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Real Goods Solar Reports Second Quarter 2013 Results

Stocks in this article: RSOL

LOUISVILLE, Colo., Aug. 13, 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 second quarter ended June 30, 2013.

Q2 2013 Highlights

  • Deployed solar energy systems totaling 5.6 megawatts (MW), up 17.8% versus Q2 2012. For six months ended June 30, 2013, the company deployed solar energy systems totaling 10.2 MWs, an increase of 20.1% over the same year-ago period. Solar installations made in the first half of 2013 bring cumulative installations to more than 15,000 solar power systems.  
  • Real Goods Solar's new retail and e-commerce site, , a premier site for both on and off-grid solar systems, including hundreds of green-living and educational products, generated more than $500,000 in revenues, up 46% from Q2 2012.  
  • Stockton Unified School District (SUSD) selected RGS Energy, the commercial and utility division of Real Goods Solar, to provide 5.4 MW's of solar power to 23 SUSD schools and facilities in California. The project is valued at approximately $20 million and construction is expected to begin in the fourth quarter of 2013 and to be completed in 2014.  
  • Completed the installation of solar power systems at two Stop & Shop grocery stores in New York. These installations bring the total number of Stop & Shop stores with RGS Energy installed solar power systems to 32 in the Northeast. RGS Energy expects to complete an additional five stores in 2013 with solar power projects underway in New York, Massachusetts and Connecticut.  
  • St. Albans Solar Partners, LLC, selected RGS Energy to deploy a 2.2 megawatt solar farm, the largest solar power system in Vermont. The solar farm is expected to offset more than 123 million pounds of CO2 emissions over 20 years. RGS Energy began construction for the project in July and it is expected to be completed in the fourth quarter of 2013.  
  • Successfully completed Church Farm School's 1.1MW solar system in Exton, Pennsylvania. This installation adds to Real Goods Solar's very strong track record in the education sector with over 50 MW of solar power designed and installed on schools, universities and colleges across the nation.  
  • Appointed David L. Belluck as chairman of the board. He has been a dynamic member of the board over the last two years. Belluck is also currently a general partner with Riverside Partners in Boston, MA, a private equity firm that is the largest shareholder of Real Goods Solar.  
  • Selected as a 2013 Solarize Mass Installer by the Massachusetts Clean Energy Center (MassCEC) and the Green Communities Division of the MA Department of Energy Resources (DOER) to bring solar electricity to home and business owners in Massachusetts through the Solarize Mass program. Solarize programs are designed to increase the adoption of solar energy and further reduce the overall cost of solar power. The company has already started to secure individual wins through this program.  
  • Began designing, procuring, and installing the first solar systems as part of the company's relationship with Lennar Corporation, one of the nation's largest homebuilders, through Lennar's newly created subsidiary, SunStreet Energy Group. The company continues to deploy solar and provide solar services in select new home communities in California.  
  • Raised net proceeds of $8.4 million from private placement of equity securities. The company enhanced its balance sheet through debt reduction, and plans to use the proceeds to further strengthen its sales, marketing, and overall operational capabilities.

Q2 2013 and First Half 2013 Financial Results

Net revenue for the second quarter of 2013 was $20.7 million, as compared to $21.4 million in the same quarter last year. For the first six months ended June 30, 2013, net revenue was $37.5 million, as compared to $39.7 million in the same year-ago period. The revenue decline in both periods reflects lower prices paid by customers as a result of competitive 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 periods.

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