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Real Goods Solar Reports Third Quarter 2013 Results

LOUISVILLE, Colo., Nov. 6, 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 third quarter ended September 30, 2013.

Q3 2013 Highlights

  • Achieved substantial improvements in top and bottom line performance: Net revenue increased 64% to $34 million from $20.7 million in the previous quarter and up 29% from $26.4 million in the same year-ago quarter. Adjusted EBITDA loss narrowed to $0.6 million from $5.1 million in the year-ago quarter (see discussion about adjusted EBITDA, a non-GAAP term, below).  
  • Deployed solar energy systems totaling 10.7 megawatts (MW) bringing the cumulative total deployed in the first nine months of 2013 to 21 MWs. The company has now installed more than 16,000 solar power systems to-date.  
  • Improved productivity and reduced costs: Operating expenses decreased from $11.1 million or 42% of revenues in the third quarter of 2012 to $8.1 million or 24% of revenues in the current quarter.    
  • Acquired and initiated the integration of Syndicated Solar, a rapidly-growing residential solar company, with regional offices in Grand Junction, Colorado, and in the St. Louis, Missouri, and San Jose, California metro areas. The acquisition, effective August 9, 2013, expanded Real Goods Solar's residential sales capabilities, adding more than 40 employees and highly-capable senior management. The company achieved record residential backlog at the end of the third quarter.  
  • Signed a definitive agreement to acquire Mercury Energy in a merger transaction, one of the leading installers of solar energy solutions on the East Coast. Mercury's assets include approximately $10 million of cash, and has no debt. Upon closing, Mercury will bring nearly 50 employees to Real Goods Solar. The transaction is subject to Real Goods Solar and Mercury shareholder approval.

Q3 2013 and First Nine Months 2013 Financial Results

Net revenue for the third quarter of 2013 was $34.0 million, up 29% from $26.4 million in the same year-ago quarter. For the first nine months of 2013, net revenue was $71.4 million, up 8% compared to $66.1 million in the same year-ago period. The improvement in both periods reflects an increase in the number of solar systems deployed as well as a greater proportion of revenue attributable to residential system deployments. Residential systems typically have a higher sales price per watt than commercial systems.

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