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Real Goods Solar Reports Second Quarter 2012 Results

A replay of the call will be available after 7:30 p.m. Eastern time on the same day and until August 27, 2012.

Toll-free replay number: 1-877-870-5176  
International replay number: 1-858-384-5517
Replay pin number: 4556478    

About Real Goods Solar, Inc.

Real Goods Solar, Inc. (Nasdaq:RSOL) is a leading residential and commercial solar energy integrator, having installed over 13,000 solar systems. Real Goods Solar offers turnkey solar energy solutions and has 34 years of experience in solar energy, beginning with the sale in 1978 of the first solar photovoltaic, or PV, panels in the United States. With 15offices in California, Colorado and the Northeast, Real Goods Solar is one of the largest residential and commercial solar providers in the country. For more information about Real Goods Solar, please visit, or call (888) 507-2561.

The Real Goods Solar, Inc. logo is available at

This press release includes forward-looking statements relating to matters that are not historical facts. Forward-looking statements may be identified by the use of words such as "expect," "intend," "believe," "will," "should" or comparable terminology or by discussions of strategy. While Real Goods Solar believes its assumptions and expectations underlying forward-looking statements are reasonable, there can be no assurance that actual results will not be materially different. Risks and uncertainties that could cause materially different results include, among others, introduction of new products and services, completion and integration of acquisitions, the possibility of negative economic conditions, and other risks and uncertainties included in Real Goods Solar's filings with the Securities and Exchange Commission. Real Goods Solar assumes no duty to update any forward-looking statements.

(In thousands, except per share data)
  Three Months Ended Three Months Ended
  June 30, 2012   June 30, 2011
Net revenue  $21,447 100.0% $19,954 100.0%
Cost of goods sold  16,128 75.2% 14,594 73.1%
Gross profit  5,319 24.8% 5,360 26.9%
Operating expenses  9,279 43.3% 5,224 26.2%
Acquisition-related costs  --   2,010 10.1%
Loss from operations  (3,960) -18.5% (1,874) -9.4%
Interest expense  (110) -0.5% (9) 0.0%
Loss before income taxes  (4,070) -19.0% (1,883) -9.4%
Income tax benefit  (1,552) -7.3% (308) -1.5%
Net loss  $(2,518) -11.7% $(1,575) -7.9%
Weighted-average shares outstanding:      
Basic  26,669   19,112  
Diluted  26,669   19,112  
Net loss per share:        
Basic  $(0.09)   $(0.08)  
Diluted  $(0.09)   $(0.08)  
(In thousands, except per share data) 
  Six Months Ended Six Months Ended
  June 30, 2012 June 30, 2011
Net revenue  $39,703 100.0% $37,379 100.0%
Cost of goods sold  27,957 70.4% 26,990 72.2%
Gross profit  11,746 29.6% 10,389 27.8%
Operating expenses  18,709 47.1% 10,187 27.2%
Acquisition-related costs --   --% 2,010 5.4%
Loss from operations  (6,963) -17.5% (1,808) -4.8%
Interest expense  (159) -0.4% (7) 0.0%
Loss before income taxes  (7,122) -17.9% (1,815) -4.8%
Income tax benefit  (2,748) -6.9% (277) -0.7%
Net loss  $(4,374) -11.0% $(1,538) -4.1%
Weighted-average shares outstanding:        
Basic  26,669   18,714  
Diluted  26,669   18,714  
Net loss per share:        
Basic  $(0.16)   $(0.08)  
Diluted  $(0.16)   $(0.08)  
(In thousands) 
  June 30, Dec. 31,
  2012 2011
Current assets:    
Cash  $6,595 $11,813
Restricted cash  --  172
Accounts receivable, net  14,549 21,539
Costs in excess of billings on uncompleted contracts  2,608 5,411
Inventory, net  8,175 12,264
Deferred costs on uncompleted contracts  1,087 1,313
Receivable and deferred tax assets  2,218 3,333
Other current assets  1,591 1,014
Total current assets  36,823 56,859
Property and equipment, net  6,816 6,930
Deferred tax assets  9,455 5,444
Goodwill  19,746 19,885
Other intangibles, net  195 390
Other assets  54 41
Total assets  $73,089 $89,549
Liabilities and shareholders' equity    
Current liabilities:    
Line of Credit  $6,500 $ -- 
Accounts payable  7,755 27,785
Accrued liabilities  2,657 3,292
Billings in excess of costs on uncompleted contracts  2,534 2,144
Payable to Gaiam  483 476
Related party debt  4,850 1,700
Debt  157 197
Capital lease obligations  158 126
Deferred revenue and other current liabilities  640 2,388
Total current liabilities  25,734 38,108
Debt, net of current portion  126 202
Capital lease obligations, net of current portion  504 433
Total liabilities  26,364 38,743
Total shareholders' equity  46,725 50,806
Total liabilities and shareholders' equity  $73,089 $89,549

Non-GAAP Pro Forma Financial Measures

The Company has utilized the non-GAAP information set forth below as additional devices to aid in understanding and analyzing its financial results for the three months ended June 30, 2012 and the six months ended June 30, 2012. The Company believes that these non-GAAP measures will allow for a better evaluation of the operating performance of the business and facilitate meaningful comparison of the results in the current period to those in prior periods and future periods. Reference to these non-GAAP measures should not be considered a substitute for results that are presented in a manner consistent with GAAP.

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