This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SPI Solar Announces Third-Quarter 2012 Financial Results

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

Total net sales for the third quarter of 2012 were $36.2 million, compared with $34.4 million for the third quarter of 2011 and with $24.4 million for the prior quarter.

Gross profit for the third quarter of 2012 was $5.2 million, compared with $2.2 million for the third quarter of 2011 and with $3.5 million for the second quarter of 2012.

Total operating expenses for the third quarter of 2012 were $10.4 million, or 28.7 percent of total net sales. This compared with total operating expenses of $3.3 million, or 9.6 percent of total net sales, for the third quarter of 2011 and with total operating expenses of $6.3 million, or 25.9 percent of total net sales, for the second quarter of 2012.

Operating expenses for the quarter included a goodwill impairment charge of $5.2 million as a result of SPI’s impairment analysis. The company recorded the impairment charge at the end of the quarter due primarily to the recent reduction in the company’s market capitalization, which resulted in SPI’s market value being significantly lower than its quarter-end book value.

Net loss for the third quarter of 2012 was $7.2 million, or ($0.04) per basic and diluted share. This compared with a net loss of $2.0 million, or ($0.01) per basic and diluted share, for the third quarter of 2011 and with a net loss of $2.1 million, or ($0.01) per basic and diluted share, for the prior quarter.

Cash and cash equivalents at September 30, 2012 were $20.4 million, compared with $24.5 million at December 31, 2011.

“While results for the quarter met our recent expectations, at this juncture, we anticipate that fourth quarter results will continue to be impacted by project funding delays,” said Stephen Kircher, CEO of SPI. “We are encouraged by the progress we have made to advance our project pipeline in Hawaii, which is a significant component of our 2013 revenue and profit plan. As more clarity emerges with the status of LDK and the solar industry in China we will update our strategy accordingly.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs