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.
Operating expenses were $8.0 million for the first quarter of 2013 compared to $9.4 million for the same quarter last year. The decrease in operating expenses is primarily attributable to reduction in payroll and other personnel costs associated with improved productivity and more efficient back-office functions as well as other cost saving initiatives.Loss from operations was $3.4 million in the first quarter of 2013 versus to $3.0 million in the first quarter of 2012. Net loss for the first quarter of 2013 was $3.8 million or $(0.14) per share, compared to net loss of $1.9 million or $(0.07) per share in the same quarter last year. The increase in the net loss reflects the impact of lower selling prices and an increase in interest expense. In addition, the first quarter of 2012 included an income tax benefit of $1.2 million, whereas no such benefit was recorded in the first quarter of 2013. Cash was $3.5 million at March 31, 2013. On March 27, 2013, the company obtained an extension of its $6.5 million revolving line of credit with Silicon Valley Bank through September 30, 2013. The company also extended the maturity dates of the $6.85 million of related party debt to April and May of 2014. Management Commentary "During the first quarter, we continued to focus on driving growth in deployments, reducing cost, and improving overall productivity," said Real Goods Solar CEO Kam Mofid. "Our total solar power systems deployed increased 23% to 4.6 megawatts while we also significantly reduced operating expenses from prior quarter, reflecting a more efficient operational structure and a much more disciplined approach towards managing all facets of the business. Operating expense reductions involved decreasing personnel costs along with enhancing productivity through more efficient business processes and greater project level control over working capital deployed and labor utilized. "We see continued growth in our solar power deployments, supported by the strong operational progress during the quarter which also included a new partnership with Sunrun, a new e-commerce business unit and online store, Shop.RealGoods.com, and continued strengthening of our commercial pipeline with projects like the City of El Cerrito. We also announced an important expansion of our homebuilder program with a leading national production homebuilder to bring solar to all the homes in a number of their new communities, first in California and then potentially to other states. We believe the progress and momentum we established in the first quarter, which has continued to build in the second quarter, has set the stage for strong performance improvements in 2013. "In fact, we announced after the end of the quarter that we strengthened our presence in key solar states, particularly in California with the Stockton Unified School District project to deploy solar power systems at 18 schools and facilities in 2013 and 2014. We also further expanded our educational customer base with the recently announced Church Farm School's solar installation, helping this educational institution reduce its operating costs and environmental impact.
"These latest installations reflect how the combination of state and federal incentives, attractive solar financing options and declining system costs are making it easier and increasingly more beneficial for businesses and homeowners to embrace solar energy. With these tailwinds and improved internal performance and capabilities, we will continue to strengthen our position as a leading downstream solar solutions provider. We also plan to leverage our now more efficient and scalable infrastructure to penetrate key markets and expand our western and northeastern footprints."Conference Call and Webcast Real Goods Solar will hold a conference call to discuss its first quarter 2013 financial results on Wednesday, May 9, 2013 at 11:00 a.m. Eastern time. Management will host the presentation, followed by a question and answer period.
|Date: Thursday, May 9, 2013|
|Time: 11:00 a.m. Eastern time (9:00 a.m. Mountain time)|
|Dial-In number: 1-877-941-8418|
|Conference ID: 4618376|
|Toll-free replay number: 1-877-870-5176|
|International replay number: 1-858-384-5517|
|Replay ID: 4618376|
|REAL GOODS SOLAR, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data)|
|Three Months Ended March 31, 2013||Three Months Ended March 31, 2012|
|Net revenue||$ 16,793||100.0 %||$ 18,256||100.0 %|
|Cost of goods sold||12,201||72.6 %||11,829||64.8 %|
|Gross profit||4,592||27.4 %||6,427||35.2 %|
|Operating expenses||7,957||47.4 %||9,430||51.7 %|
|Loss from operations||(3,365 )||-20.0 %||(3,003 )||-16.5 %|
|Interest expense||(428 )||-2.6 %||(49 )||-0.3 %|
|Loss before income taxes||(3,793 )||-22.6 %||(3,052 )||-16.8 %|
|Income tax benefit||—||— %||(1,196 )||-6.6 %|
|Net loss||$ (3,793 )||-22.6 %||$ (1,856 )||-10.2 %|
|Weighted-average shares outstanding:|
|Net loss per share:|
|Basic||$ (0.14)||$ (0.07 )|
|Diluted||$ (0.14)||$ (0.07 )|
|REAL GOODS SOLAR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)|
|March 31, 2013||December 31, 2012|
|Cash||$ 3,522||$ 10,390|
|Accounts receivable, net||10,953||13,902|
|Costs in excess of billings on uncompleted contracts||1,716||5,288|
|Deferred costs on uncompleted contracts||708||896|
|Other current assets||2,016||2,130|
|Total current assets||25,011||38,317|
|Property and equipment, net||3,784||3,991|
|Total assets||$ 28,795||$ 42,308|
|Liabilities and shareholders' equity|
|Line of Credit||$ 5,018||$ 6,498|
|Billings in excess of costs on uncompleted contracts||2,837||2,975|
|Payable to Gaiam||45||64|
|Related party debt||—||6,850|
|Capital lease obligations||230||213|
|Deferred revenue and other current liabilities||680||396|
|Total current liabilities||20,693||37,940|
|Related party debt||6,850||—|
|Debt, net of current portion||47||69|
|Capital lease obligations, net of current portion||333||374|
|Total shareholders' equity||523||3,925|
|Total liabilities and shareholders' equity||$ 28,795||$ 42,308|
CONTACT: Media and Investor Relations Contact: Ron Both Liolios Group, Inc. Tel 1-949-574-3860 RSOL@liolios.com