Home > News
News
SPI Solar Announces Second-Quarter 2014 Financial Results
Date£º2014/8/21
August 19, 2014 - SPI Solar today announced its results for the second quarter ended June 30, 2014.
Second-Quarter 2014 Results:
Total net sales for the second quarter of 2014 were $6.3 million, compared with $4.2 million for the second quarter of 2013. For the first quarter of 2014, SPI Solar reported total net sales of $3.6 million.
Total cost of goods sold for the second quarter of 2014 was $5.8 million, compared with $3.3 million for the second quarter of 2013. Total cost of goods sold for the first quarter of 2014 was $3.4 million.
Total operating expenses for the second quarter of 2014 were $1.2 million, compared with $7.4 million for the second quarter of 2013. Operating expenses for the first quarter of 2014 were $1.3 million.
During the second quarter of 2014, SPI Solar entered into an agreement with a non-U.S. investor and issued an $11 million convertible bond, bearing no interest. The convertible bond includes a $10.3 million beneficial conversion feature, which was recognized separately at issuance, resulting in a discount on the convertible bond, which will be amortized into interest expense. Interest expense of $0.7 million was recorded during the second quarter of 2014.
Net loss for the second quarter of 2014 was $1.3 million, or ($0.01) per basic and diluted share. This compared with a net loss of $6.8 million, or ($0.03) per basic and diluted share, for the second quarter of 2013, and with a net loss of $0.8 million, or ($0.00) per basic and diluted share, for the first quarter of 2014.
'During the quarter, we made significant progress in strengthening SPI as a platform for growth,' said Xiaofeng Peng, Chairman of SPI. 'Following the close of the quarter, we completed the previously announced private placement of $21.75 million and entered into a new private placement agreement for an additional $25.0 million. Importantly, these placements will dramatically improve our financial position and balance sheet to support our ambitious global growth strategy,¡± continued Peng. 'In addition, we continued to work toward resuming growth of our global pipeline of solar PV projects, in conjunction with the roll out of our innovative Yes!® Solar solution targeting the high-growth residential segment,¡± Peng added. 'Finally, we established for SPI during this quarter a strong foundation for a number of other important initiatives currently underway which we plan to capitalize on in the coming quarters.'
Company | Download Center |Recruitment | Contact
Copyright 2009-2012 NewSun PV technology Co.,LTD.|ÔÁICP±¸15011510ºÅ