Akeena Solar, Inc. (OTCBB:AKNS), a leading designer and installer of solar power systems, announced results for the second quarter and six months ended June 30, 2007.
Barry Cinnamon, CEO of Akeena, stated, “The escalating demand for solar installations continues to fuel our business. This quarter we reported record revenue of $7.5 million, representing an increase of 20 percent sequentially and 168 percent over the second quarter last year. We remain focused on building the Akeena brand while providing our customers with a superior solar installation experience. We have expanded our geographic footprint with new offices in Bakersfield, Manteca and Santa Rosa. In addition, we are getting closer to rolling out our proprietary solar installation technology.”
Net sales for the second quarter of 2007 were $7.5 million, compared to $2.8 million of net sales in the second quarter of 2006. Gross profit for the second quarter 2007 was $1.8 million, or 24 percent of sales, compared to $715,000, or 25 percent of sales in the second quarter of 2006. Sales and marketing for the 2007 period was $1.3 million, compared to $290,000 for the same quarter last year reflecting increased sales commissions and marketing campaigns promoting the company in new regions.
Research and development (R&D) for the second quarter of 2007 was $161,000 compared to no expenditure in the second quarter of 2006 reflecting higher expenses related to the development of the company’s proprietary installation technology. Total operating expenses for the quarter were $3.7 million, compared to $949,000 in the prior year quarter. Net loss for the second quarter of 2007 was $1.9 million or $0.10 per share, compared to net loss of $248,000 or $0.03 per share in the second quarter of 2006.
Cinnamon continued, “Our continued expansion demonstrates our commitment to operate in areas where the ‘climate’ is favorable for solar and customer awareness is high. In addition, our increased sales and marketing efforts helped us end the second quarter with a backlog of $13.6 million.”
Installations for the quarter were approximately 914 kilowatts, compared to approximately 350 kilowatts for the same period last year.
For the six months ended June 30, 2007, the company reported net sales of $13.8 million and gross profit of $3.3 million, or 24 percent of sales. This compares to net sales of $5.3 million and gross profit of $1.3 million, or 24 percent of sales, for the same period last year. The company reported a net loss of $2.9 million or $0.16 per share for the first half of 2007, compared to a net loss of $ 228,000 or $0.03 per share in the first half of 2006. The company ended the quarter with $14 million in cash.
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