Real Goods Solar: Q4 and Fiscal 2008 Results

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Real Goods Solar, Inc., a leading residential solar energy integrator, announced today results for its fourth quarter and fiscal year ended December 31, 2008.

Revenue for the year ended December 31, 2008 increased 107.3% to $39.2 million from $18.9 million recorded in the same period last year, primarily due to acquisitions.

Gross profit increased to $10.4 million, or 26.6% of revenue for the year, from $6.5 million, or 34.3% of revenue in 2007. The decrease in gross margin percent primarily reflects the consolidation of the acquisitions of Marin Solar, Carlson Solar and Independent Energy Systems, which have traditionally produced lower gross profit margins.

Operating expenses as a percent of revenue increased 250 basis points year over year to 35.8% from 33.3%. This increase primarily reflects the impact of the consolidation of the acquisition of Regrid Power during the fourth quarter, integration costs related to the Company's 2008 acquisitions, and the incremental costs associated with being a public company.

Other expenses of $27.2 million for the year represent a non-cash charge related to the impairment of goodwill and other intangible assets recorded as part of historical acquisitions. The impairment, resulting from the application of SFAS No. 142, Goodwill and Other Intangible Assets, was driven by the decline in the market price of the Company's common shares (Nasdaq) experienced in the fourth quarter.

Net loss for the year, including the above non-cash charge, was $28.0 million, or $1.86 per share, as compared to net income of $0.1 million, or $0.01 per share, for the year ended December 31, 2007. Excluding the impairment charge (and net of a related $1.6 million tax benefit), net loss for the year would have been $2.3 million, or $0.16 per share.

For the fourth quarter of 2008, Real Goods net revenue increased to $13.5 million, a 133.8% increase from $5.8 million for the same period last year. Net loss for the quarter, including the above non-cash charge, totaled $27.4 million, or $1.53 per share. Excluding the impairment charge (and net of a related $1.6 million tax benefit), net loss for the quarter would have been $1.8 million, or $0.10 per share.

2007 financials do not include Real Goods' 2008 acquisitions, related integration costs, nor the costs associated with being a public company.

"The fourth quarter was a challenging period for the industry and for Real Goods Solar," commented Tom McCalmont, Chief Executive Officer. "Because of the tough economic environment in the fourth quarter we placed a significant emphasis on acquisition integration, which included a reduction in headcount, centralization of functions, standardization of products and processes, and a drive towards improved operational efficiencies."

"We are working hard to cut costs and drive synergies across the Real Goods organization during this challenging period and anticipate being complete with most of our integration by the end of April," said Erik Zech, Chief Financial Officer. "The changes we are making will position the Company to drive profitability. Our balance sheet remains strong with over $12 million of cash at the end of the year and we are intensely focused on improving this position going forward."

Real Goods Solar also announced that it will host a conference call tomorrow, March 11, 2009, at 8:30 a.m. PDT (11:30 a.m. EDT) to review the fourth quarter and fiscal 2008 results.

Dial-in No.: 800-762-9058 (domestic) or 480-629-1990 (international)

Passcode: Real Goods

A replay of the call will begin approximately two hours after the end of the call and will continue until 12:00 a.m. EDT on March 17, 2009.

Replay number: 800-406-7325 (domestic) or 303-590-3030 (international)

Pin: 4024824

About Real Goods Solar, Inc.

Real Goods Solar, Inc. is a leading residential solar energy integrator, having installed over 4,500 solar systems. Real Goods Solar offers turnkey solar energy services, and has 30 years of experience in residential solar energy, beginning with the sale in 1978 of the first solar photovoltaic, or PV, panels in the United States. For more information about Real Goods Solar, please visit www.realgoodssolar.com, or call (888) 507-2561.

This press release includes forward-looking statements relating to matters that are not historical facts. Forward-looking statements may be identified by the use of words such as "expect," "intend," "believe," "will," "should" or comparable terminology or by discussions of strategy. While Real Goods believes its assumptions and expectations underlying forward-looking statements are reasonable, there can be no assurance that actual results will not be materially different. Risks and uncertainties that could cause materially different results include, among others, introduction of new products and services, completion and integration of acquisitions, the possibility of negative economic conditions, and other risks and uncertainties included in Real Goods' filings with the Securities and Exchange Commission. Real Goods assumes no duty to update any forward-looking statements.

    Contact:  John Mills
              Senior Managing Director
              ICR, Inc.
              310-954-1105
              jmills@icrinc.com

                              REAL GOODS SOLAR, INC.
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
                      (In thousands, except per share data)

                                   Three Months Ended      Three Months Ended
                                    December 31, 2008       December 31, 2007

    Net revenue                   $  13,479     100.0%      $ 5,765    100.0%

    Cost of goods sold               10,318      76.5%        3,805     66.0%

    Gross profit                      3,161      23.5%        1,960     34.0%

    Operating expenses                5,668      42.1%        1,915     33.2%
    Other expenses                   27,192     201.7%          ---      0.0%

    Income (loss) from operations   (29,699)   -220.3%           45      0.8%

    Other income                         59       0.4%          ---      0.0%

    Income (loss) before
     income taxes                   (29,640)   -219.9%           45      0.8%

    Income tax expense (benefit)     (2,244)    -16.6%           21      0.4%

    Net income (loss)             $ (27,396)   -203.3%      $    24      0.4%

    Shares outstanding:
         Basic                       17,889                  10,000
         Diluted                     17,889                  10,000

    Income (loss) per share:
         Basic                    $  (1.53)                 $  0.00
         Diluted                  $  (1.53)                 $  0.00


                              REAL GOODS SOLAR, INC.
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (Unaudited)
                    (In thousands, except per share data)

                                Twelve Months Ended       Twelve Months Ended
                                 December 31, 2008         December 31, 2007

    Net revenue                $  39,221    100.0%      $ 18,922      100.0%

    Cost of goods sold            28,779     73.4%        12,426       65.7%

    Gross profit                  10,442     26.6%         6,496       34.3%

    Operating expenses            14,051     35.8%         6,310       33.3%
    Other expenses                27,192     69.3%           ---        0.0%


    Income (loss) from
     operations                  (30,801)   -78.5%           186        1.0%

    Other income                     261      0.6%           ---        0.0%

    Income (loss) before
     income taxes                (30,540)   -77.9%           186        1.0%

    Income tax expense
     (benefit)                    (2,590)    -6.6%            84        0.5%

    Minority interest in
     net income of consolidated
     subsidiary, net of tax           (5)     0.0%           ---        0.0%

    Net income (loss)          $ (27,955)   -71.3%      $    102        0.5%

    Shares outstanding:
         Basic                    15,014                  10,000
         Diluted                  15,014                  10,000

    Income (loss) per share:
         Basic                 $  (1.86)                $   0.01
         Diluted               $  (1.86)                $   0.01



                              REAL GOODS SOLAR, INC.
                           CONSOLIDATED BALANCE SHEETS
                   (In thousands, except share information)

                                                 December 31,    December 31,
                                                     2008           2007
                                                 (Unaudited)
    Assets
    Current assets:
      Cash and cash equivalents                     $12,339          $542
      Accounts receivable, net                        7,711         3,632
      Inventory                                       9,170         2,454
      Deferred costs on uncompleted contracts           970           992
      Deferred advertising costs                        251           277
      Deferred tax assets                               515           154
      Other current assets                              521            19
    Total current assets                             31,477         8,070

    Property and equipment, net                       5,298         4,382
    Goodwill, net                                         -         5,927
    Other intangibles, net                                -           167
    Deferred tax assets                               2,239         2,324
    Other assets                                      1,051           116
    Total assets                                    $40,065       $20,986

    Liabilities and shareholders' equity
    Current liabilities:
      Accounts payable                               $6,501        $1,275
      Accrued liabilities                             1,135           421
      Deferred revenue on uncompleted contracts         400         1,354
      Payable to Gaiam                                1,111        16,286
    Total current liabilities                         9,147        19,336

    Commitments and contingencies

    Shareholders' equity:
      Class A common stock, $.0001 par value,
       150,000,000 shares authorized, 15,736,683
       shares and no shares issued and outstanding
       at December 31, 2008 and 2007, respectively        1             -
      Class B common stock, $.0001 par value,
       50,000,000 shares authorized, 2,153,293
       shares and no shares issued and outstanding
       at December 31, 2008 and 2007, respectively        -             -
      Additional paid-in capital                     59,372         2,150
      Accumulated deficit                           (28,455)         (500)
    Total shareholders' equity                       30,918         1,650
    Total liabilities and shareholders' equity      $40,065       $20,986


Source: Real Goods Solar, Inc.
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