California
|
0-50142 | 20-4956638 | ||
(State or other jurisdiction of
|
(Commission File Number) | (I.R.S. Employer | ||
incorporation or organization)
|
Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Exhibit Description | |
99.1
|
Press release dated March 14, 2011 |
2
SOLAR POWER, INC a California Corporation |
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Dated: March 14, 2011 | /s/ Alan M. Lefko | |||
Alan M. Lefko, | ||||
Vice President Finance |
| Successful repositioning of company as a SEF developer for utilities and commercial prospects coupled with reduced operating expenses resulted in a profitable fourth quarter. | ||
| We successfully commissioned the second 2.4-megawatt phase of the Aerojet project, bringing the full 6-megawatt system into operation. | ||
| We were awarded the 5-megawatt rooftop project for White Rose Foods in New Jersey, believed to be the largest rooftop system in the United States. | ||
| We began construction of the 1.75-megawatt elevated shade structure for RV storage at the Temescal Canyon RV storage center in Temescal, CA. | ||
| The Company was awarded the contract for and began construction of 2.24 megawatts comprised of multiple systems across the Baldwin Park Unified School District in Baldwin Park, CA. | ||
| The Company was awarded the contract for and began construction of a distributed generation system for 20th Century Fox Film Corporation at its Century City, California headquarters and studio complex. | ||
| We received the outstanding $9 million payment for Aerojet project in August. |
For additional information contact: |
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Steve Kircher, Chairman & CEO
|
Brion Tanous | |
Solar Power, Inc.
|
CleanTech IR, Inc. | |
(916) 745-0900
|
(310) 541-6824 | |
btanous@cleantech-ir.com |
2010 | 2009 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 1,441 | $ | 3,136 | ||||
Accounts receivable, net of allowance for doubtful accounts of $28 and $395 at December 31, 2010 and 2009,
respectively and net of deferred revenues |
5,988 | 17,985 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts |
2,225 | 7,800 | ||||||
Notes
receivable, net of deferred revenue current portion at December 31, 2009 |
| | ||||||
Inventories, net |
4,087 | 5,213 | ||||||
Asset held for sale |
6,669 | | ||||||
Prepaid expenses and other current assets |
702 | 1,275 | ||||||
Restricted cash |
285 | 280 | ||||||
Total current assets |
21,397 | 35,689 | ||||||
Goodwill |
435 | 435 | ||||||
Note receivable, net of deferred revenue long term portion at December 31, 2009 |
| | ||||||
Restricted cash |
1,059 | | ||||||
Property, plant and equipment at cost, net |
915 | 1,390 | ||||||
Total assets |
$ | 23,806 | $ | 37,514 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 6,055 | $ | 16,110 | ||||
Accrued liabilities |
4,298 | 4,201 | ||||||
Income taxes payable |
2 | 291 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts |
1,767 | 154 | ||||||
Loans payable and capital lease obligations |
3,808 | 260 | ||||||
Total current liabilities |
15,930 | 21,016 | ||||||
Loans payable and capital lease obligations, net of current portion |
13 | 53 | ||||||
Total liabilities |
15,943 | 21,069 | ||||||
Commitments and contingencies |
| | ||||||
Stockholders equity |
||||||||
Preferred
stock, par $0.0001, 20,000,000 shares authorized, none issued
and outstanding at December 31, 2010 and 2009 |
| | ||||||
Common
stock, par $0.0001, 100,000,000 shares authorized 52,292,576 shares issued and outstanding at December 31, 2010 and 2009 |
5 | 5 | ||||||
Additional paid in capital |
42,114 | 41,808 | ||||||
Accumulated other comprehensive loss |
(240 | ) | (222 | ) | ||||
Accumulated deficit |
(34,016 | ) | (25,146 | ) | ||||
Total stockholders equity |
7,863 | 16,445 | ||||||
Total liabilities and stockholders equity |
$ | 23,806 | $ | 37,514 | ||||
2010 | 2009 | |||||||
Net sales |
$ | 34,036 | $ | 52,551 | ||||
Cost of goods sold |
29,282 | 45,788 | ||||||
Gross profit |
4,754 | 6,763 | ||||||
Operating expenses: |
||||||||
General and administrative |
7,578 | 8,849 | ||||||
Sales, marketing and customer service |
3,652 | 3,841 | ||||||
Engineering, design and product management |
947 | 939 | ||||||
Total operating expenses |
12,177 | 13,629 | ||||||
Operating loss |
(7,423 | ) | (6,866 | ) | ||||
Other income (expense): |
||||||||
Interest expense |
(450 | ) | (49 | ) | ||||
Interest income |
| 12 | ||||||
Other expense |
(1,138 | ) | (21 | ) | ||||
Total other expense |
(1,588 | ) | (58 | ) | ||||
Loss before income taxes |
(9,011 | ) | (6,924 | ) | ||||
Income tax (benefit) expense |
(141 | ) | 46 | |||||
Net loss |
$ | (8,870 | ) | $ | (6,970 | ) | ||
Net loss per common share: |
||||||||
Basic |
$ | (0.17 | ) | $ | (0.17 | ) | ||
Diluted |
$ | (0.17 | ) | $ | (0.17 | ) | ||
Weighted average number of common shares used in computing per
share amounts |
||||||||
Basic |
52,292,576 | 41,787,637 | ||||||
Diluted |
52,292,576 | 41,787,637 | ||||||