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Real Goods Solar Reports Fourth Quarter And Full Year 2012 Results

A replay of the call will be available after 2:00 p.m. Eastern time on the same day through April 9, 2013.

Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay pin number: 4611138

About Real Goods Solar, Inc.  Real Goods Solar, Inc. (Nasdaq:RSOL) is the nation's pioneer in delivering commercial, residential and utility turn-key solar energy solutions. Beginning with the very first photovoltaic panel sold in the U.S. in 1978, the company has installed more than 14,500 solar power systems representing more than 100 megawatts of clean energy. As one of the nation's largest and most experienced solar power installers, the company has 15 offices across the West and the Northeast. Real Goods Solar makes it easy for customers to save on their energy bill by providing a comprehensive solar solution, from design, financing, permitting and installation to ongoing monitoring, maintenance and support. For more information about Real Goods Solar, go to RealGoodsSolar.com or call (888) 507-2561.

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.

 
 
REAL GOODS SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
 
(Unaudited) (In thousands, except per share data) Three Months Ended December 31, 2012   Three Months Ended December 31, 2011  
Net revenue  $ 26,830  100.0% $ 40,292  100.0%
Cost of goods sold   21,281  79.3%  30,674  76.1%
         
Gross profit   5,549  20.7%  9,618  23.9%
Operating expenses   8,869  33.1%  9,451  23.5%
         
Income (loss) from operations   (3,320)  -12.4%  167  0.4%
Interest expense   (495)  -1.8%  (73)  -0.2%
         
Income (loss) before income taxes   (3,815)  -14.2%  94  0.2%
Income tax benefit   —  —%  (22)  -0.1%
         
Net income (loss) $ (3,815)  -14.2% $ 116  0.3%
         
Weighted-average shares outstanding:        
Basic   26,694    26,655  
Diluted   26,694    26,655  
Net income (loss) per share:        
Basic  $ (0.14)   $ 0.00  
Diluted  $ (0.14)   $ 0.00  
 
 
REAL GOODS SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
 
(Unaudited) (In thousands, except per share data) Year Ended December 31, 2012   Year Ended December 31, 2011  
Net revenue  $ 92,891 100.0% $ 109,257 100.0%
Cost of goods sold   69,859  75.2%  81,397 74.5%
         
Gross profit   23,032  24.8%  27,860 25.5%
Operating expenses   38,716  41.7%  27,743 25.4%
Acquisition-related costs   —   — %  2,393  2.2%
Goodwill and other asset impairments   22,012  23.7%  —  —%
         
Loss from operations  (37,696)  -40.6%  (2,276) -2.1%
Interest expense   (790)  -0.8%  (184) -0.1 %
         
Loss before income taxes  (38,486)  -41.4%  (2,460) -2.2 %
Income tax expense (benefit)  8,720  9.4%  (560) -0.5%
         
Net loss   $ (47,206)  -50.8% $ (1,900) -1.7%
         
Weighted-average shares outstanding:        
Basic   26,673    23,572  
Diluted   26,673    23,572  
Net loss per share:        
Basic  $ (1.77)   $ (0.08)  
Diluted  $ (1.77)   $ (0.08)  
 
 
REAL GOODS SOLAR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(Unaudited) (In thousands) December 31, 2012   December 31, 2011  
Assets    
Current assets:    
Cash  $ 10,390 $ 11,813 
Restricted cash   —   172 
Accounts receivable, net   13,902  21,539 
Costs in excess of billings on uncompleted contracts   5,288  5,411 
Inventory, net   5,711  12,264 
Deferred costs on uncompleted contracts   896  1,313 
Receivable and deferred tax assets   200  3,333 
Other current assets   1,930  1,014 
     
Total current assets   38,317  56,859 
Property and equipment, net   3,991  6,930 
Deferred tax assets   —  5,444 
Goodwill   —  19,885 
Other intangibles, net   —  390 
Other assets   —  41 
     
Total assets  $ 42,308 $ 89,549 
     
Liabilities and shareholders' equity    
Current liabilities:    
Line of Credit  $ 6,498 $ — 
Accounts payable   15,887  27,785 
Accrued liabilities   4,943  3,292 
Billings in excess of costs on uncompleted contracts   2,975  2,144 
Payable to Gaiam   64  476 
Related party debt   6,850  1,700 
Debt   114  197 
Capital lease obligations   213  126 
Deferred revenue and other current liabilities   396  2,388 
     
Total current liabilities   37,940  38,108 
Debt, net of current portion   69  202 
Capital lease obligations, net of current portion   374  433 
     
Total liabilities   38,383  38,743 
     
Total shareholders' equity  3,925  50,806 
     
Total liabilities and shareholders' equity  $ 42,308 $ 89,549 
     
CONTACT: Investor Relations:
         Ron Both
         Liolios Group, Inc.
         Tel (949) 574-3860
         RSOL@liolios.com

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