Akeena Solar, Inc. (AKNS.OB), a solar system designer and installer, announced results for the third quarter and nine months ended September 30, 2006. “Strong demand for solar power and solid execution delivered revenue growth of almost 30 percent sequentially and over 60 percent compared to the third quarter of last year,” said Barry Cinnamon, CEO of Akeena Solar. “In fact, we are increasing our 2006 revenue guidance to exceed 70 percent growth over 2005.”
Net sales for Q3 2006 were $3.6 million, an increase of 62% from $2.2 million in Q3 2005. Gross profit for the quarter was $890,000 (25% of sales), down from 32% of sales in Q3 2005.
The company had a net loss for the quarter of $527,000 ($0.05 per share), compared to net income of $195,000 ($0.02 per share) for Q3 2005.
For the nine months ended September 30, 2006, Akeena reported net sales of $8.9 million and gross profit of $2.2 million, or 25 percent of sales. This compares to net sales of $4.8 million and gross profit of $1.1 million, or 24 percent of sales, for the same period last year. The company reported a net loss of $755,000, or $0.08 per share, for the first nine months of 2006, compared to a net loss of $61,000, or $0.01 per share, in the first nine months of 2005.
“During the quarter, we expanded operations into Fresno, CA. An ideal location for Akeena, the Central Valley has high energy costs and a strong rebate program, which has driven a 70 percent compounded annual growth rate since 2004 in the photovoltaic market segment, according to the California Energy Commission. Based on ongoing business, this office launched with a backlog of $2 million to $3 million.”
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