Solar Power Inc : SPI Solar Announces First Quarter 2012 Financial Results
05/14/2012| 09:10am US/Eastern
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SPI
Solar ("SPI") (OTCBB:SOPW),
a leading developer of photovoltaic solar energy facilities ("SEF"),
today announced financial results for the first quarter ended March 31,
2012.
Total net sales for the first quarter of 2012 were $25.2 million, up
from $5.8 million for the first quarter of 2011.
Gross profit for the first quarter of 2012 was $2.8 million, compared
with $0.6 million for the first quarter of 2011.
Total operating expenses for first quarter 2012 were $3.1 million, or
12.4 percent of total net sales. This compared with total operating
expenses of $2.2 million, or 37.8 percent of total net sales, for the
first quarter of 2011.
Net loss for the first quarter of 2012 was $0.3 million, or ($0.00) per
basic and diluted share. This compared with a net loss of $1.9 million,
or ($0.02) per basic and diluted share, for the first quarter of 2011.
Cash and cash equivalents at March 31, 2012 were $17.9 million, compared
with $23.9 million at December 31, 2011. The decrease in cash of $5.9
million was primarily due to net payments on loans and lines of credit
of $1.2 million, an advance to a customer in exchange for a promissory
note of $3.1 million and cash used in operating activities.
"We're pleased with SPI's continued progress towards our goal of
expanding our addressable market," said Stephen Kircher, CEO of SPI.
"Toward that end, during the quarter we executed two key agreements with
Taneo to sell three projects on which we had partnered and to greatly
increase the number of SEF facilities for which SPI will serve as the
EPC contractor in Greece."
Recent Highlights:
Entered into a purchase agreement with Thermi-Taneo Venture Capital
Fund to sell three of the company's solar projects in the Evros region
of Greece, and where SPI will serve as EPC contractor for the design
and construction of 7.4 megawatts of SEF projects
Signed MOU with Taneo to build an additional 23 megawatts of SEF
projects across Greece with the goal of potentially developing a total
of 100 megawatts in SEF projects across the region. This may enable
SPI to more than triple its development opportunities across Greece
Announced another EPC agreement with KDC Solar to design and build
multiple SEFs at Mountain Creek Resort and Grand Cascades Golf Resort
in Vernon, NJ, comprising 6.4 megawatts of solar development
2012 Business Outlook:
SPI continues to expect that 2012 net sales will approximately double
2011 levels.
Teleconference and Webcast on May 14:
Solar Power, Inc. plans to hold a teleconference to discuss its first
quarter 2012 results on Monday, May 14, 2012 at 10:00 a.m. EDT. The call
can be accessed by dialing 1-877-941-1430 when calling within the United
States, or 1-480-629-9858 when calling internationally. A playback will
be available through May 21, 2012. To listen to the playback, call
1-877-870-5176 within the United States, or 1-858-384-5517
internationally, and use PIN number 4537488.
SPI Solar ("SPI") (Solar Power, Inc.) is a vertically integrated
photovoltaic solar developer offering its own brand of high-quality,
low-cost distributed generation and utility-scale solar energy facility
development services. Through the Company's close relationship with LDK
Solar, SPI extends the reach of its vertical integration from
silicon to system. From project development to project financing and to
post-construction asset management, SPI delivers turnkey world-class
photovoltaic solar energy facilities to its business, government and
utility customers. For additional information visit: www.spisolar.com.
Safe Harbor Statement:
This release contains certain "forward-looking statements" relating to
the business of Solar Power, Inc., its subsidiaries and the solar
industry, which can be identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions. The
forward-looking statements contained in this press release include
statements regarding the company's ability to execute its growth plan
and meet revenue and sales estimates, enter into formal long-term supply
agreements and market acceptance of products and services. In
particular, this release contains forward-looking statements regarding
the viability and potential profitability of projects to be reviewed and
pursued, and whether those projects will ultimately meet underwriting
criteria or financial modeling sufficient for the company to undertake
the projects. The commitments are to introduce and offer the projects,
and the company cannot predict whether all projects will fit within its
financial model for execution or upon terms that are acceptable to all
parties involved. These statements also involve known and unknown risks
and uncertainties, including, but are not limited to general business
conditions, growth management, and political and other business risk.
All forward-looking statements are expressly qualified in their entirety
by this cautionary statement and the risks and other factors detailed in
the company's reports filed with the Securities and Exchange Commission.
The company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under applicable
securities law.
SOLAR POWER, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands except for share data)
(unaudited)
March 31,
December 31,
2012
2011
ASSETS
Current assets:
Cash and cash equivalents
$
17,928
$
23,855
Accounts receivable, net of allowance for doubtful accounts of $115
and $115
66,866
59,621
Accounts receivable, related party
14,153
17,494
Note receivable
9,007
5,862
Costs and estimated earnings in excess of billings on uncompleted
contracts
10,763
8,885
Costs and estimated earnings in excess of billings on uncompleted
contracts, related party
713
360
Inventories
4,781
6,878
Asset held for sale
6,269
6,269
Prepaid expenses and other current assets
2,138
1,339
Restricted cash
250
250
Total current assets
132,868
130,813
Goodwill
435
435
Restricted cash
420
420
Property, plant and equipment at cost, net
13,458
14,010
Other noncurrent assets
76
-
Total assets
147,257
145,678
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
8,489
7,736
Accounts payable, related party
50,021
46,125
Line of credit
8,500
6,000
Accrued liabilities
2,479
2,420
Income taxes payable
-
258
Billings in excess of costs and estimated earnings on uncompleted
contracts
508
955
Billings in excess of costs and estimated earnings on uncompleted
contracts, related party
1,834
2,992
Loans payable and capital lease obligations
4,225
4,319
Total current liabilities
76,056
70,805
Loans payable and financing obligations, net of current portion
29,470
33,116
Other liabilities
1,554
1,479
Total liabilities
107,080
105,400
Commitments and contingencies
-
-
Stockholders' equity:
Preferred stock, par $0.0001, 20,000,000 shares authorized; none
issued and outstanding
-
-
Common stock, par $0.0001, 250,000,000 shares authorized;
184,413,923 and 184,413,923 shares issued and outstanding
18
18
Additional paid in capital
75,565
75,336
Accumulated other comprehensive loss
(91
)
(88
)
Accumulated deficit
(35,315
)
(34,988
)
Total stockholders' equity
40,177
40,278
Total liabilities and stockholders' equity
$
147,257
$
145,678
SOLAR POWER, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share data)
(unaudited)
For the Three Months Ended
March 31,
2012
2011
Net sales:
Net sales
$
11,650
$
4,990
Net sales, related party
13,567
760
Total net sales
25,217
5,750
Cost of goods sold:
Cost of goods sold
9,427
4,374
Cost of goods sold, related party
13,004
760
Total cost of goods sold
22,431
5,134
Gross profit
2,786
616
Operating expenses:
General and administrative
2,279
1,569
Sales, marketing and customer service
685
471
Engineering, design and product management
173
131
Total operating expenses
3,137
2,171
Operating loss
(351
)
(1,555
)
Other income (expense):
Interest expense
(792
)
(377
)
Interest income
639
2
Other income (expense)
-
(6
)
Total other expense
(153
)
(381
)
Loss before income taxes
(504
)
(1,936
)
Provision for (benefit from) income taxes
(177
)
7
Net loss
$
(327
)
$
(1,943
)
Net loss per common share:
Basic and Diluted
$
(0.00
)
$
(0.02
)
Weighted average number of common shares used in computing per share
amounts
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