Solar Energy Initiatives, Inc. Announces Record Results for the Financial Year End 2010
November 16 2010 - 8:30AM
Marketwired
Solar Energy Initiatives, Inc. (OTCBB: SNRY), with businesses in
solar project development, distribution and workforce training,
announced revenues of over $4.6 million for the year ended July 31,
2010.
"The previous year was a period of market expansion, operational
growth and escalating top-line financials," said Mr. David Fann,
CEO of Solar Energy Initiatives. "In addition to breaking ground on
municipal installations, Solar Energy Initiatives opened its second
certified solar training school in South Carolina, received
approval by the Florida Department of Business and Professional
Regulation (DBPR) to provide Continuing Education for Electrical
Contractors and officially completed the spin-out of Solar Parks
Initiatives. Going forward, management will continue to focus its
efforts on leveraging our emerging sales division, SNRY Solar, and
the numerous government tax incentives related to solar energy in
order to increase earnings, and improve overall shareholder
value."
Recent Operational Highlights
- Signed three Power Purchase Agreements (PPAs) with the
Tennessee Valley Authority (TVA) to build 2.5 MWs of projects with
municipal and institutional clients. Under the completed
agreements, TVA has agreed to purchase all of the power the systems
produce, as well as the associated environmental benefits.
- Solar Energy Initiatives, Inc. will lead the project
development effort, including system design, installation and
operation of the proposed 2.5 megawatts (MW) of photovoltaic (PV)
systems on the sites.
- Completed the necessary funding to facilitate the first phase
of a 1 Megawatt (MW) installation of photovoltaic (PV) system for a
southeast municipality.
- The current funding for ½ Mw will allow the first phase of the
project to be finalized within 90 days and generate an estimated
and projected $2 million of revenue.
- Announced that the company's SNRY Solar Inc. division has been
approved to open its solar technical training school in South
Carolina.
- The Solar Installation School, developed and facilitated by
Solar EOS -- a wholly owned subsidiary of Solar Energy Initiatives,
Inc. -- will be added to the South Carolina Workforce Investment's
Eligible Training Provider list and the School will be a new
training option to which area Career One-Stop locations will begin
referring eligible training applications.
- Approved by the Florida Department of Business and Professional
Regulation (DBPR) to provide Continuing Education for Electrical
Contractors
- Solar EOS has developed specific training programs titled
"Solar for Electrical Contractors" and "Solar for Building
Inspectors" that will earn (5) CE's towards their licensure in
Florida.
Financial Results for the Fiscal Year Ended
July 31, 2010
For the years ending July 31, 2010 and 2009, Solar Energy
Initiatives recorded revenues of $4,643,974 and $3,925,886,
respectively. The increase in revenue is due to beginning
operations and is derived from the training of our new dealers and
the sale of product.
For the period ending July 31, 2010 and 2009, we had cost of
sales of $3,925,886 and $3,023,639, respectively. As we began to
generate revenue and record sales in this fiscal year, we generated
a cost of sales expense.
Selling, general and administrative expenses for the year ended
July 31, 2010 and July 31, 2009 were $5,572,818 and $3,461,128,
respectively. Cash-based management fees, wages and salaries were
$1,104,155 for fiscal 2010 and $625,416 for fiscal 2009, the
increase is due to the addition of employees. Stock-based
compensation was $1,623,465, management consulting fees were
$328,735 for fiscal 2010 and $464,492 for fiscal 2009, travel and
entertainment was $283,588 for fiscal 2010 and $135,433 for fiscal
2009, and legal and professional costs totaled $217,081 for fiscal
2010 and $232,810 in fiscal 2009, of which the increases primarily
relate to our acquisition costs, selling activities, financing
activities, the preparation of audited and reviewed financial
statements and SEC reporting.
Net Loss attributable to Solar Energy Initiatives, Inc. was
$5,891,324 for the year ended July 31, 2010 compared to $3,155,269
for the year ended July 31, 2009. The net loss primarily reflects
our expenses relating to business activities that have been
incurred ahead of our ability to recognize material revenues from
our business plan. Loss from non-controlling interest in Solar Park
Initiatives, Inc was $342,766 for the year ended July 31, 2010 and
$0 for the year ended July 31, 2009.
Mr. Fann continued, "Management is encouraged with the continued
positive trending as we strive to establish ourselves as the
industry leader in solar energy service solutions. The Company
believes that our strong proprietary relationships coupled with the
readily available tax breaks for clean energy have SNRY well
positioned for significant near term growth and long term
stability. We look forward to capitalizing on the numerous
outstanding prospects that are presently available to us while at
the same time uncovering new profitable opportunities."
About Solar Energy Initiatives, Inc.
Solar Energy Initiatives, Inc. (OTCBB: SNRY) is a diversified
provider of solar solutions with three principal operating groups
focused on large-scale projects, solar education and distribution
of solar products. SNRY Power is a developer and manager of
municipal and commercial scale solar projects. The SolarEOS Group
is dedicated to the education and continuous improvement of solar
energy trade professionals. SNRY Solar is a wholesale distributor
of branded photovoltaic and thermal (water heating) systems selling
via a network of dealers throughout the United States and the
Caribbean. Through its diversified portfolio of solar businesses,
Solar Energy Initiatives, Inc. is committed to restoring the
nation's economy through a grassroots campaign called "Renew the
Nation." Renew the Nation brings together a broad alliance of
public and private sector interests focused on workforce
development, job creation and economic growth through solar energy.
For more information please visit
http://www.solarenergy-us.com/.
Contact: Investors: Solar Energy Initiatives, Inc. David
Fann Chief Executive Officer 904-644-6090 Email Contact or Alliance
Advisors, LLC Chris Camarra or Bryan Kobel 212-398-3487 Email
Contact
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