Solar Energy Initiatives Inc. (SNRY.OB) Posts Q1 2010 Results, Reporting 321% YoY Revenue Increase

 @ibtimes
on December 16 2009 10:34 AM

Solar Energy Initiatives Inc. today announced a triple-digit increase in year-over-year revenue, reinforcing the importance of its mission of reducing the world’s dependence on fossil fuels through the sale of solar thermal and photovoltaic (PV) technologies.

Solar Energy reported $1.0 million in revenue for the first fiscal quarter of 2010 (ended October 31, 2009), a 321 percent increase in year-over-year revenue. The company said project expansion and strategic agreements with several entities got the company on track to achieve its goals and provide optimism for the upcoming year.

“Solar Energy Initiatives believes that the Company has established a strong foundation for significant near-term growth,” David Fann, CEO of Solar Energy stated in the press release. “During the quarter we achieved several milestones including; expanded our project pipeline to over $100 million in total value – announced several near term solar installations – signed a significant financing and joint marketing agreement with a municipal financial services company that guarantees our solar solutions will be marketed exclusively to over 100,000 municipalities – and completed improvements to the solar academy division, which we are confident will stimulate further growth in our dealer network. Based on our growth opportunities for 2010 we added several key employees that have already contributed to SNRY’s progress.”

For the first quarter of 2010, Solar Energy posted $1,011,950 in revenues, compared to $240,115 posted for the same quarter of 2008, reflecting dealer training, a municipality project and sales of solar systems and equipment.

The company reported a net loss of $993,296 for the quarter compared to $868,984 for the same period of 2008. The company attributes the net loss to business activities expenses as part of its business plan.

“Management intends to leverage its relationships that provide commercial contracts and project financings, while at the same time continuing to drive traffic to our leading website to increase dealers,” Fann stated. “As we move forward we will continue to execute on our established business model in order to increase earnings, expand our geographic footprint and achieve our overall goal of improved shareholder value. As we work to convert several of the projects in our pipeline we expect to have a significantly stronger second quarter.”

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