Science & Technology
Science and Technology
Science and Technology
Mon, December 22, 2008 Solar Energy Initiatives, Inc. Announces First Quarter Results
PONTE VEDRA BEACH, Fla.--([ BUSINESS WIRE ])--Solar Energy Initiatives, Inc. (OTCBB:SNRY) today announced financial results for the quarter ended October 31, 2008.
Greg Bakeman, COO and CFO said: "We are pleased to announce that we have made the transition from a development stage company to an operating business. Revenues for the quarter, which was only an 8-week period post acquisition, were generated from one of our 3 business segments and totaled $240,000. The growth of our dealer network and developing pipeline of sales bodes well as we look to future periods."
Q1 Financial Summary (change to reflect SEI)
Solar Energy Initiatives, Inc's ("SEII") results for the quarter ended October 31, 2008, include the operations of its acquisition, which was completed on August 20, 2008, through the end of the quarter, SEII reported revenues of approximately $240,000 for the quarter ended October 31, 2008, its first period of revenues for the Company, and a net loss of approximately ($346,000). Acquisition and development costs of our new business unit contributed to the loss. EPS for the first quarter of 2008 was ($0.03) on 13.6. million weighted average shares outstanding.
Operating Expenses - Operating expenses, other than cost of revenues, were approximately $514,000 the first quarter of 2008. The operating expenses in the first quarter of 2008 included; approximately $110,000 of stock based compensation, $134,000 in professional costs, primarily related to the acquisition, and approximately $146,000 in wages and management consulting fees.
Cash Flow and Capital Expenditures– Net cash provided by operating activities for the first quarter of 2008 totaled approximately $42,000. In the first quarter of 2008, capital expenditures were approximately $1.6 million, the majority of which was related to the acquisition of business assets, primarily the solarenergy.com domain name.
SEII currently employs 10 full and part-time employees as of October 31, 2008. We expect to add sales and technical personnel as our business continues to expand.
Solar Energy Initiatives, Inc. – ([ www.SolarEnergy.com ]) is dedicated to reducing the world's dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, while building a profitable company. We are executing on a three pronged approach to achieve our plan. This includes: continuing development of the fastest growing dealer network in the U.S. that sells and installs solar solutions to homeowners and commercial customers; placing solar systems on large commercial buildings and selling the energy output to the owner/occupant(s); and becoming a developer of solar parks bringing together landowners, utilities and our corporate resources to build large photovoltaic installations.
Matters discussed in this press release contain forward looking statements as defined under the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risk and uncertainties, which could significantly impact the actual results, performance or achievements of the Company. Such risks and uncertainties include, but are not limited to: the time frame for production of revenue; product development and commercial introduction; the impact of rapid price and technological change and competition; manufacturing and supply uncertainties; and other risks as may be detailed from time to time in the Company's periodic reports filed with the Securities & Exchange Commission.
