real time. We were awarded significant expansions to existing programs, which we expect to create incremental revenue opportunities through 2019. LIME ENERGY CO. Condensed Consolidated Statement of Operations (Unaudited, in thousands) Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure We report our financial results in accordance with generally accepted accounting principles (“GAAP”). However, we believe that certain non-GAAP financial measures that we use to manage the Company’s business fall within the meaning of Regulation G (Disclosure of Non-GAAP Financial Measures) by the Securities and Exchange Commission. We have included these non-GAAP measures, including certain measures that exclude the cost of the restatement and the related, ongoing lawsuits, in this press release because we believe they may provide readers with additional meaningful comparisons to prior reported results. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure is as follows: About Lime Energy Co. Lime Energy is building a new energy future. As a leading national provider of energy efficiency for utilities’ small business customers, Lime designs and implements direct install programs for its utility clients which have consistently exceeded program savings goals. Its award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have – energy efficiency. Additional Information A full analysis of the results for the three-month and six-month periods ended June 30, 2014, is available in the Company’s Form 10-Q, which will be made available on the Company’s website at www.lime-energy.com and on EDGAR. Conference Call Information The Company will hold a conference call with investors today, August 14, 2014, at 4:30 pm ET to discuss these results. Investors can access the call by dialing toll free 1-866-202-3048 and entering passcode 63853535. International callers can dial 1-617-213-8843 and use the same passcode. The live call or a recording can also be accessed through Lime Energy's Investor Relations section of its website at http://www.lime-energy.com/investors/. The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site. FORWARD-LOOKING STATEMENTS This press release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy’s actual results, performance, prospects or opportunities in the remainder of 2014 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy’s subsequent SEC filings; such factors are incorporated herein by reference.

HUNTERSVILLE, N.C.--(BUSINESS WIRE)--Lime Energy Co. (NASDAQ: LIME), a leader in designing and implementing demand-side energy efficiency programs for utilities, today announced its results for the twelve month period ended December 31, 2013. “Having completed an important year of sharpening focus, dramatic growth, improved performance, and significant investment in our technology platform, Lime Energy is stronger today than at any time in our history,” said Lime Energy President & CEO Adam Procell. “Lime is now perfectly aligned with our valued utility clients, and with our clean balance sheet and latest round of financing, we are better able to serve these clients and their small business customers.” Results for the twelve-month period ended December 31, 2013 Consolidated revenue from continuing operations increased $16.1 million, or 45.5%, to $51.6 million from $35.4 million in the year-earlier period. Gross profit increased $6.5 million, or 88.2%, to $13.8 million, while the gross profit margin improved from 20.7% to 26.8%. Selling, general and administrative expense declined $5 thousand to $22.9 million. SG&A expense for 2013 included $2.6 million of expenses related to the restatement and ongoing stockholder lawsuits compared to $2.8 million of similar expenses in the year-earlier period. Excluding these expenses, SG&A increased $254 thousand, or 1.3%, from 2012 levels. The loss from continuing operations declined $4.6 million, or 29.3%, to $11.1 million. The loss from discontinued operations declined $11.6 million, or 72.0%, to $4.5 million. The net loss declined $16.2 million, or 50.8%, to $15.6 million. The basic and diluted loss per share from continuing operations declined $0.58, or 12.9%, to $3.90 from $4.48. The loss per share from discontinued operations declined $3.31, or 72.6%, to $1.25 from $4.56. The total net loss per share declined $3.89, or 43.0%, to $5.15 from $9.04. The expenses related to the restatement and stockholder lawsuits contributed $0.72 and $0.81 to the basic and diluted loss per share from continuing operations and the total net loss per share for the twelve-month periods ended December 31, 2013 and 2012, respectively. The adjusted EBITDA loss declined $4.8 million, or 39.7%, to $7.3 million from $12.0 million. Excluding expenses related to the restatement and stockholder lawsuits, the adjusted EBITDA loss declined $4.5 million, or 49.2%, to $4.7 million from $9.2 million.* * Please see the reconciliation of non-GAAP financial measures and Regulation G disclosure later in this press release. Business Highlights Narrowed the Company’s focus during 2013 to serving its utility clients through small business direct install programs by selling its public sector, renewable energy, regional service businesses and its contract with the Army Corps. of Engineers; Gained a foothold in the Southeast utility program market by introducing our small business direct install approach with Duke Energy in North and South Carolina, beginning operations during 2013. Gained a foothold in the Midwest utility market by introducing our small business direct install approach with AEP Ohio, beginning operations in 2013. Expanded New England presence with start-up of the Efficiency Maine small business direct install program in 2013; Expanded operations in existing program contracts with existing clients; Released updated version of DirectInstallTM technology platform, with advances in user interface, audit tool intelligence, reporting and project data tracking. Raised $6.5 million through the sale of preferred stock and exchanged $6.8 million of convertible subordinated notes to preferred stock; and Promoted Adam Procell to President and Chief Executive Officer. LIME ENERGY CO. Condensed Consolidated Statement of Operations ($ Thousands, except per share amounts) Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure We report our financial results in accordance with generally accepted accounting principles (“GAAP”). However, we believe that certain non-GAAP financial measures that we use to manage the company’s business fall within the meaning of Regulation G (Disclosure of Non-GAAP Financial Measures) by the Securities and Exchange Commission. We have included these non-GAAP measures in the press release because we believe they may provide readers with additional meaningful comparisons to prior reported results. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure is as follows (in thousands): December 31 About Lime Energy Co. Lime Energy is building a new energy future. As a leading national provider of energy efficiency for utilities’ small business customers, Lime designs and implements direct install programs for our utility clients which have consistently exceeded program savings goals. Our award-winning, integrated services programs provide utilities with reliable energy efficiency resources while delivering the highest levels of customer satisfaction. This next generation approach is helping utilities across the country to go deeper and broader with the cheapest, cleanest and fastest energy resource that we have – energy efficiency. Conference Call Information The company will hold a conference call with investors on Monday, March 31st at 4:30 pm ET to discuss these results. Investors can access the call by dialing toll free 1-800-798-2864 and entering passcode 84911566. International callers can dial 1-617-614-6206 and use the same passcode. The call will be available for replay immediately following the call until June 30, 2014 by dialing toll free 1-888-286-8010 or 1-617-801-6888. The replay will require use of passcode 46500821. The call can also be accessed through Lime Energy's Investor Relations section of its website at http://www.lime-energy.com. The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at earnings.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site. FORWARD-LOOKING STATEMENTS This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy’s current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “hope,” or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy’s actual results, performance, prospects or opportunities in the remainder of 2014 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are described in Lime Energy’s most recent Annual Report on Form 10-K or as may be described from time to Lime in Lime Energy’s subsequent SEC filings; such factors are incorporated herein by reference. Additional Information A full analysis of the twelve-month period results are available in the Company’s Form 10-K for the period ended December 31, 2013, which will be made available on the Company’s website at www.lime-energy.com and on EDGAR.