Solar Power, Inc. Announces Second Quarter 2009 Financial Results
Solar Power, Inc. announced results for the second quarter and six months ended June 30, 2009. Net sales for the second quarter of 2009 were $10.4 million compared to $10.0 million in net sales in the second quarter of 2008. Gross profit for the second quarter of 2009 was $1.6 million, or 14.9% of sales, compared to $1.4 million, or 13.8% of sales, for the second quarter of 2008.
Operating expenses for the second quarter of 2009 were $3.2 million (30.4% of sales) compared to $3.3 million (33.0% of sales) for the same period last year. Other expenses, net, including interest and taxes were $21 thousand. Net loss for the second quarter of 2009 was $1.6 million, or $0.04 per basic and diluted share, compared to a net loss of $1.9 million, or $0.05 per basic and diluted share, in the second quarter of 2008. Weighted average number of common shares outstanding used in computing basic and diluted per share amounts for the three months ended June 30, 2009 and 2008 were 37,940,529 and 37,679,721, respectively.
Net sales for the six months ended June 30, 2009 were $16.2 million compared to $15.9 million in net sales in the comparative period of 2008. Gross profit for the six months ended June 30, 2009 was $2.2 million, or 13.5% of sales, compared to $1.4 million, or 8.9% of sales, for the comparative period of 2008.
Operating expenses for the six months ended June 30, 2009 were $6.5 million (40.0% of sales) compared to $6.1 million (38.6% of sales) for the same period last year. Other expenses, net, including interest and taxes were $40 thousand. Net loss for the six months ended June 30, 2009 was $4.3 million, or $0.11 per basic and diluted share, compared to a net loss of $4.7 million, or $0.12 per basic and diluted share, in the comparative period of 2008. Weighted average number of common shares outstanding used in computing basic and diluted per share amounts for the six months ended June 30, 2009 and 2008 were 37,927,320 and 37,637,129, respectively.
Assets included cash and cash equivalents at June 30, 2009 of $3.4 million and accounts receivable (net) and costs and estimated earnings in excess of billings of $7.5 million. Inventory was $6.6 million. Total assets were $21.3 million while total liabilities were $15.7 million. Common shares outstanding at June 30, 2009 were 37,943,826.
"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."
"Our international business development strategy continues to make solid progress. We continue to increase our base of customers. We shipped to 2 new international customers over the second quarter in addition to shipments made to existing customers. These products consist of both our highly rated solar modules and our proprietary racking systems," Kircher pointed out. "We also added additional sales representatives in Australia, Greece and the Balkans to bolster our international presence."
