Premier Power Renewable Energy, Inc. (PPRW.OB) Announces Results for Second Quarter Ended June 30, 2010

 @ibtimes
on August 20 2010 5:03 AM

Yesterday, Premier Power Renewable Energy, Inc. announced results for their second quarter ended June 30, 2010, highlighted by a 2Q10 sales increase of 119 percent over 2Q09 and 166 percent over 1Q10. Premier Power can be more specific about their performance expectations due to an improvement in the U.S. market and progress with their European operations.

The Company expects fiscal 2010 sales to be in a range of $70 to $80 million, an increase of 128 percent to 160 percent over sales achieved in fiscal 2009. They base this on the strength of their pipeline and current backlog from U.S. and International operations. Premier Power Renewable Energy, Inc. continues to look at additional financing opportunities and expects that with execution of additional financing Company sales would be positively affected.

Dean R. Marks, Chief Executive Officer of Premier Power, said, “With strong growth coming from our international operations combined with several significant commercial U.S. sales to be recognized in future quarters, we continue to make excellent progress and are executing according to plan. As the U.S. solar market rebounds and our international efforts strengthen, we believe we are well positioned to achieve the expectations and goals we’ve established for this company.”

Frank J. Sansone, Chief Financial Officer of Premier Power, said, “We’re seeing improvement in our financial position as well and are becoming more competitive in winning business. With growth in our backlog now in excess of $75 million, our billings and accounts receivable have grown accordingly.”

Headquartered in El Dorado Hills, California, Premier Power Renewable Energy, Inc. is a global leader in the development, design, engineering, and construction of large and small-scale solar power systems. These are for commercial, government, and utility markets in North America and Europe. Premier Power’s technologies and services enable their customers to maximize clean energy output along with project savings.

For more information visit: www.premierpower.com

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