Our financial results include the activities of our wholly-owned subsidiary Schneider Power, which is reported as the company’s renewable energy segment.
Schneider Power recognized approximately $0.1 million of revenue during the second quarter of fiscal 2012 from energy sales. Operating loss for this segment was $8.1 million in the second quarter of fiscal 2012, which included estimated impairment charges of $7.5 million of which $5 million was to reduce the carrying value of intangible asset associated with the renewable energy product portfolio. And $2.5 million was the fully right-off goodwill allocated to the renewable energy segment.
The impairment charges are the result of industry wide factors and access to sufficient funding required to advance development to search Schneider Power renewable energy projects.
Corporate segment expenses increased $0.2 million from $2.2 million in the second quarter of fiscal 2011 to $2.4 million in the second quarter of fiscal 2012. Corporate expenses increased 2.7 million from $4.6 million in the first six months of fiscal 2011, the $7.3 million in the first six months of fiscal 2012.The increased turn in the first six months of fiscal 2012 is primarily due to a one-time $128 million facility exit obligation related to some of these agreements that company entered into to reduce overhead and a $0.9 million impairment of solar equipment deposits.Shared-based compensation expense is $0.2 million and depreciation and amortization expense is $.04 million in the second quarter of fiscal 2012. The company’s overall operating loss increased $3.9 million from $4.9 million in the second quarter of fiscal 2011 to $8.8 million in the second quarter of fiscal 2012.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV