(Source: Business Wire)
Solar Energy Initiatives, Inc. (OTCBB:SNRY), executing on a grass roots campaign, "RENEW THE NATION", to help redeploy a portion of the U.S. work force and focus on reducing the world's dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, today announced financial results for the Third Quarter ended April 30, 2009.
"Solar Energy Initiatives' solid third quarter results coupled with the strong preliminary fourth quarter data provide management with an exciting outlook regarding the direction of the Company," said, David Fann, CEO of SNRY. "Since inception, the Company has remained dedicated to its strategic business model of growing its dealer network, securing high margin commercial contracts and expanding the Company's overall market footprint. We are pleased to be reaching our financial and operating goals as we continue to position ourselves as a leader within the rapidly growing solar energy market. We are anticipating our revenue to grow steadily during the remainder of the year as we sign additional contracts that mirror our $6 million municipality project."
2009 Third Quarter Results
Revenue for the three and nine months, ended April 30, 2009 were $463,570 and $1,224,908 respectively. Revenue for the quarter reflects dealer training and sales of solar energy systems and equipment. The Company did not record any revenue during the representative 2008 periods.
Net loss was $(693,703) for the three months ended April 30, 2009 and $(2,217,019) for the nine months ending April 30, 2009, and $(762,114) and $(2,240,600) respectively for the three and nine months ended April 30, 2008. Loss per share for the third quarter ended April 30, 2009 was $(0.04) per share, a sequential quarterly improvement from a net loss per share of $(0.05) in the second quarter 2009. Loss per share for the nine month period ended April 30, 2009 was $(0.13).
Selling, general and administrative expenses for the three and nine months ended April 30, 2009 were $784,730 and $2,474,602 respectively compared with $767,919 and $2,163,092 respectively, for the same periods ended April 30, 2008. Major changes in SG&A expenses were; salaries and wages increased from $190,770 to $386,513 primarily related to increase in employees.
As of April 30, 2009, Solar Energy Initiatives had total assets of $2,097,426, an increase of 423% compared to total assets of $400,934 at April 30, 2008.
"We are pleased with significant strides that the Company has made since its inception," continued, Mr. Fann.
