Solar power systems installer Akeena Soalr, Inc (Nasdaq: AKNS) reported a larger loss than expected for 1Q08, saying that a looming recession and tightening credit are affecting consumer decisions to invest in residential solar.
The company reported a net loss of $4.6 million, or $0.16 per share compare to a net loss of $933,000, or $0.06 cents per share a year ago.
Net sales doubled to $12.2 million. CEO Barry Cinnamon said, "Although installations were at a record level this quarter and customer inquiries were also at a record high, bookings did not keep pace."
The company said a tripling of operating expenses was responsible for the net loss being larger than the $0.13 per share predicted by analysts.
Akeena forecast full-year revenue to grow by 40 to 50% over last year. According to Reuters, Akeena shares fell 20% before closing on Wednesday.
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. The company’s new integrated solar panel system, Andalay, is the only solar panel system with integrated racking, wiring and grounding.
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