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Real Goods Solar Reports Fourth Quarter And Full Year 2012 Results

Gross profit decreased by $4.8 million to $23 million, or 24.8% of net revenue, for 2012 compared to $27.9 million, or 25.5% of net revenue for 2011. The gross margin decrease primarily reflects the impact of lower pricing related to commercial projects in 2012.

Operating expenses were approximately $38.7 million for 2012 compared to $27.7 million for 2011. The increase in operating expenses reflects costs associated with the integration of and reorganizations related to the Alteris acquisition and centralizing of various support functions at the company's headquarters in Colorado.

Net loss for 2012 was $47.2 million, or $(1.77) per share, compared to a loss of $1.9 million, or $(0.08) per share, in 2011. The increase in the loss reflects the operating factors indicated above. In addition, the company recorded goodwill and other asset impairments of $22 million and a $9.3 million increase in the provision for income taxes, which reflects the establishment of a valuation allowance for net deferred tax assets.

Management Commentary

"It is clear that 2012 was a challenging year for the company," said Real Goods Solar CEO Kam Mofid. "In the first half of 2012, we struggled to meet our financial objectives due to challenges with the Alteris integration, while also managing a number of key organizational and process changes. However, by the end of the second half, we overcame these challenges and achieved major improvements in Q4 that set the stage for a strong 2013.

"I am proud of what our employees have achieved, as well as the passion and dedication everyone has demonstrated in driving this turnaround. In the fourth quarter, we not only reduced SG&A significantly, but improved the topline, achieved major wins in the commercial sector, and ended the quarter in a much stronger cash position than the prior quarter. We also developed and began to deploy a well-defined and clear roadmap toward sustainable and profitable growth both in residential and commercial markets.

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