Akeena Solar (AKNS) Shows Little EPS Improvement, But Revenues Weak

Akeena Solar (SOLR) reported earnings this morning and the silver lining is that they didn’t burn through cash as quickly as they had in previous quarters.  That’s about it.  They reported an EPS loss of .17/share which is one cent worse than expectations and one cent worse than the year ago quarter.  The company has been cutting costs to get to the cash flow break even point but has a ways to go.  The most disappointing aspect of the quarter was the dismal revenue number of $7.6 million driven largely by weak commercial sales (just $915K this quarter vs $7 million in the year ago quarter)

The company expects conditions to be difficult for most of the year but the stimulus package should begin helping towards the end of the year.  Expectations are for flat to slightly down revenues next quarter vs the year ago quarter.  Given increasingly limited visibility in the company’s business, sluggish residential build and slower than expected additions to the backlog of commercial installations, management is not providing annual guidance at this time.

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