- Revenue increased 12.7% on a normalized basis
- Kam Mofid appointed CEO in July
BOULDER, Colo., Aug. 13, 2012 (GLOBE NEWSWIRE) -- Real Goods Solar, Inc. (Nasdaq:RSOL), a leading provider of turnkey commercial and residential solar energy solutions, today announced results for its second quarter ended June 30, 2012.
Q2 2012 Financial Results as Compared to the Same Year-Ago Quarter
Net revenue for the second quarter of 2012 increased 7.5% to $21.5 million from $20.0 million recorded in the same period last year. The revenue growth was primarily attributable to the acquisition of Alteris, partially offset by reduced revenues due to the direct supplying to customers by financing companies of certain components used on residential projects in order for the financiers to take advantage of expiring tax benefits (safe harbor). This unusual sourcing activity during the second quarter of 2012 reduced net revenues, but had no material impact on Company's gross profits. Net revenues normalized for this unusual sourcing event were approximately $22.5 million for the second quarter of 2012, or 12.7% more than the same period last year.On December 19, 2011, Real Goods Solar closed on the merger with Alteris Renewables, issuing 8.7 million unregistered shares of its Class A common stock for 100% of Alteris' outstanding equity. For accounting purposes, Alteris' financial results were consolidated with Real Goods Solar's beginning June 22, 2011, when the merger agreement was signed. The Non-GAAP pro forma comparative results of operations are reflected below. Gross profit decreased by $0.1 million to $5.3 million, or 24.8% of net revenue, for the second quarter of 2012 from $5.4 million, or 26.9% of net revenue, in the same period last year. The 210 basis point decrease in gross profit percentage primarily reflects the impact of the unusual equipment sourcing event mentioned above, as well as a reduction in the mix of residential projects which produce higher gross margins over commercial projects. The Company generally expects a higher mix of commercial projects in 2012 over 2011.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $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
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV