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Real Goods Solar Reports Second Quarter 2012 Results

Stocks in this article: RSOL

  • 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.

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