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Real Goods Solar Reports Record Second Quarter Results

(In thousands, except per share data)

 

         
  Six Months Ended June 30, 2010    Six Months Ended  June 30, 2009  
Net revenue $ 32,536  100.0 % $ 22,244  100.0 %
         
Cost of goods sold  23,467  72.1 %  16,664  74.9 %
         
Gross profit  9,069  27.9 %  5,580  25.1 %
         
Operating expenses  8,619  26.5 %  8,771  39.5 %
         
Income (loss) from operations  450  1.4 %  (3,191 )  -14.4 %
         
Interest income  3  0.0 %  —  0.0 %
         
Income (loss) before income taxes  453  1.4 %  (3,191 )  -14.4 %
         
Income tax expense (benefit)  168  0.5 %  (1,239 )  -5.6 %
         
Net income (loss) attributable to Real Goods Solar, Inc. $ 285  0.9 % $ (1,952 )  -8.8 %
         
Weighted-average shares outstanding:        
Basic  18,295    18,081  
Diluted  18,381    18,081  
         
Net income (loss) per share attributable to Real Goods Solar, Inc. common shareholders:        
Basic $ 0.02   $ (0.11 )  
Diluted $ 0.02   $ (0.11 )  

REAL GOODS SOLAR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)

 

     
  June 30, 2010   December 31, 2009  
Assets    
Current assets:    
Cash and cash equivalents $ 11,858  $ 12,206 
Accounts receivable, net  17,325   13,996 
Inventory, net  5,787   4,769 
Deferred costs on uncompleted contracts  226   1,024 
Deferred advertising costs  135   114 
Receivable and deferred tax assets  821   833 
Other current assets  388   598 
     
Total current assets  36,540   33,540 
     
Property and equipment, net  5,173   5,145 
Goodwill  732   732 
Deferred tax assets  3,067   3,064 
Other assets  575   813 
     
Total assets $ 46,087  $ 43,294 
     
Liabilities and shareholders' equity    
Current liabilities:    
Accounts payable $ 9,525  $ 8,821 
Accrued liabilities  2,048   2,500 
Payable to Gaiam  3,742   1,636 
     
Total current liabilities  15,315   12,957 
Total shareholders' equity  30,772   30,337 
     
Total liabilities and shareholders' equity $ 46,087  $ 43,294 
     
CONTACT:  Real Goods Solar, Inc. 
          Erik Zech, Chief Financial Officer
          415-295-4952
          erik.zech@realgoods.com

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