(Source: Business Wire)
Solar Power, Inc. (OTCBB:SOPW),
a vertically integrated international designer, manufacturer and
marketer of photovoltaic (PV) modules and balance-of-system components
and installer of PV solar electric systems for U.S. commercial, public
and residential customers today announced results for the third quarter
and nine months ended September 30, 2009.
Third Quarter of 2009 Results:
Net sales for the third quarter of 2009 were $22.3 million compared to
$19.6 million in net sales in the third quarter of 2008, an increase of
13.5% over the comparative period. Gross profit for the third quarter of
2009 was $5.1 million, or 23.1% of sales, compared to $1.9 million, or
9.5% of sales, for the third quarter of 2008. Operating expenses for the
third quarter of 2009 were $3.5 million (15.6% of sales) compared to
$2.8 million (14.4% of sales) for the same period last year. Other
income, net, including interest and taxes was $79 thousand. Net income
for the third quarter of 2009 was $1.7 million, or $0.05 per basic share
and $0.04 diluted share, compared to a net loss of $1.0 million, or
($0.03) per basic and diluted share, in the third quarter of 2008.
Weighted average number of common shares outstanding used in computing
basic per share amounts for the three months ended September 30, 2009
was 38,994,000 and the weighted average number of common shares
outstanding used in computing the diluted per share amounts for the
three months ended September 30, 2009 was 39,201,234. The weighted
average number of common shares outstanding used in computing the basic
and diluted per share amounts for the three months ended September 30,
2008 was 37,740,368.
Nine Months Ended September 30, 2009
Results:
Net sales for the nine months ended September 30, 2009 were $38.5
million compared to $35.5 million in net sales in the comparative period
of 2008, an increase of 8.4%. Gross profit for the nine months ended
September 30, 2009 was $7.3 million, or 19.0% of sales, compared to $3.3
million, or 9.2% of sales, for the comparative period of 2008.
Operating expenses for the nine months ended September 30, 2009 were
$9.9 million (25.9% of sales) compared to $9.0 million (25.2% of sales)
for the same period last year. Other income, net, including interest and
taxes was $43 thousand. Net loss for the nine months ended September 30,
2009 was $2.6 million, or $0.07 per basic and diluted share, compared to
a net loss of $5.7 million, or $0.15 per basic and diluted share, in the
comparative period of 2008. Weighted average number of common shares
outstanding used in computing basic and diluted per share amounts for
the nine months ended September 30, 2009 and 2008 were 38,286,787 and
37,671,794, respectively.
Balance Sheet:
Assets include cash and cash equivalents at September 30, 2009 of $9.3
million and accounts receivable (net) and costs and estimated earnings
in excess of billings of $21.8 million. Inventory was $5.9 million.
Total assets were $40.9 million while total liabilities were $22.2
million. Common shares outstanding at September 30, 2009 were 50,020,826.
Recent Company Highlights:
The Company completed a private placement to accredited investors of
14,077,000 shares of its common stock with net proceeds of
approximately $12.8 million.
The Company began installation on the 3.5 megawatt P.V. system at
Aerojet in Rancho Cordova, CA. The first year environmental benefits
of this system equate to offsetting approximately 8,270,000 car miles
driven or the clean air benefits realized from planting 976,520 trees.
Ventura County California Board of Supervisors selected SPI to install
497 kW PV solar systems on two of the county's buildings.
Management Comments:
"As we have continually stressed, our model is based upon growing
top-line revenue, increasing gross margin in a volatile silicon market
and managing spending," said Steve Kircher, CEO & Chairman of SPI. "Our
third quarter results highlight our focus on the execution of these key
metrics. We continued our momentum from the second quarter, took
advantage of a declining silicon market, and achieved gross margins that
are actually slightly higher than what we anticipate margins will be in
a stabilized market. Credit, especially construction financing is still
difficult to obtain but take-out financing for larger projects is
loosening up," Mr. Kircher stated.
"We will be commissioning our 3.5 megawatt project at Aerojet tomorrow
and interconnecting shortly thereafter," Mr. Kircher announced. "This
system will be one of the largest systems commissioned this year and is
another great reference project for us."
"Our international business remains very solid and we continue to
develop new customers interested in both our top-ranked modules and our
suite of proprietary racking systems," Mr. Kircher said.
"With regard to our plan to develop utility-scale projects, we have
exercised our options on two pieces of property that we anticipate we
will commence construction on next year," said Mr. Kircher. "These two
projects alone total over 13 megawatts. We have several other utility
scale projects that we believe can bring us a large, predictable base of
business for the next several years."
"We expensed over $250,000 in the third quarter while changing the
direction of the Yes! business model from a franchise model to a
direct distribution model," Mr. Kircher stated. "We have signed up 6
additional dealers for our Yes! products since September 30, 2009
and received many qualified leads for our Yes! distributorships
at the recent solar show held in Anaheim, California," Mr. Kircher
pointed out. "We remain convinced that the residential market will start
to grow very fast and that we can participate in this growth through the
sale of our already well established solar kits."
"In short, we are very excited about delivering on our key performance
metrics, we're confident that our solar sales pipeline and opportunities
will continue to allow us to drive top line growth and we are proving
that we can scale up our top-line while maintaining reasonably flat
spending," Mr. Kircher concluded.
2009 Outlook:
Based on 2009 year to date` financial results, current and anticipated
commercial installations, and anticipated product sales to international
markets, the Company reiterates its projected revenues between $60 to
$70 million for 2009.
Conference Call Information:
The conference call will take place at 4:30pm EST on Wednesday, November
11, 2009. Interested participants should call 1-888-549-7704 when
calling within the United States or 1-480-629-9857 when calling
internationally.
A playback will be available through November 18, 2009. To listen,
please call 1-800-406-7325 within the United States or 1-303-590-3030
when calling internationally. Utilize the PIN number 4180621 for the
replay.
This call is being webcast by ViaVid Broadcasting and can be accessed by
clicking on this link http://viavid.net/dce.aspx?sid=00006CA5,
or visiting www.solarpowerinc.net,
or at ViaVid's website at www.viavid.net,
where the webcast can be accessed through November 18, 2009.
About Solar Power, Inc.:
Founded in 2005, Solar
Power, Inc. is a vertically integrated solar energy solution
provider offering the North American commercial and public sector
building markets a complete solution through a single brand. The
Company's Yes!
Solar, Inc. subsidiary provides the U.S. small- to mid-sized
business and residential market segments with turnkey PV solar systems
through a growing dealer distribution network. Throughout Europe,
Australia and Asia, the Company sells its products direct to
distributors and turnkey solutions providers. Solar Power, Inc. operates
from its Roseville, California headquarters.
Safe Harbor Statement:
The earnings release and conference call may contain certain
"forward-looking statements" relating to the business of Solar Power,
Inc., its subsidiaries and the solar industry, which can be identified
by the use of forward looking terminology such as "believes, expects" or
similar expressions. The forward looking statements contained in this
press release include statements regarding the Company's ability to
execute its growth plan and meet revenue and sales estimates. These
statements involve known and unknown risks and uncertainties, including,
but are not limited to, general business conditions, managing growth,
and political and other business risk. All forward-looking statements
are expressly qualified in their entirety by this Cautionary Statement
and the risks and other factors detailed in the Company's reports filed
with the Securities and Exchange Commission. Solar Power, Inc.
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under applicable
securities law.
SOLAR POWER, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for share data)
As of September 30, 2009 (unaudited) As of December 31, 2008 (audited)
ASSETS
Current assets:
Cash and cash equivalents $ 9,305 $ 5,915
Accounts receivable, net of allowance for doubtful accounts of $275 and $49 at September 30, 2009 and December 31, 2008, respectively 8,376 3,010
Costs and estimated earnings in excess of billings on uncompleted contracts 13,462 294
Inventories, net 5,930 4,665
Prepaid expenses and other current assets 1,026 771
Restricted cash 527 527
Total current assets 38,626 15,182
Goodwill 435 435
Restricted cash 273 -
Property, plant and equipment at cost, net 1,561 2,178
Total assets $ 40,895 $ 17,795
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 17,175 $ 3,916
Accrued liabilities 4,316 3,058
Income taxes payable 248 248
Billings in excess of costs and estimated earnings on uncompleted contracts 81 160
Loans payable and capital lease obligations 331 342
Total current liabilities 22,151 7,724
Loans payable and capital lease obligations, net of current portion 65 311
Deferred revenue - 125
Total liabilities 22,216 8,160
Commitments and contingencies - -
Stockholders' equity
Preferred stock, par $0.0001, 20,000,000 shares authorized,
none issued and outstanding at September 30, 2009 and December 31, 2008 - -
Common stock, par $0.0001, 100,000,000 shares authorized
50,020,826 and 37,771,325 shares issued and outstanding at September 30, 2009 and December 31, 2008, respectively 5 4
Additional paid in capital 39,654 28,029
Accumulated other comprehensive loss (222 ) (222 )
Accumulated deficit (20,758 ) (18,176 )
Total stockholders' equity 18,679 9,635
Total liabilities and stockholders' equity $ 40,895 $ 17,795
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SOLAR POWER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for share data)
For the Three Months Ended For the Nine Months Ended
September 30, 2009 (unaudited) September 30, 2008 (unaudited) September 30, 2009 (unaudited) September 30, 2008 (unaudited)
Net Sales $ 22,280 $ 19,629 $ 38,475 $ 35,509
Cost of goods sold 17,143 17,762 31,150 32,226
Gross profit 5,137 1,867 7,325 3,283
Operating expenses:
General and administrative 2,105 2,134 6,541 6,808
Sales, marketing and customer service 1,145 558 2,780 1,749
Engineering, design and product management 228 128 626 396
Total operating expenses 3,478 2,820 9,947 8,953
Operating income (loss) 1,659 (953 ) (2,622 ) (5,670 )
Other income (expense):
Interest expense (6 ) (34 ) (34 ) (108 )
Interest income 1 15 5 120
Other income, net 84 - 72 5
Total other income (expense) 79 (19 ) 43 17
Income (loss) before income taxes 1,738 (972 ) (2,579 ) (5,653 )
Income tax expense - - 3 3
Net income (loss) $ 1,738 $ (972 ) $ (2,582 ) $ (5,656 )
Net income (loss) per common share
Basic $ 0.05 $ (0.03 ) $ (0.07 ) $ (0.15 )
Diluted $ 0.04 $ (0.03 ) $ (0.07 ) $ (0.15 )
Weighted average number of common shares used in computing per share amounts
Basic 38,994,000 37,740,368 38,286,787 37,671,794
Diluted 39,201,234 37,740,368 38,286,787 37,671,794
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