Yingli Green Energy provides PV modules for 10MW solar plant in Greece
July 29, 2011 | Comments Off
The recently completed 10MW utility-scale solar project in Larissa, Greece, which is being hailed as the largest solar plant in the country, is sporting Yingli Green Energy Holding PV modules. The project was developed by Selected Energy, a subsidiary of Selected Textiles, and constructed by Biosar Energy. Financing for the 10MW project was provided on a long-term, non-recourse basis from the project finance team at Piraeus Bank.
GM Ventures makes US$7.5 million equity investment in solar power developer Sunlogics
July 29, 2011 | Comments Off
With a new US$7.5 million equity investment made by General Motors Ventures, Sunlogics PLC, a solar energy systems provider plans to establish two new manufacturing facilities and its US headquarters while additionally helping GM further their solar energy output.
Munich Re insures Solar Frontier’s CIS thin-film PV module performance warranty
July 29, 2011 | Comments Off
Working with a primary insurer in Japan while simultaneously overseeing an in-depth review of Solar Frontier’s product quality control and manufacturing processes, Munich Re advised that it has insured Solar Frontier’s CIS thin-film PV module performance warranty.
Constellation Energy celebrates 4.4MW solar system installation at Denver International Airport
July 29, 2011 | Comments Off
State and local leaders stood side by side with Denver International Airport (DIA) personnel and Constellation Energy representatives as they held a ribbon cutting ceremony for a newly established 4.4MW ground-mounted solar system. This is the third large-scale solar system to be installed at DIA, bringing the airport’s total amount of hosted solar power to over 8MW.
US Department of Veterans Affairs grants US$56.7M for solar installations on five VA hospitals
July 29, 2011 | Comments Off
The US Department of Veteran Affairs (VA) revealed that it had awarded US$56.7 million in contracts for the construction of solar PV systems at five VA hospitals across the US. The installations are set to be constructed by the summer of 2012 at VA medical centers in Oklahoma City, Oklahoma, Temple and Amarillo, Texas and Loma Linda and West Los Angeles, California.
Westinghouse Solar sees module shipments rising
July 29, 2011 | Comments Off
Granted, we are dealing with little acorns, but Westinghouse Solar reported revenue for the second quarter of 2011, up 38% q-on-q and expects revenue to accelerate further from the third quarter onwards as its recently announced new modules gain traction in the market.
Hemlock Semiconductor remains ‘sold-out’
July 29, 2011 | Comments Off
Despite the first-half slump in PV installations and significant inventory build across the PV supply chain, leading polysilicon producer Hemlock Semiconductor would seem to be riding its 50th year in business in style, as Dow Corning management noted that the polysilicon JV arm had remained ‘sold-out’ in the first half of the year and the situation would remain the same for sometime.
Spire begins expansion of advanced tech center lab, adds new PV module equipment
July 29, 2011 | Comments Off
Spire has begun the expansion of its Advanced Technology Center (ATC) lab at its corporate headquarters in Bedford, MA, with updated equipment for customer evaluation and factory training. The new Spire systems installed include a larger format laminator and electroluminescence crack detection system, as well as next-generation assembler and simulator gear.
GreenExpo365.com Event Starts Aug 9
July 29, 2011 | Comments Off
July 28, 2011 – Mark your calendar for a virtual trade show event like none other. In conjunction with EcoStructure, EcoHome, and Remodeling publications, GreenExpo365 brings manufacturers and webinar topics to help you build with sustainability in mind.
August 9 and 10, we release GPS, our Green Product Selection webinar series, with 10 prerecorded sessions helping you decipher rating systems, understand key terms, and choose the right product for your client and certification desires. You can also join in on the FIVE live sessions with industry leaders helping us all grasp the green building product market better.
This online-only event is free. GreenExpo365 registration is required.
Westinghouse Solar Announces Second Quarter 2011 Results
July 29, 2011 | Comments Off
Westinghouse Solar Announces Second Quarter 2011 Results
Quarterly Revenue Growth Up 24% Versus Prior Year and Up 38% Sequentially
July 28, 2011 – Westinghouse Solar, Inc. (Nasdaq:WEST), a designer and manufacturer of solar power systems, today announced its second quarter 2011 financial results.
“Total revenue was $2.8 million in the second quarter, a year-over-year increase of 24% compared to the second quarter of 2010, and a 38% increase compared to the first quarter of 2011,” said Barry Cinnamon, CEO of Westinghouse Solar. “We expect our revenue ramp to accelerate now that production of our new, lower cost and larger format panels has started, with our first deliveries to customers scheduled in Q3 2011.”
“We expect our new manufacturing arrangement — combined with new, larger format panels and lower component costs — to allow Westinghouse Solar to achieve attractive gross margins while pricing our panels competitively against ordinary DC systems. When new and existing installers can purchase a Westinghouse Solar AC system at a price point roughly comparable to an ordinary DC system, their decision to switch is very easy. We are continuing to expand our network of installers, currently numbering approximately 320 companies in 39 states plus Canada and Mexico,” continued Mr. Cinnamon.
“We are particularly excited about developments with our strategic partners, where shipments are growing steadily. Lennar has standardized on our Westinghouse Solar systems for their new homes in several Texas communities. Lowe’s Home Improvement has started to sell complete Westinghouse Solar systems through its website. And one of the largest worldwide HVAC companies has incorporated our panels in their solar-assisted air conditioning systems.
“As solar panels become less expensive there is increasing focus in the industry on Balance of System (BOS) and installation costs — areas in which we have concentrated our efforts for years. We believe that the combination of our patented technology and Westinghouse Solar branding gives us a competitive advantage in the marketplace — especially now that ordinary solar panels are becoming commodities,” concluded Mr. Cinnamon.
Second Quarter Financial Results
Revenue for the quarter ended June 30, 2011 was $2.8 million compared to $2.2 million in the second quarter of 2010 and $2.0 million in the first quarter of 2011. The year-over-year and sequential increases in revenue are due to the growth of our distribution network, increased revenue from our strategic partners and more competitive pricing. For the first two quarters of 2011, revenue was $4.8 million compared to $3.0 million in the comparable 2010 period, an increase of 60.8%.
Gross profit for the second quarter of 2011 was $194,000 or 7.0% of revenue, compared to $342,000 or 15.4% of revenue for the second quarter of 2010, and $278,000 or 13.9% of revenue for the first quarter of 2011. The year-over-year and sequential declines in gross margin were driven by lower average sales prices during the second quarter of 2011 related to reduced customer pricing to encourage customers to switch to our products in anticipation of our new lower cost, larger format panels that will begin shipping in Q3 2011. The lower average sales prices were partially offset by lower panel and component costs.
Total operating expenses in the second quarter of 2011 were $2.2 million, compared to $2.4 million for the same period last year and $2.0 million for the first quarter of 2011. The year-over-year decrease is due to lower general and administrative expenses of $687,000, partially offset by higher sales and marketing costs of $427,000. The year-over-year decline in general and administrative expenses was due to lower payroll costs, reduced expenditures for research and development, and reduced computer costs, travel, office supplies and rent and lower stock-based compensation. The increase in sales and marketing costs reflects increased expenditures for Westinghouse licensing fees, trade shows and advertising and higher payroll and commissions supporting the expansion of the distribution business. Compared to the first quarter of 2011, total operating expenses increased $139,000 due to higher sales and marketing expense of $354,000, partially offset by lower general and administrative expense of $215,000. The sequential increase in sales and marketing costs is primarily due to higher expenditures for Westinghouse licensing fees, trade shows and advertising. The sequential decrease in general and administrative expenses was due to a decrease in stock-based compensation expense. Stock-based compensation expense was $189,000 for the second quarter of 2011, compared to $348,000 for the same period of 2010 and $418,000 in the first quarter of 2011. Cash operating expenses (adjusted to exclude stock-based compensation expense and depreciation and amortization expense) were $1.9 million for the second quarter of 2011, compared to $2.0 million for the same period last year and $1.5 million for the first quarter of 2011.
Net loss from continuing operations was $1.3 million in the second quarter of 2011, or $0.11 per share, compared to a net loss of $1.2 million, or $0.12 per share in the same period last year, and a net loss of $1.3 million in the first quarter of 2011, or $0.11 per share. The net loss includes favorable non-cash adjustments to the fair value of common stock warrants of $668,000 and $911,000 for the second quarters of 2011 and 2010, respectively, and $463,000 for the first quarter of 2011. Excluding the impact of the common stock warrant adjustments in all periods, net loss from continuing operations for the second quarter of 2011 was $2.0 million or $0.17 per share, compared to a net loss of $2.1 million or $0.21 per share, for the second quarter of 2010, and a net loss of $1.8 million or $0.15 per share, for the first quarter of 2011.
The gain from discontinued operations was $10,000 in the second quarter of 2011, compared to a loss of $1.3 million in the same period last year, and a loss of $6,000 in the first quarter of 2011.
Net loss including discontinued operations was $1.3 million or $0.11 per share in the second quarter of 2011, compared to $2.5 million or $0.25 per share in the same period last year. For the first quarter of 2011, net loss attributable to common stockholders also included a non-cash preferred stock deemed dividend of $975,000 related to the beneficial conversion feature in the convertible preferred stock issued in the first quarter of 2011. Net loss including discontinued operations and the preferred stock deemed dividend was $2.3 million in the first quarter of 2011, or $0.20 per share.
Cash and cash equivalents at June 30, 2011 were $2.3 million. There was no balance drawn on the Company’s $750,000 line of credit at the end of the quarter. Common shares outstanding as of June 30, 2011 were 11.8 million compared to 10.2 million at June 30, 2010 and 11.6 million at March 31, 2011.
The number of employees at the end of the second quarter of 2011 was 33 full time equivalents, compared to 176 at June 30, 2010 and 32 at March 31, 2011. The year-over-year decline in employees is a result of the company’s transition out of the installation business.
Outlook
The company projects revenue for 2011 to be in the range of $15-20 million, with rapid growth expected in the latter part of the year due to the launch of new lower-priced, larger format panels. This updated range of forecast revenue takes into consideration our manufacturing ramp-up, product transition and an anticipated decline in industry-wide average selling prices. The company anticipates sequential revenue growth of 40-60% in the third quarter of 2011, and cash flow breakeven during the first full month of distributing the new products at a monthly revenue rate of $3 to $3.5 million.
Conference Call Information
Westinghouse Solar will host an earnings conference call at 11:00 a.m. PT (2:00 p.m. ET) today to discuss its second quarter 2011 earnings results. To access the live call, please dial 877-393-9062 and for international callers dial 678-894-3023 approximately 10 minutes prior to the start of the call. The conference ID is 83550053. The conference call will also be broadcast live over the Internet and will be available via webcast which can be accessed from the “Investor Relations” section of the company’s website at www.westinghousesolar.com. The webcast will be archived on the company’s website for 90 days at www.westinghousesolar.com.