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Real Goods Solar Reports First Quarter 2013 Results

Stocks in this article: RSOL

LOUISVILLE, Colo., May 8, 2013 (GLOBE NEWSWIRE) -- Real Goods Solar, Inc. (Nasdaq:RSOL), a nationwide leader of turnkey solar energy solutions for residential, commercial, and utility customers, reported results for the first quarter ended March 31, 2013.

Q1 2013 Highlights

  • Deployed solar energy systems totaling more than 4.6 megawatts (MW), up 23% versus Q1 2012.  
  • Selected by a leading production homebuilder and began installations to deploy solar in a number of its new communities in California, with the potential to expand to other states. Real Goods Solar is managing the design, engineering, installation, and service of these residential solar systems.  
  • Expanded solar service options through Sunrun to homeowners in the key solar markets of California, Colorado, Massachusetts, and New York.  
  • Began an aggressive ramp up in the New York residential market to benefit from the favorable solar economics in the state and to further leverage the company's strong Northeast presence.  
  • Launched Shop.RealGoods.com, offering cost-savings solutions for homeowners and businesses looking to 'go green.' The new online store offers the latest in solar power and environmentally-friendly solutions for both home and business.  
  • Engaged by the City of El Cerrito, California to design and install 336 kilowatts of solar power on several rooftops and solar carport structures at the city's community center, public safety building, recycling center and fire station.

Q1 2013 Financial Results Total revenue for the first quarter of 2013 decreased 8% to $16.8 million, as compared to $18.3 million in the same quarter last year. The revenue decline reflects lower prices paid by customers as a result of general market conditions and pricing pressures within the solar installation market. The decrease in the average selling price of solar energy systems more than offset the increase in the company's deployed solar energy systems versus the same year-ago quarter.

Gross profit was $4.6 million or 27.4% of net revenue in the first quarter of 2013, compared to $6.4 million or 35.2% of net revenue in the same quarter last year. The gross margin decrease primarily reflects the impact of lower pricing related to residential and commercial projects.

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