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Meldungen 16.05.2007

16.5.2007: Meldung: Akeena Solar Announces Q1 2007 Results

Akeena Solar, Inc., a leading designer and installer of solar power systems, announced results for the first quarter ended March 31, 2007.

 

Net sales for the first quarter of 2007 were $6.3 million, an increase of 152 percent, compared to $2.5 million in net sales in the first quarter of 2006. Gross profit for the first quarter 2007 was $1.5 million or 24 percent of sales, compared to $568,000 or 23 percent of sales in the first quarter of 2006. Net loss for the first quarter of 2007 was $933,000, or $0.06 per share, compared to net income of $20,000, or less than a penny per share, in the first quarter of 2006. Installations for the quarter were approximately 830 kilowatts, compared to approximately 320 kilowatts for the same period last year.

 

Barry Cinnamon, CEO of Akeena, stated, "With five new offices opened up in the last nine months, we are steadily expanding our footprint throughout California, which is the largest solar power market in the United States. The impact of our expansion strategy combined with favorable first quarter weather delivered strong top-line results. We generated revenue of $6.3 million this quarter, delivering over 150 percent growth compared to the first quarter last year. 2007 is progressing even better than we expected. Therefore, we now expect revenue of approximately $31 million for 2007, a growth rate of 135 percent compared to 2006."

 

David "Lad" Wallace, CFO, commented, "We are implementing our plan to fuel revenue growth and support our expansion strategy. During the quarter, we raised approximately $4.1 million of gross proceeds and used the proceeds to repay debt and to opportunistically increase inventories at a lower cost basis. In addition, we incurred $112,000 in research and development expenses, $100,000 in costs associated with financing activities and $300,000 in costs associated with opening new locations. At March 31, 2007, we closed the quarter with $400,000 in available cash and $1.7 million available under our line of credit."

 

Recent Corporate Highlights

 

-- Established an advisory board in March to guide management on

strategic, economic, and political opportunities. Members include

Joe Abrams, consultant, and Steve Westly, CEO and founder of The

Westly Group and former controller and CFO of the State of

California.

-- Raised approximately $4.1 million of gross proceeds in a private

offering in March.

-- Initiated phase one of The California Air National Guard

installation in April.

-- Opened four new offices in California to take advantage of the

rapidly growing demand for solar power.

-- In January, began operations in Orange County.

-- In early April, began operations in Bakersfield, located in

California"s Central Valley. The market for solar power systems

in the Central Valley has been experiencing an average 100

percent annual growth rate since 2003.

-- In late April, began operations in Manteca, which is

strategically located between the San Francisco Bay Area and

California"s Central Valley.

-- In May, began operations in Santa Rosa, located in Sonoma

County, which provides the company with a base of operations in

the North Bay and surrounding areas.

 

Outlook

 

For 2007, management is increasing its guidance for revenue growth to approximately 135 percent over 2006 revenue of $13.4 million. The company previously predicted revenue growth of 125 percent over 2006 revenue.

 

Conference Call Information

 

Akeena Solar will host an earnings conference call at 11:00 a.m. Pacific Time (2:00 p.m. Eastern Time) today to discuss its first quarter 2007 earnings results. Management will discuss strategy, review quarterly activity, provide industry commentary, and answer questions.

 

The call is being webcast and can be accessed from the "Investor Relations" section of the company"s website at www.akeena.net. If you do not have Internet access, please dial 800-261-3417 in the U.S. International callers should dial 617-614-3673. The pass code is 37624450. If you are unable to participate in the call at this time, the webcast will be archived on the company"s website. In addition, a telephonic replay will be available for two business days, beginning two hours after the call. To listen to the replay, in the U.S., please dial 888-286-8010. International callers should dial 617-801-6888. The passcode is 98867983.

 

About Akeena Solar, Inc.

 

Founded in 2001, Akeena Solar"s philosophy is simple: We believe producing clean electricity directly from the sun is the right thing to do for our environment and economy. Akeena Solar has grown to become one of the largest national integrators of residential and small commercial solar power systems in the United States, serving customers directly in California, New Jersey, New York, Connecticut and Pennsylvania. For more information, visit Akeena Solar"s website at www.akeena.net

 

Safe Harbor

 

Statements made in this release that are not historical in nature constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "plans," "will," "may," "anticipates," believes," "should," "intends," "estimates," and other words of similar meaning. These statements are subject to risks and uncertainties that cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, the effectiveness, profitability, and marketability of such products, the ability to protect proprietary information, the impact of current, pending, or future legislation and regulation on the industry, the impact of competitive products or pricing, technological changes, the ability to identify and successfully acquire, integrate and manage client accounts and locations and deliver our services to customers of businesses and accounts acquired from third parties, the effect of general economic and business conditions. All forward-looking statements included in this release are made as of the date of this press release, and Akeena Solar assumes no obligation to update any such forward-looking statements.

 

AKEENA SOLAR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

Three Months Ended March 31,

-----------------------------

2007 2006

-------------- --------------

 

Net sales $ 6,292,430 $ 2,490,173

Cost of sales 4,792,864 1,921,797

-------------- --------------

 

Gross profit 1,499,566 568,376

-------------- --------------

 

Operating expenses

Sales and marketing 768,131 151,500

General and administrative 1,637,861 384,215

-------------- --------------

 

Total operating expenses 2,405,992 535,715

-------------- --------------

 

(Loss) income from operations (906,426) 32,661

-------------- --------------

 

Other income (expense)

Interest income (expense), net (26,978) (13,031)

-------------- --------------

 

Total other income (expense) (26,978) (13,031)

-------------- --------------

 

(Loss) income before provision for

taxes (933,404) 19,630

Provision for income taxes -- --

-------------- --------------

Net (loss) income $ (933,404) $ 19,630

============== ==============

 

 

(Loss) earnings per common and common

equivalent share:

Basic $ (0.06) $ 0.00

 

============== ==============

Diluted $ (0.06) $ 0.00

============== ==============

 

Weighted average shares used in computing

(loss) earnings per common and common

equivalent share:

Basic 16,463,663 9,000,000

 

============== ==============

Diluted 16,463,663 9,000,000

============== ==============

 

AKEENA SOLAR, INC.

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)

 

March 31, 2007

----------------

Assets

Current assets

Cash and cash equivalents $ 376,429

Accounts receivable, net 5,212,807

Inventory 3,914,403

Prepaid expenses and other current assets, net 1,093,925

----------------

Total current assets 10,597,564

Property and equipment, net 273,623

Due from related party 21,825

Customer list, net 184,791

Other assets 76,459

----------------

Total assets $ 11,154,262

================

 

 

Liabilities and Stockholders" Equity

Current liabilities

Accounts payable $ 2,532,945

Customer rebate payable 1,286,818

Accrued liabilities 693,040

Accrued warranty 600,724

Deferred revenue 1,274,065

Credit facility 100,000

Current portion of capital lease obligations 12,498

Current portion of long-term debt 27,567

----------------

Total current liabilities 6,527,657

 

Capital lease obligations, less current portion 39,448

Long-term debt, less current portion 79,688

----------------

Total liabilities 6,646,793

----------------

 

 

Commitments, contingencies and subsequent events

 

Stockholders" equity:

Preferred stock, $0.001 par value; 1,000,000

shares authorized; none issued and outstanding at

March 31, 2007 --

Common stock $0.001 par value; 50,000,000 shares

authorized; 18,015,196 shares issued and

outstanding at March 31, 2007 18,015

Additional paid-in capital 7,003,932

Accumulated deficit (2,514,478)

----------------

Total stockholders" equity 4,507,469

----------------

Total liabilities and stockholders" equity $ 11,154,262

================

 

 

Contact:

Akeena Solar, Inc.

Barry Cinnamon, 888-253-3628

President and CEO

bcinnamon@akeena.net

or

Lippert / Heilshorn & Associates

Mary Magnani, 415-433-3777 (Investor Relations)

mmagnani@lhai.com

 

Source: Akeena Solar, Inc.

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