SNRY Exceeds Guidance with Record Revenue of $2.6 Million
Sequential Quarterly Revenue Increases 459%
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 $2.6
million in revenue for the Fourth Quarter ended July, 31 2009. This represents a
459% increase in sequential quarterly revenues.
"Management is extremely pleased to have successfully exceeded its previously
stated top line guidance," said David Fann, CEO of SNRY. "Solar Energy
Initiatives strong fourth quarter performance is a direct result of our ability
to implement contracts from our rapidly growing $100 million project pipeline.
Our proven business model of providing cost effective energy solutions to
municipalities has established Solar Energy Initiatives as a recognized name
within the renewable energy market. The recent announcement of our spin-off
company, Solar Park Initiatives, has increased our ability to attract additional
commercial projects. We believe this will ultimately lead to an increase in
completed commercial projects, expansion of our geographic footprint and
ultimately improve shareholder value."
2009 Operational Highlights
* The Company announced that it will be spinning-off Solar Park Initiatives,
Inc., its wholly owned solar park company.
* Solar Park Initiatives will focus on developing large utility-scale solar
parks. Under this arrangement the new company will manage a previously announced
West Texas solar park project (estimated to be over 300 megawatts) while
pursuing other solar park projects currently under evaluation by SNRY.
* Solar Energy Initiatives signed a $6 million turn-key contract with a
Northeast U.S. municipality.
* This project is expected to begin in late October, 2009.
* SNRY formed a partnership with three Jacksonville job training and placement
agencies to train displaced workers as solar energy installation and maintenance
technicians.
* The program is expected to be funded in part by federal stimulus dollars
provided by the American Recovery and Reinvestment Act of 2009.
* The Company announced letters of intent with several municipalities in various
locations in the United States to install and operate approximately 4 megawatts
(MW) of photovoltaic (PV) systems on government buildings.
* Management anticipates that the projects will be completed by the second
quarter of fiscal 2010.
2009 Year End Financial Results
Revenue for the year ended July 31, 2009 was $3.8 million, compared to $0
revenue for the period ended July 31, 2008. Gross Profit for the year ended July
31, 2009 was $800,000. There was no Gross Profit for the same period ended July
31, 2008.
Operating loss for the year ended July 31, 2009 was $2.7 million, an increase of
68% compared to $1.6 million for the fiscal year ended July 31, 2008. Loss per
share was $0.21 per share for the 12 month period ended July 31, 2009 compared
to a loss of $0.15 per share for the comparable period ended in 2008. The
increase in net loss can be attributed to an increase in cash based management
fees and salaries, consulting fees and legal and professional fees, and stock
based compensation expenses.
Selling, general and administrative expenses totaled $3.5 million for the year
ended July 31, 2009, compared with $1.6 for the same period 2008, an increase of
119%. These results are consistent with the Company`s transition from a
developmental stage company to a revenue generating company.
As of July 31, 2009, Solar Energy Initiatives had total assets of $3.1 million
an increase of 675% compared to total assets of $400,000 at July 31, 2008.
"Management is encouraged with the significant strides that the company has made
in its first year of business," continued, Mr. Fann. "We believe that our growth
from a developmental stage business to a rapidly emerging solar company will
persist throughout the foreseeable future as we continue to expand our already
impressive pipeline. Management is excited with the amount of new business
inquiries and the upward trajectory of the company. Our dealer network continues
to expand as we expect to achieve positive cash flow status in the coming
quarter. We remain focused on achieving our ultimate goals of becoming the
market leader within the solar energy market, expanding market presence and
increasing earnings."
Conference Call
As a reminder, Solar Energy Initiatives will host a conference call on Thursday,
October 29, 2009 at 4:15 p.m. Eastern Daylight Time to discuss the Company's
financial and operational results for the Fourth Quarter and Year End 2009.
During the call management will discuss the company`s $100 million pipeline and
the spin-off of Solar Park Initiatives.
The conference call will take place on October 29, 2009 at 4:15 pm (EDT). If
calling within the United States please dial 1-888-549-7742 or if calling
internationally, please dial 1-480-629-9857 approximately 5 to 10 minutes prior
to 4:15 pm (EDT) start time. Participants should ask for the Solar Energy
Initiatives Fourth Quarter and Year End 2009 Financial Results conference call.
There will be a playback available until November 05, 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 4176848 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.
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
Copyright Business Wire 2009
