Nov 15, 2011 - US solar systems maker Premier Power Renewable Energy (OTC:PPRW) on Monday reported a GAAP operating loss of USD 329,000 (EUR 242,000) for the third quarter of 2011, a reduction from a USD-1.58-million loss made a year earlier.
On a non-GAAP basis, the company generated operating income of USD 70,000 versus a USD-1.31-million loss in the same period last year.
Revenues in the third quarter fell 46% to USD 15.3 million, although in the nine-month period they were up 34% to USD 54.6 million. Premier Power said the fall in third-quarter turnover was mainly due to lower distribution sales in the Czech Republic. The nine-month figure, meanwhile, has benefited from higher North American revenues.
Gross margin improved in the third quarter to 9.1% from 5.4% a year ago, while for the first nine months of 2011, it declined to 4.3% from 4.9%.
The company also revised its 2011 sales outlook to USD 90 million-105 million, which, it said, was 4-21% ahead of last year's result.