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Second Quarter Revenue Reaches $9.9 Million, Highest Level in Six Quarters
Company to Operate Under Name Westinghouse Solar and Trade Under Ticker WEST
LOS GATOS, Calif., July 22, 2010 (GLOBE NEWSWIRE) -- Akeena Solar, Inc. (Nasdaq:AKNS), a leading installer of solar power systems and manufacturer of AC solar panels, today reported revenue for the second quarter ended June 30, 2010 of $9.9 million, its highest level in six quarters, and $3.5 million, or 54%, higher than the first quarter of 2010.
For the second quarter, residential installation revenue reached $7.5 million, compared with $4.7 million for the second quarter last year, and $5.7 million for the first quarter of 2010. Distribution revenue for the second quarter of 2010 was $2.2 million, compared with $202,000 for the second quarter last year, and $729,000 for the first quarter of 2010.
"Our revenue performance during the quarter reflects the growing consumer interest in our revolutionary AC solar panels, our progress in developing new distribution channels and our improving operational efficiency," said Gary Effren, president. "Residential installation revenue grew each month during the second quarter reaching $7.5 million, our highest result since the fourth quarter of 2008 and our best quarter ever for California residential installation revenue. Distribution revenue also had a record quarter and contributed 22% of total revenue. Additionally, since entering the distribution business one year ago, we have increased our dealer network of solar installers, HVAC contractors, electricians and roofers to 100 dealers located in 30 states and Canada.