Golden Genesis Reports Q1 1999 Results

May 12, 1999 by Jeff Shepard

Golden Genesis Co. (Golden, CO) announced a sizable increase in sales, up 18 percent, for the first quarter ended March 31, 1999, over the first quarter of last year. Net sales were $11.6 million, compared to net sales of $9.8 million for the comparable quarter a year ago. A loss per diluted common share of $0.03 was reported for the first quarter of 1999, compared to break-even results for the same period of 1998.Golden Genesis credited strong sales performance in the distribution market and the addition of new subsidiaries in Argentina and Brazil for the sales boom. The distribution segment reported top-line growth of 120 per cent, the international segment grew a substantial 133 percent, while the industrial segment declined 57 percent from the same period in '98.Golden's network of 800 solar dealers in the Americas registered a 158 percent sales increase. An increase in the number of dealers, new product lines and strong demand for Y2K back-up systems in the U.S. all helped sales in the US, according to the company.International revenues for the first quarter of 1999 increased by 133 percent over the same period , reflecting the recent acquisitions of Solartec S.A. in Argentina and Golden Genesis do Brazil.