Akeena Solar, a designer and installer of solar power systems, expects to report record revenue for FY07 of $32.2 million, representing a 141% increase over FY06 revenue of $13.4 million.
"Our goal is to double revenue in 2008, building on 2007’s stellar revenue growth and propelled by the transition to Andalay, our proprietary solar panel installation technology. By building the racking, wiring and grounding into the solar panel itself, Andalay provides customers with a better looking and more reliable solar power system. And from Akeena’s standpoint, the lower installation costs and faster installation times with Andalay yield greater operational efficiencies," said Barry Cinnamon, president and CEO of Akeena Solar.
"Our 2008 business plan calls for us to achieve EBITDA breakeven by year-end, adjusted for non-cash stock based compensation expense. We expect to make substantial progress toward reaching GAAP profitability by the end of 2009," added Cinnamon.
Management plans to report final results for the fourth quarter and year ended December 31, 2007 on March 13th.
About Akeena Solar, Inc.
Founded in 2001, Akeena Solar has grown to become one of the largest national installers of residential and commercial solar power systems in the United States, serving customers directly in California, New Jersey, New York, Connecticut and Pennsylvania.
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