Solar Power, Inc. Announces Record Fourth Quarter And Year 2011 Financial Results

Solar Power, Inc. (“SPI”) (OTCBB: SOPW), a leading developer of photovoltaic (“PV”) solar energy facilities (“SEF”), announced results for a record fourth quarter and year ended December 31, 2011.

Fourth Quarter 2011 Results:

Total net sales for the fourth quarter of 2011 were $59.0 million, up from $13.1 million for the fourth quarter of 2010 and up from $22.1 million for the third quarter of 2011.

Gross profit for the fourth quarter of 2011 was $8.7 million, compared with $2.1 million for the fourth quarter of 2010 and with $1.4 million for the third quarter of 2011.

Total operating expenses for fourth quarter 2011 were $3.0 million, or 5.0 percent of total net sales. This compared with total operating expenses of $2.3 million, or 17.6 percent of total net sales, for the fourth quarter of 2010 and with total operating expenses of $2.6 million, or 11.8 percent of total net sales, for the third quarter of 2011.

Net income for the fourth quarter of 2011 was $4.8 million, or $0.03 per basic and diluted share. This compared with a net loss of $0.4 million, or ($0.01) per basic and diluted share, for the fourth quarter of 2010 and with a net loss of $1.3 million, or ($0.01) per basic and diluted share, for the prior quarter.

Year 2011 Results:

For the year ended December 31, 2011, total net sales were $103.1 million, compared with total net sales of $35.4 million for 2010. Gross profit for 2011 was $12.8 million, compared with $5.3 million for 2010.

For 2011, the Company reported total operating expenses of $11.2 million, compared with total operating expenses of $12.2 million for 2010. The Company recorded a net loss of $0.5 million for 2011, or $0.00 per basic and diluted share, compared with a net loss of $9.4 million, or ($0.18) per basic and diluted share for 2010.

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