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03/13/2008 08:05 AM
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Akeena Solar Reports Deeper Loss
SustainableBusiness.com News
Akeena Solar, Inc. (NASDAQ: AKNS), a designer and installer of solar power systems, reported 4Q losses that surprised analysts, as the company increased spending to expand operations and launch its Andalay solar-panel system.
Shares of the company's stock dropped about 5% in morning trading after the company reported losses of $4.5 million, or 18 cents per, compared to $1.2 million in losses for 4Q06.
On the upside, the company's revenue more than doubled to $10.3 million from $4.5 million, as demand for solar power systems increased.
"2007 was a transformational year for Akeena. We exceeded our goal of 135% revenue growth, vastly expanded our sales footprint, and scaled our infrastructure to support a $100 million company," said Barry Cinnamon, president and CEO of Akeena Solar. "And to cap it all off, we launched Andalay, our proprietary solar panel installation system."
"Our transition to Andalay in 2008 will simplify our back-office processes and logistics, yielding greater operational efficiencies in our business model," said Gary Effren, chief financial officer of Akeena. "As we scale the business these productivity improvements will put us on a path to sustainable profitability. We remain committed to achieving EBITDA breakeven by year-end, adjusted for non-cash stock-based compensation expenses, which will position us to make substantial progress toward reaching GAAP profitability by the end of 2009."
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 solar installation technology, Andalay, is the only solar panel system with integrated racking, wiring and grounding.
Website: http://www.akeena.com
