Solar Energy Initiatives, Inc. announced that it has recorded $521,000 in revenue for the second quarter ended January 31, 2009. This represents a stunning 117% increase in sequential quarterly revenues.
â€œThe companyâ€™s strong second quarter results provide us with a platform for continued organic growth and escalating revenues,â€ commented David Fann, CEO of SNRY. â€œSince inception, the Company has successfully transitioned from a developmental stage corporation to a viable revenue generating company that is rapidly increasing sales. The recent announcement of our RENEW THE NATION campaign has increased both website traffic and dealer inquiries ten fold. These are key factors in securing new network dealers and ultimately expanding our geographic footprint.â€
Operating loss for the quarter was $582,000, down 49% compared to $868,000 for the first quarter of 2009. General and administrative expenses were reduced substantially to $661,000, compared with over $1,028,000 Million in the first quarter of 2009, an approximate 36% reduction.
As of January 31, 2009, Solar Energy Initiatives had total assets of $1,882,000, a 321% increase compared to total assets of $447,000 at January 31, 2008. An acquisition completed in August and an increase of certified dealers within Solar Energyâ€™s dealer network resulted in the increase in revenue and total assets.
â€œWe are pleased with both the top line growth and operational milestones achieved during the quarter,â€ added Mr. Fann. â€œWe not only successfully increased our revenue base, but we aggressively lowered our expenses as we move towards profitability. We expect our revenues for the third quarter to double compared to our second quarter results. Management is confident that this upward trending momentum will continue through 2009 and the foreseeable future. We are excited with the current status of prospective business generation and the direction in which the Company is headed. Our expanding dealer network will continue to improve revenue, and we expect to reach positive cash flow status next quarter, thus helping us to achieve our ultimate goal of improving shareholder value.â€