Real Goods Solar Reports Record Third Quarter Results
- Record Revenue of $24.6 Million
- Operating Income Increased Over Three Times to $1.2 Million
BOULDER, Colo., Nov. 3, 2010 (GLOBE NEWSWIRE) -- Real Goods Solar, Inc. (Nasdaq:RSOL), a leading residential solar energy integrator, today announced results for its third quarter ended September 30, 2010.
Net revenue for the third quarter of 2010 increased 7.2% to $24.6 million from $23.0 million recorded in the same period last year. All of the year-over-year revenue growth was organic.
Gross profit increased to $6.2 million, or 25.3% of net revenue, for the third quarter of 2010 from $5.0 million, or 21.8% of net revenue, in the comparable period last year. The increase in gross profit percentage primarily reflects improved selling and installation practices as well as declines in module prices over the last year.Operating expenses as a percent of net revenue decreased to 20.5% for the third quarter of 2010 from 20.7% in the comparable period last year. This decrease primarily reflects the leveraging of fixed costs and cost savings achieved by integrating all acquired businesses onto a single set of systems and a unified brand. Operating income for the third quarter of 2010 improved significantly to $1.2 million, as compared to $258 thousand for the comparable period last year. EBITDA for the third quarter of 2010, prior to shared-based and bonus compensation, was $1.9 million, or 7.5% of net revenue. Refer to the Non-GAAP Financial Measures table below. Net income for the third quarter of 2010 improved to $704 thousand, or $0.04 per share, as compared to $158 thousand, or $0.01 per share, for the comparable period last year. For the nine months ended September 30, 2010, revenue grew to $57.2 million, a 26.4% increase from $45.2 million in the comparable period last year. Operating income for the nine month period was $1.6 million as compared to a loss of $2.9 million last year. Net income for the nine month period was $1.0 million as compared to a loss of $1.8 million last year.
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