- Gross Margin Increases 280 Basis Points to 30.9%
- Sixth Consecutive Quarter of Profitability
BOULDER, Colo., March 9, 2011 (GLOBE NEWSWIRE) -- Real Goods Solar, Inc. (Nasdaq:RSOL), a leading residential solar energy integrator, today announced results for its fourth quarter ended December 31, 2010.
Net revenue for the fourth quarter of 2010 increased 5.5% to $20.2 million from $19.1 million recorded in the same period last year. This growth included the replacement of a significant $5 million commercial project that was installed in the fourth quarter of 2009. All of the year-over-year revenue growth was organic.
Gross profit increased to $6.2 million, or 30.9% of net revenue, for the fourth quarter of 2010 from $5.4 million, or 28.1% 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 PV module prices over the last year.Operating expenses as a percent of net revenue increased to 28.9% for the fourth quarter of 2010 from 26.3% in the comparable period last year. This primarily reflects increased share-based and bonus compensation as a direct result of our improved performance, partially offset by 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 fourth quarter of 2010 improved to $396 thousand, as compared to $337 thousand for the comparable period last year. EBITDA for the fourth quarter of 2010 was $618 thousand, or 3.1% of net revenue. Refer to the Non-GAAP Financial Measures table below. Net income for the fourth quarter of 2010 improved to $250 thousand, or $0.01 per share, as compared to $217 thousand, or $0.01 per share, for the comparable period last year.