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  • Akeena Solar Announces First Quarter 2010 Results Forecasts 18 Million in Revenue (NASDAQ:AKNS) 0 comments
    Apr 29, 2010 3:18 PM | about stocks: WEST

    Today at 2:00 PM ET, Akeena Solar announced their first quarter 2010 results for 2010.  To highlight some financials:

     

    1. Sales were down 15% to 6.5 million from 7.6 million a year ago
    2. Gross Profit was 1.5 million or 23% of sales compared to 2.3 million in the first quarter of 2009 or 1.3 million in the fourth quarter of 2009
    3. Net Loss for the first quarter was 2.4 million or .07 a share compared to a net loss of 5.1 million or .17 per share. 
    4.  The Company’s installations for the first quarter totaled at 878 kilowatts.

    Akeena Solar is beginning to narrow its losses and continues to make revenue from its service and installation services in the California area and through sales at Lowes home energy center.  The Andalay Solar panel cost is beginning to shrink as various parts of it, including the solar lamination begin becoming less expensive.  Stimulus from the U.S. government for installations on low income housing is tracking slowly as the year goes on.     

    Guidance for the end of the year is to have cash flow break even with 18 million in revenue finishing with a mix of 75% service installation, and 25% distribution

    This quarter was seasonally effected with inclement weather disallowing installations.  CEO Barry Cinnamon stated, “When there is snow on the roof, no one wants to install a solar panel”  As summer approaches it can be expected for sales to begin increasing.

    Following the call, I was able to participate in the Q&A at the end of the session. 

    My question was in regard to the Quarter over Quarter change in the backlog.  This quarter’s back log was 11.4 million, up from 9.4 million in the past quarter and more than double from last year’s 4.8 million.  This figure only includes installations exemplifies growth in the amount of service opportunities for the company.

    For more stories written on Akeena Solar click here

    AKNS is also featured in our Nano Cap Index and can be found here

    Currently AKNS is trading at 1.07 down .07 or 6%

     

     

    Stocks: WEST
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