UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13
OR 15(d)
OF THE SECURITIES
EXCHANGE ACT OF 1934
Date of Report
(Date of Earliest Event Reported): November 9, 2015
REAL GOODS
SOLAR, INC.
(Exact Name of Registrant
as Specified in its Charter)
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Colorado |
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001-34044 |
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26-1851813 |
(State or Other Jurisdiction
of Incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
833 W. South
Boulder Road, Louisville, CO 80027-2452
(Address of Principal
Executive Offices, Including Zip Code)
Registrant’s
telephone number, including area code: (303) 222-8300
Not Applicable
(Former Name or
Former Address, if Changed Since Last Report)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. |
Results of Operations and Financial Condition. |
On November
9, 2015, Real Goods Solar, Inc. (the “Company”) issued a press release announcing results for its third quarter
ended September 30, 2015. A copy of the press release is attached as Exhibit 99.1.
This Current
Report on Form 8-K and the earnings press release attached hereto are being furnished by the Company pursuant to Item 2.02
“Results of Operations and Financial Condition.” In accordance with General Instruction B.2 of Form 8-K, the information
contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section.
In addition, this information shall not be deemed incorporated by reference into any of the Company’s filings with the Securities
and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits
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Exhibit
No. |
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Description |
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99.1 |
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Press Release issued by Real Goods Solar, Inc. on November 9, 2015 |
SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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REAL GOODS SOLAR, INC. |
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By: |
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/s/ Dennis Lacey |
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Dennis Lacey |
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Chief Executive Officer and Acting Principal Financial Officer |
Date: November 9, 2015
EXHIBIT INDEX
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Exhibit
No. |
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Description |
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99.1 |
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Press Release issued by Real Goods Solar, Inc. on November 9, 2015 |
Exhibit 99.1
RGS Energy
Reports Third Quarter 2015 Results
LOUISVILLE, CO, November 9, 2015 – RGS Energy (NASDAQ:
RGSE), a residential and small commercial solar company since 1978, has reported results for its third quarter ended September
30, 2015. The company also filed today its quarterly report on Form 10-Q.
Business Turnaround and Liquidity Update
“During the quarter, we continued to make progress on our
turnaround plan, including cutting our operating loss more than in half compared to the same year-ago quarter,” said Dennis
Lacey, CEO of RGS Energy. “However, the lower revenue reflects how our challenging financial condition has continued to limit
our ability to grow our sales and installation capabilities.
“To continue to execute our turnaround strategy, which includes
expanding our sales and installation capabilities, and to comply with the liquidity covenant of our amended loan agreement, we
have engaged an investment-banking firm to assist us with raising additional capital through debt or equity financing. We expect
to complete such a transaction by the end of the month.
“Our more than 37-years of experience serving the residential
and small commercial solar markets gives us confidence in our plan to grow sales, reduce cost of goods sold, and optimize acquisition
costs, as well as attract investors on favorable terms. In all, we believe the continued execution of our turn-around plan will
put us in the position to deliver 20 megawatts of installation revenue and overall breakeven results for 2016.”
Cash and Available Borrowings:
For the quarter ended (in thousands) | |
October 30,
2015 | | |
September 30,
2015 | | |
December 31,
2014 | |
Cash plus availability under current borrowing base | |
$ | 886 | | |
$ | 1,090 | | |
$ | 3,001 | |
Cash plus availability under maximum allowed borrowing base | |
$ | 3,736 | | |
$ | 3,519 | | |
$ | 3,097 | |
Q3 2015 Financial Summary
| · | In the third quarter of 2015, net revenue decreased to $10.4 million from $14.7 million in the previous quarter and $18.9 million
in the third quarter of 2014. The company did not emphasize originating new sales during 2015, as it focused on converting its
long-standing backlog to revenue and achieving a better balance between sales and construction. Now that the company has reduced
its backlog, it is now refocused on new sales order generation. |
| o | Residential segment average selling price (ASP) on new sales orders decreased 4.9% from the previous quarter and rose 1.6%
from the third quarter of 2014. |
| o | The company installed solar equipment on 253 roofs in the third quarter of 2015, as compared to 438 installations in the previous
quarter and 548 installations in the third quarter of 2014. |
| · | In the third quarter of 2015, income from continuing operations, net of tax, decreased to a loss of $3.9 million, as compared
to a gain of $1.6 million in the previous quarter and a loss of $2.5 million in the same year ago quarter. |
| o | Gross margin for the residential segment was 12.5% in the third quarter of 2015, which decreased from 15.2% in the previous
quarter and 19.7% from the third quarter of 2014. The decrease from the year-ago quarter primarily reflects the gross margin percentage
decreasing whenever there is a decrease in revenue as there is a fixed cost element in cost of goods sold. The year-over-year decline
reflects residential segment revenue declining by 52% and continued customer cancellations. The customer cancellations principally
arose from the company’s previous inability to make installations at an appropriate rate. |
| o | Gross margin for the Sunetric segment was 19.6% in the third quarter of 2015, which decreased from 21.0% in the second quarter
of 2015 and increased from 4.0% in the third quarter of 2014. The sequential increase primarily reflects increased residential
installations, as well as the company’s refocus on its Hawaiian Island business for commercial projects. |
| o | The Sunetric segment contributed $110,000 in the third quarter of 2015, as compared to a loss of $1.4 million in the same year-ago
quarter. The increase was attributable to an increased level of residential approval by the local utility and improved integration
of business activities, including cost saving initiatives. |
| o | Aggregate selling and operating and general and administrative expenses decreased $4.5 million to $4.7 million in the quarter
versus the prior year quarter. The decrease in the selling and
operating expenses was primarily attributable to a decrease in headcount; general and administrative cost saving initiatives; the
restructuring of the sales organization and commission plan; and, reducing the cost of customer leads. Given RGS Energy plans to
increase the size of its sales organization, it expects to incur up-front sales and marketing costs that will increase its total
selling and operating expenses both in dollar amount and as a percentage of revenue for the remainder of 2015. |
| o | Litigation expenses were $1.1 million during the quarter related to the July 2014 capital raise. |
| o | Derivative gain, net, was $0.7 million in the quarter versus $4.5 million in the previous quarter and $6.8 million in the third
quarter of 2014. The change in derivative liability is principally due to the company’s market capitalization declining from
the same prior year. In the second quarter of 2015, the company completed a warrant exchange transaction that eliminated the majority
of the company’s derivative warrant liabilities. By removing the majority of the outstanding derivative warrant liabilities,
the company’s financial results will no longer be subject to same degree of material volatility from non-cash charges to
income that result from changes in the values of these derivative warrant liabilities in the past. |
| · | Loss from discontinued operations, net of tax, was $0.4 million, reflecting the winding down of the company’s Large Commercial
segment. For the prior year quarter, discontinued operations were a loss of $2.2 million, underscoring management’s earlier
announced strategic decision to exit the Large Commercial business in mainland U.S. |
| · | Including both continuing and non-continuing operations, net loss totaled $4.3 million or $(0.35) per share, as compared to
a net loss of $4.8 million or $(1.86) per share in the third quarter of 2014. |
Nine Months Ended September 30, 2015
| · | Net revenue decreased 31.6% to $35.8 million versus $52.3 million the same year-ago period. |
| · | Solar system installations on homes and small businesses decreased 41.5% to 955 installations in the period versus 1,632 installations
in the same year-ago period. |
| · | Operating loss from continuing operations was $12.5 million, as compared to $21.8 million in the same year-ago period. |
| · | Loss from discontinued operations, net of tax, was $0.7 million, as compared to a loss of $28.1 million in the same year-ago
period. |
| · | Net loss was $6.6 million or $(0.97) per share, as compared to a loss of $40.9 million or $(17.57) per share in the same year-ago
period. The improvement from the prior year is primarily attributable to management’s decision to exit the Large Commercial
segment in mainland U.S. and actions to reduce operating costs. |
Backlog and Net Sales Orders
Backlog is increased for transactions from acquired companies at
the date of acquisition and thereafter for net sales orders (representing newly signed contracts with customers, net of contract
cancellations or holds), and decreased for installations, which are reflected in revenue.
| · | Backlog decreased 61.6% to $22.5 million at September 30, 2015, as compared to $58.4 million at September 30, 2014. Residential
backlog decreased 65.8% to $11.5 million at September 30, 2015 versus $32.9 million at September 30, 2014. As mentioned above,
the company did not focus on new sales order generation during the first half of 2015 as it had to first obtain the necessary financing
to convert the backlog, and then work-off its long standing backlog. Backlog declined due to customer cancellations arising from
the backlog not being installed at a faster rate. As such, new sales orders for the company’s residential segment declined
by $16.8 million. |
| · | Backlog decreased 25.6% to $22.5 million at September 30, 2015 versus $30.2 million at June 30, 2015. |
| o | Sunetric’s backlog declined to $11.0 million at September 30, 2015 versus $12.6 million at June 30, 2015. The decline
was due to increased level of residential installation approvals by the local utility. |
| o | Residential segment backlog declined 34% to $11.5 million at September 30, 2015 versus $17.6 million at June 30, 2015. The
decline was primarily due to installations of approximately $7 million. New sales orders increased 13.7% to $5.8 million during
the third quarter as compared to $5.1 million in the prior quarter. Net cancellations decreased 10.3% to $5.2 million in the quarter
as compared to $5.8 million in the second quarter of 2015. |
Q3 2015 Financing Capacity Highlights
| · | Cash and cash equivalents were $1.2 million at September 30, 2015 versus $1.9 million at December 31, 2014. |
| · | For installations during the quarter, 54% were paid for in-cash, 32% were financed with third-party loan programs, and 12%
utilized company and third-party lease programs. |
| · | As previously reported, on July 1, 2015, the company raised net proceeds totaling approximately $4.4 million. |
RGS Energy National Footprint
RGS Energy serves residential and small business customers in eight
mainland U.S. states and Hawaii. The company markets its solar power systems through a mix of field sales teams and e-sales call
center approach, as well as installs its systems using in-house and third-party integrators. For East Coast operations, the company
primarily utilizes field sales through solarize programs and in-house construction crews. In California and Colorado, the company
markets solely through its e-sales, call center-based approach and installs only through its authorized third-party integrators.
RGS Energy National Footprint
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Sunetric
Segment |
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Residential Segment |
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RGS |
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Future |
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Pacific |
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MidAtlantic |
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New England |
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West Coast |
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Total |
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States |
States of Operation |
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HI |
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NY |
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NJ |
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CT |
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MA |
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VT |
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RI |
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CA |
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CO(HQ) |
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9 |
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TBD |
Customers Served |
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Residential |
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* |
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* |
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* |
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* |
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* |
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* |
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* |
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* |
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9 |
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* |
Small Commercial |
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* |
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* |
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* |
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* |
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* |
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* |
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* |
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* |
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* |
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9 |
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TBD |
Large Commercial |
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* |
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1 |
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Company Field Sales Teams |
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* |
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* |
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* |
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* |
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* |
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* |
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* |
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7 |
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TBD |
Company Construction Teams |
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* |
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* |
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* |
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* |
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* |
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5 |
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TBD |
Call Center Sales |
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* |
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* |
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* |
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* |
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* |
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* |
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* |
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* |
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1 |
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Authorized 3rd Party Integrators |
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* |
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* |
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* |
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* |
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* |
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* |
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* |
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* |
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8 |
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* |
Number of Offices/Warehouses |
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1 |
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1 |
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- |
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2 |
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3 |
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2 |
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1 |
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- |
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1 |
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11 |
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TBD |
Conference Call
RGS Energy will hold a conference call to discuss its third quarter
2015 financial results later today. Management will host the presentation, followed by a question and answer period.
Date: Monday, November 9, 2015
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-888-208-1361
International dial-in number: 1-913-312-0396
Conference ID: 9410795
Webcast: http://public.viavid.com/index.php?id=116732
The conference call will be webcast live and available for replay
via the investor relations section of the company's website at RGSEnergy.com.
Please call the conference telephone number five minutes prior to
the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference
call, please contact Liolios Group at 1-949-574-3860.
A replay of the call will be available after 7:30 p.m. Eastern time
on the same day through November 16, 2015.
Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID: 9410795
About RGS Energy
RGS Energy (NASDAQ: RGSE) a rooftop installer of solar equipment,
serving residential and small business customers in the mainland U.S. and Hawaii. Beginning with one of the very first photovoltaic
panels sold in 1978, the company has installed tens of thousands solar power systems. RGS Energy makes it possible for customers
to save on their energy bill by providing a comprehensive solar solution, from design, financing, permitting and installation to
ongoing monitoring, maintenance and support.
For more information, visit RGSEnergy.com, on Facebook at www.facebook.com/rgsenergy
and on Twitter at www.twitter.com/rgsenergy. RGS Energy is a trade name and RGS Energy makes filings with the Securities and Exchange
Commission under its official name “Real Goods Solar, Inc.” For more information about the company, visit www.rgsenergy.com.
Forward-Looking Statements and Cautionary Statements
This press release may contain forward-looking statements that involve
risks and uncertainties. Forward-looking statements are neither historical facts nor assurances of future performance. Instead,
they provide our current beliefs, expectations, assumptions and forecasts about future events, and include statements regarding
our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management
for future operations. The words “anticipate,” “believe,” “plan,” “estimate,” “expect,”
“strive,” “future,” “intend,” “may,” “will” and similar expressions
as they relate to us are intended to identify such forward-looking statements. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could
cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include,
without limitation, the following: the continuation and level of government subsidies and incentives for solar energy, the impacts
of worsening economic conditions on homeowners and small commercial operations that may limit their ability and desire to invest
in solar energy systems, changing and updating technologies and the issues presented by these new technologies related to customer
demand and our product offering, the rates charged by electric utilities that may impact the desirability of our product to customers,
our success in implementing our plans to increase future sales and revenue by expanding our sales and construction organizations
and expanding into new states of operation, the impact of a drop in the price of conventional energy on demand for solar energy
systems, new regulations impacting solar installations including electric codes, access to electric grids, the willingness of electric
utilities to allow net energy metering and other regulations affecting energy consumption by consumers, factors impacting the timely
installation of solar energy systems, seasonality and adverse weather conditions inhibiting our ability to install solar energy
systems, our inability to maintain effective disclosure controls and procedures and internal control over financial reporting,
our ability to operate with our existing financial resources and capital available under our debt facility, the impact of our present
indebtedness and projected future borrowings on our financial health, our ability to continue to obtain access to financing and
financial concessions when needed from financiers, loss of key personnel and ability to attract necessary personnel, our history
of operating losses, our failure to realize cost savings from restructuring and optimization, geographic concentration of revenue
from the sale of solar energy systems in east coast states, Hawaii and California, our failure to timely or accurately complete
financing paperwork behalf of customers, adverse outcomes arising from litigation and contract disputes, disruption of our supply
chain from equipment manufacturers, construction risks and costs, competition, continued access to competitive third party financiers
to finance customer solar installations, failure by manufacturers of third party installers to perform under their warranties to
us, failure of customers to pay per contractual terms, potential shortages of supplies for solar energy systems, conditions affecting
international trade having an adverse effect on the supply of solar photovoltaic modules, delays or cancellations for system installations
done on a percentage-of-completion, non-compliance with NASDAQ continued listing requirements, changing reporting requirements
which require significant compliance efforts and resources, volatile market price of our Class A common stock, lack of coverage
of our Class A common stock by securities analysts, the low likelihood that we will pay any cash dividends on our Class A common
stock for the foreseeable future, possibility of future dilutive issuances of securities, anti-takeover provisions in our organizational
documents, the significant ownership and voting power of our Class A common stock held by Riverside Renewable Energy Investments,
LLC, the potential impact of the U.S. Securities and Exchange Commission’s investigation, our ability to raise funds to meet
our financial obligations for the next 12 months, and such other factors as discussed throughout Part I, Item 1A, Risk Factors
and Part II, Item 7, Management’s Discussion and Analysis of Financial Conditions and Results of Operations of our Annual
Report on Form 10-K for the year ended December 31, 2014 and Part I, Item 2, Management’s Discussion and Analysis of Financial
Condition and Results of Operations and Part II, Item 1A, Risk Factors included in our Quarterly Reports on Form 10-Q for the quarterly
periods in 2015.
Any forward-looking statement made by us in this press release is
based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation
to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result
of new information, future developments or otherwise. These documents are available on both the EDGAR section of the SEC's website
at www.sec.gov and the Investor Relations section of the company's website at www.rgsenergy.com.
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RGS Energy | |
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Condensed Consolidated
Balance Sheets | |
| |
(in thousands, except per share
amounts - unaudited) | |
| |
September | | |
December | |
| |
30,
2015 | | |
31,
2014 | |
Cash & cash equivalents | |
$ | 1,241 | | |
$ | 1,947 | |
Accounts Receivable | |
| 6,704 | | |
| 8,293 | |
Inventory | |
| 2,902 | | |
| 4,639 | |
Other Current Assets | |
| 3,890 | | |
| 5,884 | |
Assets of Discontinued Operations | |
| 3,238 | | |
| 8,427 | |
Total Current Assets | |
| 17,975 | | |
| 29,190 | |
Goodwill and Intangibles | |
| 1,338 | | |
| 1,338 | |
Other Assets | |
| 2,468 | | |
| 2,636 | |
Assets of Discontinued Operations | |
| 922 | | |
| 1,081 | |
Total Assets | |
$ | 22,703 | | |
$ | 34,245 | |
| |
| | | |
| | |
Line of Credit | |
$ | 2,722 | | |
$ | 4,350 | |
Related Party Debt | |
| - | | |
| 3,150 | |
Accounts Payable | |
| 7,518 | | |
| 13,398 | |
Other Current Liabilities | |
| 4,144 | | |
| 7,714 | |
Liabilities of Discontinued Operations | |
| 4,524 | | |
| 7,984 | |
Total Current Liabilities | |
| 18,908 | | |
| 36,596 | |
| |
| | | |
| | |
Common stock warrant liability | |
| 551 | | |
| 2,491 | |
| |
| | | |
| | |
Other Liabilities | |
| 55 | | |
| 132 | |
Liabilities of Discontinued Operations | |
| 225 | | |
| 327 | |
Total Liabilities | |
| 19,739 | | |
| 39,546 | |
Stockholder’s Equity (deficit) | |
| 2,964 | | |
| (5,301 | ) |
Liabilities and Stockholders' Equity | |
$ | 22,703 | | |
$ | 34,245 | |
| |
RGS Energy | |
| |
Consolidated Summary Statements
of Operations | |
| |
(in thousands, except per share
amounts - unaudited) | |
| |
Three
Months Ended Sept 30, | | |
Nine
Months Ended Sept 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Net Revenue | |
$ | 10,438 | | |
$ | 18,899 | | |
$ | 35,775 | | |
$ | 52,302 | |
Cost of Goods Sold | |
| 8,880 | | |
| 15,706 | | |
| 30,871 | | |
| 41,793 | |
Gross Margin | |
| 1,558 | | |
| 3,193 | | |
| 4,904 | | |
| 10,509 | |
Gross Margin (%) | |
| 14.93 | % | |
| 16.90 | % | |
| 13.71 | % | |
| 20.09 | % |
Selling and Operating | |
| 3,430 | | |
| 7,010 | | |
| 10,417 | | |
| 19,860 | |
General and Administrative | |
| 1,230 | | |
| 2,194 | | |
| 4,100 | | |
| 6,566 | |
Stock option compensation | |
| 131 | | |
| 461 | | |
| 531 | | |
| 1,081 | |
Acquisition-related Costs | |
| - | | |
| 59 | | |
| - | | |
| 865 | |
Restructuring Costs | |
| 66 | | |
| 355 | | |
| 424 | | |
| 355 | |
Litigation | |
| 1,084 | | |
| - | | |
| 1,584 | | |
| - | |
Depreciation and amortization | |
| 102 | | |
| 998 | | |
| 376 | | |
| 2,183 | |
Asset Impairment | |
| - | | |
| 1,365 | | |
| - | | |
| 1,365 | |
Total Expenses | |
| 6,043 | | |
| 12,442 | | |
| 17,432 | | |
| 32,275 | |
Operating Loss from Continuing Operations | |
| (4,485 | ) | |
| (9,249 | ) | |
| (12,528 | ) | |
| (21,766 | ) |
Other Income | |
| - | | |
| - | | |
| 147 | | |
| - | |
Interest Expense | |
| (54 | ) | |
| (340 | ) | |
| (423 | ) | |
| (795 | ) |
Derivative Gain, Net | |
| 660 | | |
| 6,789 | | |
| 6,924 | | |
| 8,204 | |
Income Tax (Expense)/Benefit | |
| (2 | ) | |
| 287 | | |
| 22 | | |
| 1,496 | |
Income/(Loss) from Continuing Operations, net of tax | |
| (3,881 | ) | |
| (2,513 | ) | |
| (5,858 | ) | |
| (12,861 | ) |
(Loss) From Discontinued Operations, net of tax | |
| (397 | ) | |
| (2,239 | ) | |
| (712 | ) | |
| (28,071 | ) |
Net Income/(Loss) | |
$ | (4,278 | ) | |
$ | (4,752 | ) | |
$ | (6,570 | ) | |
$ | (40,932 | ) |
Earnings per share | |
$ | (0.35 | ) | |
$ | (1.86 | ) | |
$ | (0.97 | ) | |
$ | (17.57 | ) |
Weighted average shares outstanding | |
| 12,284 | | |
| 2,553 | | |
| 6,757 | | |
| 2,330 | |
| |
RGS Energy | |
| |
Segment Results | |
| |
(in thousands - unaudited) | |
| |
Third
quarter Results | | |
YTD
Results | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Residential: | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | 6,894 | | |
$ | 14,357 | | |
$ | 24,861 | | |
$ | 43,574 | |
COGS | |
| 6,032 | | |
| 11,523 | | |
| 21,602 | | |
| 34,568 | |
Gross Margin | |
| 862 | | |
| 2,834 | | |
| 3,259 | | |
| 9,006 | |
GM% | |
| 12.50 | % | |
| 19.74 | % | |
| 13.11 | % | |
| 20.67 | % |
Operating Expenses | |
| 2,671 | | |
| 6,227 | | |
| 8,046 | | |
| 16,351 | |
Business Unit Contribution | |
$ | (1,809 | ) | |
$ | (3,393 | ) | |
$ | (4,787 | ) | |
$ | (7,345 | ) |
| |
| | | |
| | | |
| | | |
| | |
Sunetric: | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | 3,544 | | |
$ | 3,803 | | |
$ | 10,914 | | |
$ | 6,874 | |
COGS | |
| 2,848 | | |
| 3,652 | | |
| 9,269 | | |
| 5,916 | |
Gross Margin | |
| 696 | | |
| 151 | | |
| 1,645 | | |
| 958 | |
GM% | |
| 19.64 | % | |
| 3.97 | % | |
| 15.07 | % | |
| 13.94 | % |
Operating Expenses | |
| 586 | | |
| 1,547 | | |
| 1,686 | | |
| 2,503 | |
Business Unit Contribution | |
$ | 110 | | |
$ | (1,396 | ) | |
$ | (41 | ) | |
$ | (1,545 | ) |
| |
RGS Energy | |
| |
Supplemental Information | |
| |
Third
quarter Results | | |
YTD
Results | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Rooftop Installations: | |
| | | |
| | | |
| | | |
| | |
Residential | |
| 204 | | |
| 509 | | |
| 800 | | |
| 1,551 | |
Sunetric | |
| 49 | | |
| 39 | | |
| 155 | | |
| 81 | |
Total | |
| 253 | | |
| 548 | | |
| 955 | | |
| 1,632 | |
kW Installed: | |
| | | |
| | | |
| | | |
| | |
Residential | |
| 1,554 | | |
| 3,510 | | |
| 5,815 | | |
| 1,130 | |
Sunetric | |
| 899 | | |
| 680 | | |
| 2,696 | | |
| 1,345 | |
Total | |
| 2,453 | | |
| 4,190 | | |
| 8,512 | | |
| 2,475 | |
Net Orders (dollars in thousands): | |
| | | |
| | | |
| | | |
| | |
Residential | |
$ | 667 | | |
$ | 17,815 | | |
$ | (3,780 | ) | |
$ | 48,524 | |
Sunetric | |
| 1,985 | | |
| 9,203 | | |
| 403 | | |
| 17,758 | |
Total | |
$ | 2,652 | | |
$ | 27,018 | | |
$ | (3,377 | ) | |
$ | 66,282 | |
Net Orders (kW): | |
| | | |
| | | |
| | | |
| | |
Residential | |
| 152 | | |
| 4,192 | | |
| (993 | ) | |
| 11,516 | |
Sunetric | |
| 366 | | |
| 2,160 | | |
| 3 | | |
| 4,423 | |
Total | |
| 518 | | |
| 6,352 | | |
| (990 | ) | |
| 15,939 | |
| |
As
of Sept 30 2015 | |
| |
Backlog
Rooftops | | |
Backlog
Value ($'000's) | |
Backlog Information | |
| | | |
| | |
Residential | |
| 319 | | |
$ | 11,503 | |
Sunetric | |
| 116 | | |
| 10,950 | |
Total | |
| 435 | | |
$ | 22,453 | |
Investor Relations Contact
Ron Both, Senior Managing Director
Liolios Group, Inc.
Tel 1-949-574-3860
RGSE@liolios.com