Solar Energy Initiatives' net loss deepens in Q1 FY 2010/11

(ADPnews) - Dec 23, 2010 - US renewable energy company Solar Energy Initiatives (OTC:SNRY) posted a net loss of USD 1.3 million (EUR 991,500) for its first quarter through October, compared to a loss of USD 993,300 a year before.

The figure reflects expenses connected to the company's business activities that occurred before it was able to book material revenues, it said on Tuesday.

Revenue for the period amounted to USD 482,400, coming primarily from dealer training and sales of solar energy systems and equipment. A year earlier, sales stood at USD 1 million. The company said it is in talks for solar projects in Delaware, Connecticut, New Jersey, Arizona and California.

During the quarter under review, Solar Energy Initiatives implemented a cost-cutting programme, saving some USD 63,000 a month. The plan included job cuts, reduction of consulting contracts, rented space, etc. Its full effect is expected in the second quarter of fiscal 2010/11.

(USD 1.0 = EUR 0.764)

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