Solar Energy Initiatives, Inc. Announces Financial Results for the First Quarter of 2011
December 22 2010 - 8:30AM
Marketwired
Solar Energy Initiatives, Inc. (OTCBB: SNRY), with businesses in
solar project development, distribution and workforce training,
announced today the financial results and shareholder update for
the first quarter of 2011.
"Management believes that 2011 will be a strong period of growth
for the company," said Mr. David Fann, CEO of Solar Energy
Initiatives. "During the previous quarter, management refocused its
efforts on reducing overhead throughout the Company. This includes
a reduction in headcount, consulting agreements, rented space, and
other items resulting in savings of over $63,000 per month. These
savings will be fully reflected in the Company's second quarter.
The Company continues to make progress on the funding and/or sale
of its solar projects located on the east coast of the U.S. with an
expected sale occurring during the 2nd quarter. We are in
negotiations with various municipalities and other customers on new
solar projects including various new geographic areas such as
Delaware, Connecticut, New Jersey, Arizona and California. Going
forward, we will continue to strive to increase margins, improve
earnings and maximize shareholder value."
Operational Highlights
- Reduced burn rate and overhead expenses by over $63,000 per
month.
- Signed Power Purchase Agreements (PPAs) with the Tennessee
Valley Authority (TVA) to build 2.0 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 2.0 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.
- Announced that the company's Solar EOS Inc. subsidiary 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) CEs towards their licensure in
Florida.
Financial Results for the Three Months Ended
October 31, 2010
For the three months ended October 31, 2010, we had revenues of
$482,410 compared to $1,011,950 for the three months ended October
31, 2009. Revenues for the three months ended October 31, 2010
reflect dealer training and sales of solar energy systems and
equipment. For the three months ended October 31, 2009 revenues
relate primarily to sales of solar energy systems and
equipment.
For the three months ended October 31, 2010 our Cost of Goods
Sold were $342,006 compared to $750,416 for the three months ended
October 31, 2009, resulting in a gross profit from operations of
$140,404 compared to $261,534 respectively.
Selling, general and administrative ("S, G & A") expenses
for the three months ended October 31, 2010 were $1,396,768
compared with $1,208,378 for the same period ending October 31,
2009.
For the three months ended October 31, 2010 interest expense was
$96,532, due to interest related to, loans from shareholders, and
note interest, compared with $46,452 for the same period ending
October 31, 2009.
Our net loss attributable to Solar Energy Initiatives, Inc. was
$1,274,311 for the three months ended October 31, 2010 compared
with $993,296 for the period ending October 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.
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
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