Westinghouse Solar releases 2Q'12 results

Tuesday, August 14, 2012 0 comments

Westinghouse Solar, Inc., an Upcoming Manufacturer and designer of Solar PV systems in U.S. had released its second Quarter results.

Overall results were quite gloomy for westinghouse solar with second Quarter revenues totaling only $1.3 Million compared to $2.8 Million YoY and $2.4 Million compared to previous quarter in 2012.

Westinghouse solar explains that the year-over-year and sequential declines in revenue were due to decreases in sales to strategic partners and the overall soft solar market conditions following punitive tariff announcements in the U.S. 

Net loss from continuing operations was $2.2 million in the second quarter of 2012, or $0.12 per share, compared to a net loss of $1.3 million, or $0.11 per share in the same period last year, and a net loss of $2.9 million in the first quarter of 2012, or $0.17 per share.

Westinghouse Solar CEO Margaret Randazzo said, "The focus in this particular quarter was on our work toward completing the merger with CBD Energy Limited, and setting the framework for future growth. We managed our costs tightly, reducing our total operating expenses to $2.1 million in the second quarter, compared to $2.7 million in the first quarter of 2012.

Key Orders:

- 5 MW order of solar panels from Harvey Norman in Australia
- EPC ontract to build a solar PV system for a New Jersey school in US.

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