Akeena Solar, Inc. (AKNS.OB), a leading designer and installer of solar systems, announced preliminary revenue for fiscal 2006 of approximately $13.4 million. This represents an increase of 86% growth over its 2005 revenue of $7.2 million. The company had previously stated it expected 2006 revenue growth of 70% over 2005.
“Our pace of solar installations in California exceeded our expectations in November and December,” said Barry Cinnamon, president and CEO of Akeena Solar. “We integrated our newly expanded Fresno, California office ahead of schedule and experienced favorable weather conditions on the West Coast. As a result, both residential and small commercial installations were up in the fourth quarter, and we have exceeded our revenue expectations for 2006.”
Cinnamon continued, “Looking at the broader market, we are seeing preliminary indications of decreasing solar panel prices, which is a positive development for Akeena. We are an integrator, and the decreasing panel prices will further improve customer economics and drive top line growth for Akeena. We anticipate that lower installation costs combined with increasing awareness of the benefits of solar power will drive demand going into 2007. As such, we expect our 2007 revenue to grow approximately 125% over 2006 based on our current locations.”
Final results for the fourth quarter and year ended December 31, 2006 are expected to be reported in late March at which time management will conduct a conference call.
About Akeena Solar, Inc.
Founded in 2001, Akeena Solar has grown to become one of the largest national integrators of residential and small commercial solar power systems in the United States, serving customers directly in California, New Jersey, New York, Connecticut and Pennsylvania.
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