Real Goods Solar Reports Record Second Quarter Results
- 38% Second Quarter Organic Revenue Growth
- Fourth Consecutive Quarter of Profitability
BOULDER, Colo., Aug. 4, 2010 (GLOBE NEWSWIRE) -- Real Goods Solar, Inc. (Nasdaq:RSOL), a leading residential solar energy integrator, today announced results for its second quarter ended June 30, 2010.
Net revenue for the second quarter of 2010 increased 37.9% to $17.5 million from $12.7 million recorded in the same period last year. All of the year-over-year revenue growth was organic.
Gross profit increased to $5.0 million, or 28.7% of net revenue, for the second quarter of 2010 from $3.3 million, or 25.8% of net revenue, in the comparable period last year. The increase in gross profit percentage primarily reflects improved installation practices as well as declines in module prices over the last year.Operating expenses as a percent of net revenue decreased 690 basis points to 26.3% for the second quarter of 2010 from 33.2% in the comparable period last year. This decrease primarily reflects the leveraging of fixed costs and the significant cost savings achieved by integrating all acquired businesses onto a single set of systems and a unified brand. Operating income for the second quarter of 2010 improved significantly to $422 thousand, as compared to a loss of $939 thousand for the comparable period last year. Net income for the second quarter of 2010 improved to $268 thousand, or $0.02 per share, as compared to a loss of $581 thousand, or $0.03 per share, for the comparable period last year. For the six months ended June 30, 2010, revenue grew to $32.5 million, a 46.3% increase from $22.2 million in the comparable period last year. Operating income for the six month period was $450 thousand as compared to a loss of $3.2 million last year. Net income for the six month period was $285 thousand as compared to a loss of $2.0 million last year.
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