Solar PV installer Solar Power reports improvement in second quarter financial results

14 August 2009

Solar Power Inc, a manufacturer and installer of photovoltaic modules and systems in the US, said its second quarter 2009 financial results showed an improvement in the solar market.

Net sales for the second quarter of 2009 were $10.4m compared to $10m in net sales in the second quarter of 2008. Gross profit for the second quarter of 2009 was $1.6m or 14.9 per cent of sales, compared to $1.4m, or 13.8 per cent of sales, for the second quarter of 2008. Meanwhile, operating expenses for the second quarter of 2009 were $3.2m, compared to $3.3m for the same period last year.

Net loss for the second quarter of 2009 was $1.6m versus net loss of $1.9m in the second quarter of 2008.
Looking at the first half of the year, net sales for the six months ended June 30, 2009 were $16.2m compared to $15.9m in net sales in the comparative period of 2008. Gross profit for the six months ended June 30, 2009 was $2.2m, compared to $1.4m, for the comparative period of 2008.

During 2009, Solar Power began installation on the 3.5MW photovoltaic system at Aerojet in California and extended its global sales of its solar products to Europe and Australia. In addition, the company began installation of its first Solyndra-panel solar system in New Jersey.

‘The second quarter of 2009 began to show the improvements in the solar market that we have been planning for,’ said Steve Kircher, CEO of Solar Power, Inc. ‘The lack of available credit in the second quarter continued to make solar projects requiring financing difficult to complete. In spite of this, we successfully sold products and projects for cash into the solar markets and due to favorable pricing trends in silicon we were also able to increase our gross margin.’

Looking ahead, despite the economic slowdown in both the commercial and residential channels, the company expects revenues to grow throughout the balance of the year as solar incentives and new financing programs for both residential and commercial customers become available. Based on first half financial results, Solar Power has amended its projected revenues from $60 to $70 million for 2009.

Copyright © 2009 NewNet

Tags: solar

This story was published on Friday, August 14th, 2009 at 9:54 am and is filed under North America, companies, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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