Real Goods Solar (RGS): Preliminary Q4 Results

Umsatz und Nettogewinn von Real Goods Solar (RGS) Energy aus den USA sind im vierten Quartal im Vergleich zum Vorjahreszeitraum stark eingebrochen. Wir veröffentlichen die Mitteilung der Spezialistin für Aufdach-Solaranlagen mit den vorläufigen Quartalszahlen im Wortlaut.

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

LOUISVILLE, Colorado - RGS Energy (RGSE), a residential and small commercial solar company since 1978, reported preliminary results for its fourth quarter ended December 31, 2016.

“Our preliminary fourth quarter results reflect strong sequential improvement in revenue, gross margin percentage and operating loss — all of which were driven by the increased access to capital during the quarter,” said Dennis Lacey, CEO of RGS Energy. “As planned, our financial position has markedly improved following our capital raises in 2016. Our indebtedness has been materially reduced and we have addressed previously outstanding aged vendors’ accounts payable.”

The following unaudited results are subject to the completion of RGS Energy’s quarterly closing and review procedures, as well as the regular annual audit by the company’s independent registered public accounting firm, and therefore is subject to change. RGS Energy plans to file its Annual Report on Form 10-K in the second week of March 2017.

Non-cash expense for debt extinguishment were offset by a non-cash increase to additional paid in capital, and accordingly did not impair stockholders’ equity as shown in the table below. Such non-cash expense represented approximately 80% of the loss for the fourth quarter. The Company does not expect to incur material non-cash expense during 2017.

The Company raised $10 million of convertible notes on April 1, 2016.

New Headquarters Location
RGS Energy will relocate its corporate headquarters from Boulder County to Denver, Colorado by the end of January. The new office is approximately 20 miles from the current location and significantly reduces rent expense.

“Our new corporate headquarters is conveniently located in downtown Denver, a commutable distance for our employees currently working out of the Boulder office,” noted Seth Wiggins, VP of sales. “It’s also ideally located to attract top talent for sales and sales support, which is a key element to our growth strategy.”

Reverse Stock Split
As reported today in a Form 8-K, the company consummated a 1-for-30 reverse split of its Class A common stock that became effective prior to the open of the U.S. markets. RGS Energy’s Class A common stock will begin trading on a split-adjusted basis today on the NASDAQ Capital Market under the same symbol, “RGSE.” The new CUSIP number for the Class A common stock is: 75601N500.

The effect of the reverse stock split is to combine each 30 shares of outstanding common stock into one new share, with no change in par value per share or the number of authorized shares, and the number of shares outstanding will reduce from approximately 36 million to 1.2 million.

Management believes the reverse stock split will allow the company to regain compliance with the Nasdaq requirement for a stock price in excess of $1.00 per share.

About RGS Energy
RGS Energy (RGSE) is a residential and small commercial solar Company since 1978 which has installed more than 25,000 solar power systems. RGS Energy makes it very convenient for customers to save on their energy bill by providing turnkey solar solutions - from system design, construction planning, customer financing assistance, installation, to interconnection and warranty.

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