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SPI Solar Announces Third-Quarter 2012 Financial Results

Stocks in this article: SOPW

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.”

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