Solar Energy Initiatives, Inc., a company focused on helping redeploy a portion of the U.S. workforce while reducing the worldâ€™s dependence on fossil fuels, announced today its financial results for the quarter ended April 30, 2009.
David Fann, CEO of SNRY, stated, â€œSolar Energy Initiativesâ€™ solid third quarter results coupled with the strong preliminary fourth quarter data provide management with an exciting outlook regarding the direction of the Company. Since inception, the Company has remained dedicated to its strategic business model of growing its dealer network, securing high margin commercial contracts and expanding the Companyâ€™s overall market footprint.â€
He continued, â€œWe are pleased to be reaching our financial and operating goals as we continue to position ourselves as a leader within the rapidly growing solar energy market. We are anticipating our revenue to grow steadily during the remainder of the year as we sign additional contracts that mirror our $6 million municipality project.â€
For the three and nine months ended April 30, 2009, the company reported revenue of $463,570 and $1,224,908 respectively. Selling, general and administrative expenses for the three and nine months ended April 30, 2009 totatled $784,730 and $2,474,602 respectively compared with $767,919 and $2,163,092 respectively, for the same periods ended a year earlier.
As of the end of April, Solar Energy Initiatives had total assets of $2,097,426, an increase of 423% compared to total assets of $400,934 at April 30, 2008.
â€œWe are pleased with significant strides that the Company has made since its inception,â€ added Mr. Fann. â€œWe have created an emerging organic revenue base via our rapidly growing dealer network, signed our first multi-million dollar commercial project, and are quickly adding to a project pipeline now over $75 million in completion value. Management is excited with its recent accomplishments and believes that we are only at the very early stages of realizing the Companyâ€™s potential. Solar Energyâ€™s dealer network will continue to drive top line revenues and we anticipate reaching quarterly positive cash flow during the 2009 calendar year, an achievement which will undoubtedly be a positive influence on our ultimate goal of improving shareholder value.â€