Year-over-Year Revenue Increases 321%
PONTE VEDRA BEACH, Fla.--(BUSINESS WIRE)--Solar Energy Initiatives, Inc. (OTCBB:SNRY), executing on a grass roots campaign, “RENEW THE NATION”, to help redeploy a portion of the U.S. work force and focus on reducing the world’s dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, today announced that it has recorded $1.0 million in revenue for the quarter ended October 31, 2009. This represents a 321% increase in year-over-year revenue.
“Solar Energy Initiatives believes that the Company has established a strong foundation for significant near-term growth,” said David Fann, CEO of SNRY. “During the quarter we achieved several milestones including; expanded our project pipeline to over $100 million in total value - announced several near term solar installations - signed a significant financing and joint marketing agreement with a municipal financial services company that guarantees our solar solutions will be marketed exclusively to over 100,000 municipalities - and completed improvements to the solar academy division, which we are confident will stimulate further growth in our dealer network. Based on our growth opportunities for 2010 we added several key employees that have already contributed to SNRY’s progress.”
First Quarter 2010 Operational Highlights
- Announced a Financing and Joint Marketing Agreement with a Municipal financial services company located in the Western U.S.
- The agreement states that the financial services institution will exclusively market Solar Energy Initiatives solar solutions to over 100,000 municipalities.
- Additionally, the financial institution will have the ability to provide project based financing for any contract that it brings to SNRY.
- Signed a Letter of Intent to assume a $1.7 million turn-key solar project and contract to supply the Gainesville Regional Utilities with solar electricity.
- As the project developer for the solar project, Solar Energy Initiatives will supply the solar equipment and balance of system.
- Installation of this project is expected to begin immediately with completion scheduled for January, 2010.
- Announced the hiring of Mr. Thomas A. Polich, Esq. who has joined the senior management team as Chief Operating Officer.
- Mr. Polich will be responsible for execution of strategic development of distribution and sales networks and solar power projects.
2010 First Quarter Financial Results
For the three months ended October 31, 2009, SNRY recorded revenues of $1,011,950, compared to $240,115 for the period ending October 31, 2008. Revenues for this quarter reflect dealer training, a municipality project and sales of solar systems and equipment.
For the three months ended October 31, 2009 our Cost of Goods Sold were $750,416, resulting in a gross profit from operations of $261,534, compared to $72,638 and $167,477 for the period ending October 31, 2008 respectively.
Selling, general and administrative (“S, G & A”) expenses for the three months ended October 31, 2009 were $1,208,378 compared with $1,037,104 for the same period ending October 31, 2009.
Net loss was $993,296 for the three months ended October 31, 2009 compared with $868,984 for the period ending October 31, 2008. The net loss primarily reflects the Company’s expenses relating to business activities that have been incurred ahead of our ability to recognize material revenues from our business plan.
As of October 31, 2009, Solar Energy Initiatives had total assets of $2.8 million, an increase of 55% compared to total assets of $1.8 million at October 31, 2008.
"Management intends to leverage its relationships that provide commercial contracts and project financings, while at the same time continuing to drive traffic to our leading website to increase dealers," continued Mr. Fann. “As we move forward we will continue to execute on our established business model in order to increase earnings, expand our geographic footprint and achieve our overall goal of improved shareholder value. As we work to convert several of the projects in our pipeline we expect to have a significantly stronger second quarter.”
Conference Call
Solar Energy Initiatives will host a conference call on Friday, December 18, 2009 at 11:00 a.m. Eastern Standard Time to discuss the Company's financial and operational results for the First Quarter 2010. If calling within the United States please dial 1-877-941-4775 or if calling internationally, please dial 1-480-629-9761 approximately 5 to 10 minutes prior to 11:00 a.m. (EST) start time. Participants should ask for the Solar Energy Initiatives First Quarter 2010 Financial Results conference call. There will be a playback available until December 25, 2009. To listen to the playback, please call 1-800-406-7325 if calling within the United States or 1-303-590-3030 if calling internationally. Please use the pass code 4194863 for replay.
A live audio webcast of the conference call will also be available at www.solarenergy.com.
About Solar Energy Initiatives, Inc.
Solar Energy Initiatives, Inc. (www.SolarEnergy.com) is executing its “RENEW THE NATION” campaign, intended to promote job growth nationwide via an aggressive grass roots effort. The main focus of RENEW THE NATION will be working with companies in the construction industry and related trades affected by the economic downturn to re-train and re-deploy their workforce into solar dealers, allowing this important national asset to meet the needs of the Solar Energy industry, the fastest growing industry in the world. We are executing on a multi-pronged approach to achieve our plan. This includes: continuing development of one of the fastest growing dealer networks in the U.S. that sells and installs solar solutions to homeowners and commercial customers; solar education and technical training to the private and public sectors, placing solar systems on large commercial buildings and selling the energy output to the owner/occupant(s) through Solar Power Purchase Agreements (PPAs); and becoming a developer of solar parks bringing together landowners, utilities and our corporate resources to build large photovoltaic installations.
The Company’s dealer network of solar energy installers has access to Canadian Solar (NASDAQ:CSIQ), BP Solar (NYSE:BP) , GE Solar (NYSE:GE) and Suntech (NYSE:STP) equipment via its distribution agreements. While Solar Energy Initiatives is not a solar franchise, and the Company does not compete directly with industry giants such as First Solar (NASDAQ:FSLR), Kyocera (NYSE:KYO), or Sanyo (OTC:SANYY), or as a system integrator, it provides exciting and practical solutions to businesses and individuals worldwide that understand the value of solar power.
Contact:
Solar Energy Initiatives, Inc., Ponte Vedra Beach
David Fann, Chief Executive Officer, 904-644-6090
david.fann@solarenergy.com
www.solarenergy.com
or
Alliance Advisors, LLC
Chris Camarra or Bryan Kobel, 212-398-3487
ccamarra@allianceadvisors.net
