SPI Solar net loss narrows in Q2 2014

Aug 20, 2014 - US solar power developer SPI Solar (OTC:SOPW) said Tuesday its net loss for the second quarter of 2014 has shrunk to USD 1.3 million (EUR 977,000) from USD 6.8 million a year ago.

The company’s loss per basic and diluted share for the reporting period was USD 0.01, compared to a loss of USD 0.03 in the year-ago period and a per-share result at the breakeven point in the first quarter of 2014.

SPI Solar is majority-owned by China's LDK Solar Co Ltd (NYSE:LDK), which is in provisional liquidation in the US. The subsidiary cut its operating loss to USD 590,000 in April-June 2014 from USD 6.5 million a year back.

Sales in the period jumped to USD 6.3 million from USD 4.2 million. The figure also nearly doubled from USD 3.6 million in the first quarter of 2014. SPI chairman Xiaofeng Peng said the company aims to expand its global pipeline of photovoltaic (PV) projects and to establish itself on the US residential market through its subsidiary Yes! Solar Inc.

At the end of June, SPI Solar had some USD 5.9 million in cash and cash equivalents, against USD 1 million at the end of December 2013. During the second quarter of 2014, the US firm issued USD 11 million of convertible bonds to a non-US investor.

(USD 1 = EUR 0.752)

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