Real Goods Solar (RSOL): Misses With Mounting Losses

While the solar installers Akeena Solar (AKNS) & Real Goods Solar (RSOL) have perked up a bit technically, fundamentally  both remain in dire straits.  Akeena Solar (AKNS) reported their miserable quarter several days ago and after the bell today it was Real Goods turn.  It wasn’t pretty but RSOL is closer to profitability than AKNS.

The company reported a much wider loss than the year ago period at .08/share which missed analyst expectations of a .06/loss.  Revenues increased 45% over the year ago period to $9.5 million but that was mostly due to acquisitions and lower than analyst estimates of $9.89 million.

“The first quarter is generally our slowest quarter of the year due to seasonality, winter weather and shorter installation days,” commented Tom McCalmont, Chief Executive Officer. “This effect was magnified during the first quarter of 2009 by the very challenging economic environment. However, as the sun has come out this spring and our new marketing initiatives have taken hold, we have begun to see some initial momentum in sales and we are hopeful that this trend will continue as we enter into the prime summer selling months. While our optimism remains cautious, we are encouraged by the signing of a number of significant sales contracts during the last sixty days, representing over $30 million of revenue.”

Ok Tom, we’ll check back in next quarter and see if the spring does indeed warm up those sales. 

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