This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SPI Solar Announces Third-Quarter 2011 Financial Results

SPI Solar (“SPI”) ( OTCBB: SOPW) a leading vertically integrated photovoltaic (“PV”) solar developer of photovoltaic solar energy facilities (“SEF”), today announced results for the third quarter and nine months ended September 30, 2011.

Total net sales for the third quarter of 2011 were $22.1 million, up from $4.0 million for the third quarter of 2010, and up from $14.9 million for the prior quarter. Total net sales for the nine months ended September 30, 2011 were $42.6 million, up from $20.8 million for the nine months ended September 30, 2010.

Gross profit for the third quarter of 2011 was $1.4 million, compared with $555,000 for the third quarter of 2010 and with $1.3 million for the second quarter of 2011. SPI believes gross profit should improve gradually over the coming quarters with the completion of legacy projects, transition to new higher-margin projects and the impact of the Company’s strategic partnership with LDK Solar Co., Ltd. (“LDK”). The partnership enables SPI to source high-quality, low-cost solar modules without maintaining its own module manufacturing operations.

Total operating expenses for the third quarter of 2011 were $2.6 million, compared with $2.9 million for the third quarter of 2010 and with $3.4 million for the second quarter of 2011. Second-quarter 2011 included an impairment charge of $0.4 million against an asset held for sale. The improvement in total operating expenses both on a year-over-year and sequential basis was driven in part by the Company’s efforts to manage sales, general and administrative expenses while significantly growing total net sales.

Net loss for the third quarter of 2011 was $1.3 million, or ($0.01) per basic and diluted share. This compared with a net loss of $2.6 million, or ($0.05) per basic and diluted share, for the third quarter of 2010, and with a net loss of $2.4 million, or ($0.02) per basic and diluted share, for the prior quarter. Net loss for the nine months ended September 30, 2011 was $5.4 million, or ($0.04) per basic and diluted share. This compared with a net loss of $9.1 million, or ($0.17) per basic and diluted share, for nine months ended September 30, 2010.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs