Energy Factors Reports Increase in Net Income

Energy Factors’ net income rose 17% to $1.6 million for the first quarter ended March 31, while revenues rose 8% to $7.5 million, Senior Vice President Richard Kay reported.

“We continue to be in a very strong position,” Kay told shareholders at the company’s annual meeting Wednesday. During the quarter, Energy Factors spent $24 million to acquire San Diego Gas & Electric’s remaining 20% interest in the San Diego-based company that operates and owns cogeneration plants around the country.

Kay told shareholders that the company would benefit from the acquisition of a Northern California company that is building a $28-million, wood-fueled, 17-megawatt electric power plant near Sacramento. The Feather River plant is expected to be completed in December, Kay said.