REAL GOODS SOLAR, REAL GOOD IN ‘09

Real Goods Solar Reports Record Fourth Quarter Results
March 8, 2010 (Global Newswire via MarketWatch)

"Real Goods Solar, Inc…[n]et revenue for the fourth quarter of 2009 increased 41.8% to $19.1 million from $13.5 million recorded in the same period last year. All of the year-over-year revenue growth was organic.

"Gross profit increased to $5.4 million, or 28.1% of net revenue, for the fourth quarter of 2009 from $3.2 million, or 23.5% of net revenue, in the comparable period last year. The increase in gross profit percentage primarily reflects improved installation practices as well as declines in module prices over the last year."

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"Operating expenses as a percent of net revenue decreased to 26.3% for the fourth quarter of 2009 from 42.1% in the comparable period last year. This decrease is partially a reflection of the significant fixed cost component of the business and the available leverage as revenues scale. Additionally, the lower operating expenses have resulted from significant cost savings achieved by transitioning all acquisitions to a single set of systems and a unified brand."

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"Net income for the fourth quarter of 2009 was $0.2 million, or $0.01 per share, as compared to a net loss of $27.4 million, or $1.53 per share, for the comparable period last year. Excluding the non-cash goodwill impairment charge, net of tax, of $25.9 million, net loss for the fourth quarter of 2008 would have been $1.5 million, or $0.08 per share.

"For the year ended December 31, 2009, revenue was $64.3 million, a 64.0% increase from $39.2 million in the comparable period last year, due to acquisitions and organic growth. Net loss totaled $1.6 million, or $0.09 per share, compared to a net loss of $28.0 million, or $1.86 per share, for the year ended December 31, 2008. Excluding the non-cash goodwill impairment charge, net of tax, of $25.9 million, net loss for the year ended December 31, 2008 would have been $2.1 million, or $0.14 per share…[and excluding acquisitions]…"