SPI Solar (“SPI”) ( OTCBB: SOPW) a leading vertically integrated photovoltaic (“PV”) solar developer, today announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2011.
For the year ended December 31, 2011 the Company currently anticipates annual revenues of approximately $100 million, exceeding the Company’s November 2011 business outlook. On November 10, 2011 when the Company announced its financial results for the third quarter of fiscal 2011 it had revised its prior business outlook for 2011 net sales from $70 million to approximately $95 million.
Furthermore, based on the Company’s robust pipeline of projects, SPI currently expects net sales for 2012 to double 2011 levels, as the company leverages its identified domestic and international growth opportunities.
SPI plans to report final results for the fourth quarter and full-year 2011 in March 2012.Separately, the Company noted that Jim Pekarsky, CFO, will present at the Jefferies 2012 Global Clean Technology Conference in New York on February 23, 2012. The conference will feature keynote speakers, panel discussions and presentations from over 100 leading public and private companies across the clean technology spectrum. About SPI Solar ( OTCBB: SOPW ): SPI Solar (“SPI”) (Solar Power, Inc.) is a vertically integrated photovoltaic solar developer offering its own brand of high-quality, low-cost distributed generation and utility-scale solar energy facility development services. Through the Company’s close relationship with LDK Solar, SPI extends the reach of its vertical integration from silicon to system. From project development, to project financing and to post-construction asset management, SPI delivers turnkey world-class photovoltaic solar energy facilities to its business, government and utility customers. For additional information visit: www.spisolar.com. Safe Harbor Statement: This release contains certain "forward-looking statements" relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. The forward-looking statements contained in this press release include statements regarding the company's preliminary financial results for the fourth quarter and full year of 2011, potential financial results for the full 2012 fiscal year, its ability to execute its growth plan and meet these sales estimates, enter into formal long-term supply agreements, and market acceptance of products and services. In particular, this release contains forward-looking statements regarding the company's expectations regarding its current pipeline of orders, as well as the viability and potential profitability of projects to be reviewed and pursued, and whether those projects will ultimately meet underwriting criteria, or financial modeling sufficient for the company to undertake the projects and result in improvement in total net sales expected for 2012. These statements also involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risks. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company's reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.