Akeena Solar, Inc. (OTCBB:AKNS), a leading designer and installer of solar power systems, announced results for the fourth quarter and year ended December 31, 2006.
Barry Cinnamon, CEO of Akeena, stated, “Executing on our strategy to be the leading residential and small commercial solar power designer and integrator in the U.S., we are increasing our pace of installations, expanding our reach to new locations, and strengthening the company. During November and December, our revenue exceeded our expectations due to favorable installations conditions in California. As a result, fourth quarter 2006 revenue of $4.5 million grew 25 percent over third quarter 2006 and 87 percent over fourth quarter 2005. 2006 revenue of $13.4 million increased 86 percent over our 2005 revenue.”
Net sales for Q4 2006 were $4.5 million, an increase of 87% Gross profit was $855,000, or 19 percent of sales, compared to $459,000 (19% of sales) for Q4 05. Net loss $1.2 million, or $0.07 per share, compared to net income of $63,000 or $0.01 per share, in the fourth quarter of 2005.
For 2006, net sales were $13.4 million and gross profit was $3.0 million, or 23% of sales. This compares to 2005 net sales of $7.2 million and gross profit of $1.6 million, or 22 percent of sales. 2006 net loss was $1.8 million, or $0.16 per share, compared to 2005 net income of $1,900, or $0.00 per share. Cash and cash equivalents at December 31, 2006 were $992,000.
For 2007, management anticipates revenue to increase approximately 125%. As revenue from new offices are expected to ramp throughout the year, management anticipates revenues to be greater in the later half of 2007 than the first half of the year. For the first quarter 2007, management expects revenue to increase over 100% compared the first quarter 2006 revenue of $2.5 million.
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