Premier Power Renewable Energy, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
April 05, 2012 at 07:37 pm
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Premier Power Renewable Energy, Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported revenue decreased 66% to $15.5 million, down $30.6 million from $46.1 million achieved in the same period last year. This decrease was largely the result of delays related to utility scale projects in Bulgaria, which delayed their start until the first quarter of 2012. Non-GAAP operating loss was $0.2 million from a non-GAAP operating income of $2.2 million for the comparable period in 2010.
For the full year, the company reported revenue decreased 19% to $70.2 million, down $16.6 million from $86.8 million achieved in 2010. This decrease was primarily the result of significant slowdowns and instability in global markets, particularly in the Czech, Spanish and Italian markets, in which the company had made significant penetration in 2010. Non-GAAP operating loss increased to $3.8 million from $2.8 million for 2010.
Premier Power Renewable Energy, Inc. (Premier Power) is a solar power company. The Company is engaged in providing high performance solar panel systems with consistently high quality for its commercial, agricultural, industrial, government, utility and residential customers throughout North America and Europe. The Company is dedicated to delivering innovative, efficient and reliable solar power systems through its engineering, procurement and construction (EPC) process. The Company designs, engineers and integrates the solar industries leading products. The Companyâs technologies and services have enabled its customers to maximize clean energy output along with project savings.