Solar Power, Inc. Reports Preliminary 2007 Revenues Of Approximately $18 Million
Solar Power, Inc. (SPI) announced that it expects total revenues for the fiscal year 2007 to be approximately $18 million.
These results update earlier revenue guidance of $20 million and were lower than expected due to a delay in one of its projects. The project was expected to realize revenues in the 4th quarter of 2007 and, as a result of the delay, solar panels that were built for the project will be included in 4th quarter 2007 inventory and are expected to be installed in the first half of 2008.
The company reiterated revenue guidance of $60 million for 2008 and approaching profitability by fiscal year end. "Our business continues to expand rapidly as evidenced by the number of new contracts we have signed," said Steve Kircher, CEO. "Despite this delay, our 2007 revenue more than tripled the revenue for 2006. Looking forward, the pipeline of business opportunities is strong and we expect to again approximately triple revenues for this calendar year."