April 3, 2013- SPI Solar today announced its results for the fourth quarter and year ended December 31, 2012.
Fourth-Quarter 2012 Results:
Total net sales for the fourth quarter of 2012 were $13.0 million compared with $61.3 million for the fourth quarter of 2011, which included a $42.0 million solar panel shipment to KDC Solar LLC.
Total cost of goods sold for the fourth quarter of 2012 was $16.1 million compared with $53.3 million for the fourth quarter of 2011. Cost of goods sold for the fourth quarter of 2012 included $3.1 million in impairment charges due to $2.7 million in cost in excess of projected budgets on the Greek project portfolio and $0.4 million in impairment for inventory obsolescence.
Total operating expenses for the fourth quarter of 2012 were $11.4 million compared with $4.6 million for the fourth quarter of 2011. Operating expenses for the fourth quarter of 2012 included $3.1 million in non-recurring charges, $2.1 million of consulting and commission expenses related to the Company’s Italian subsidiary, $1.1 million in audit-related expenses, and $0.1 million in impairment of an intangible asset due to a change in business strategy.
Net loss for the fourth quarter of 2012 was $15.2 million, or ($0.08) per basic and diluted share. This compared with net income of $3.8 million, or $0.02 per basic and diluted share, for the fourth quarter of 2011.
Full-Year 2012 Results:
As a reminder, the historical financials and comparisons noted below reflect the acquisition of Solar Green Technologies, the Company’s Italian subsidiary, as required under U.S. GAAP accounting guidelines for a transfer of an entity under common control. As a result, excluded from the results of operations below are the results of legacy Solar Power, Inc. for the three months ended March 31, 2011, as follows: net sales of $5.8 million, cost of goods sold of $5.1 million, and operating expenses of $2.2 million.
For the year ended December 31, 2012, total net sales were $100.0 million, compared with $139.8 million for 2011. Gross profit for 2012 was $8.6 million, compared with $15.9 million for 2011.
For 2012, the Company reported total cost of goods sold of $91.4 million, compared with $123.9 million for 2011.
For 2012, the Company reported total operating expenses of $32.3 million, which included goodwill impairment and other charges of $6.0 million. This compared with total operating expenses of $13.7 million for 2011.
The Company recorded a net loss for 2012 of $25.6 million, or ($0.13) per basic and diluted share, compared with net income of $1.2 million, or $0.01 per basic and diluted share, for 2011.
Cash and cash equivalents at December 31, 2012 were $17.8 million, compared with $24.5 million at December 31, 2011.