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Real Goods Solar Reports Second Quarter 2012 Results

Stocks in this article: RSOL

Operating expenses were approximately 41.3% of net revenue normalized for the unusual equipment sourcing mentioned above, as compared to 35.5% of net revenue on a pro forma basis for the same quarter last year. The increase in operating expenses is primarily associated with centralization and addition of resources at the Company's Colorado location.

Operating loss and net loss for the second quarter of 2012 was $4.0 million and $2.5 million ($0.09 loss per share), respectively. The prior year operating loss and net loss for the second quarter was $1.9 million and $1.6 million ($0.08 loss per share), respectively, including $2.0 million of Alteris acquisition related costs. On a pro forma basis, the Non-GAAP 2011 second quarter operating loss and net loss was $3.0 million and $1.9 million ($0.07 loss per share), respectively, including the Alteris operations and excluding acquisition costs.

First Half 2012 Financial Results

For the first half of 2012, net revenue increased 6.2% to $39.7 million from 37.4 million for the same period last year. Net loss for the first half of 2012 was $4.4 million, or $0.16 loss per share, compared to a net loss of $3.4 million, or $0.12 loss per share, for the same period last year on a pro forma basis. The increased net loss in the second quarter of 2012 over the prior year is primarily attributable to one-time integration and reorganization costs associated with the Alteris acquisition and the centralization of support services to Colorado.

Management Commentary

"We expended nearly $2.0 million of non-recurring costs over the past few quarters in connection with the integration and reorganization efforts of the Company," said John Coletta, the Company's CFO. "We expect the expanded and refined organization to produce the project revenues and gross profits adequate to cover fixed operating expenses, and anticipate a return to positive cash flow near the end of the year."

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