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SPI Solar Announces Second-Quarter 2012 Financial Results And Revised Business Strategy

Stocks in this article: SOPW

SPI Solar (“SPI”) ( OTCBB:SOPW) a leading vertically integrated photovoltaic (“PV”) solar developer, today announced results for the second quarter ended June 30, 2012.

Total net sales for the second quarter of 2012 were $24.4 million, down from $35.9 million for the second quarter of 2011 and slightly down from $26.3 million for the prior quarter.

Gross profit for the second quarter of 2012 was $3.5 million, compared with $4.1 million for the second quarter of 2011 and with $2.9 million for the first quarter of 2012.

Total operating expenses for second quarter of 2012 were $6.3 million, or 25.9 percent of total net sales. This compared with total operating expenses of $4.9 million, or 13.5 percent of total net sales, for the second quarter of 2011 and with total operating expenses of $4.2 million, or 15.8 percent of total net sales, for the first quarter of 2012. Second quarter 2012 operating expenses included an impairment charge of $0.7 million due to the decline in the value of the asset held for sale, which was disposed of in the second quarter 2012.

Net loss for the second quarter of 2012 was $2.4 million, or ($0.01) per basic and diluted share. This compared with a net loss of $0.4 million, or $0.00 per basic and diluted share, for the second quarter of 2011 and with a net loss of $0.8 million, or $0.00 per basic and diluted share, for the first quarter of 2012.

Cash and cash equivalents at June 30, 2012 were $23.4 million, slightly down from $24.5 million at December 31, 2011.

Recent Highlights:

  • Acquired Italian EPC contractor Solar Green Technologies (SGT), leveraging SPI’s global growth strategy and immediately adding 20 megawatts in EPC pipeline through existing contracts serving the Italian rooftop solar market
  • Purchased the development, EPC and ownership rights to 29.2 megawatts of commercial solar projects or 68 SEFs across the islands of Oahu, Maui and in Kona on the island of Hawaii
  • Signing of solar subsidy bills S1925 and A.B. 2966 in New Jersey paving way for future project development for SPI -- historically the second largest solar industry market in the country -- which according to the Mid-Atlantic Solar Energy Industries Association surpassed California in solar deployment during the first quarter of 2012.

“We’re pleased with our recent acquisition of Solar Green Technologies and our co-development agreement with Solar Hub LLC in Hawaii,” said Stephen Kircher, CEO of SPI. “Furthermore, we are encouraged by new legislation in New Jersey via the solar subsidy bills, which increase the percentage of total power utilities the state must derive through solar energy from approximately two percent a year to more than four percent by 2028.”

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