Real Goods Solar Reports Record Second Quarter Results
For the twelve month period ended June 30, 2010, revenue increased to $74.6 million, including 43.5% organic revenue growth from the previous twelve months.
"We are very pleased with our strong second quarter revenue growth, our improved gross profit margin and our continued profitability," commented John Schaeffer, President. "Internal revenue growth was 38% for the second quarter of 2010 and we continue to be optimistic about both residential and commercial demand for the remainder of the year. We remain focused on building our backlog and on hiring installation crews where appropriate to expand our production capacity and keep up with demand."
"Our financial metrics across the board were very strong in the second quarter," said Erik Zech, Chief Financial Officer. "Our ability to show gross margin expansion to 28.7% and a decline in operating expenses as a percentage of net revenue to 26.3%, as compared to 33.2% in the same period last year, are both indicative of the progress we have made in optimizing our business. Our balance sheet remained strong at the end of the quarter with a cash balance of $11.9 million and no debt."
Real Goods Solar will host a conference call tomorrow, August 5, 2010, at 8:30 a.m. PDT (11:30 a.m. EDT) to review the second quarter results.
|Dial-in No.:||888-549-7735 (domestic) or 480-629-9858 (international)|
|Replay number:||877-870-5176 (domestic) or 858-384-5517 (international)|
|Three Months Ended June 30, 2010||Three Months Ended June 30, 2009|
|Net revenue||$ 17,531||100.0 %||$ 12,713||100.0 %|
|Cost of goods sold||12,493||71.3 %||9,435||74.2 %|
|Gross profit||5,038||28.7 %||3,278||25.8 %|
|Operating expenses||4,616||26.3 %||4,217||33.2 %|
|Income (loss) from operations||422||2.4 %||(939)||-7.4 %|
|Interest income||3||0.0 %||—||0.0 %|
|Income (loss) before income taxes||425||2.4 %||(939)||-7.4 %|
|Income tax expense (benefit)||157||0.9 %||(358)||-2.8 %|
|Net income (loss) attributable to Real Goods Solar, Inc.||$ 268||1.5 %||$ (581)||-4.6 %|
|Weighted-average shares outstanding:|
|Net income (loss) per share attributable to Real Goods Solar, Inc. common shareholders:|
|Basic||$ 0.02||$ (0.03)|
|Diluted||$ 0.02||$ (0.03)|
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