May 20, 2013 - SPI Solar today announced its results for the first quarter ended March 31, 2013.
Total net sales for the first quarter of 2013 were $1.8 million, compared with $26.3 million for the first quarter of 2012. Construction starts in New Jersey are expected to resume in Q2 with KDC Solar for the previously announced Imclone and Mountain Creek projects. Prospects for new projects beyond the current pipeline continue to be impacted by the financial lending and solar industry conditions in general.
Total cost of goods sold for the first quarter of 2013 was $1.3 million, compared with $23.4 million for the first quarter of 2012. This is reflected by fewer projects initiated or completed in the first-quarter 2013 period, and the corresponding decrease in revenue.
Total operating expenses for the first quarter of 2013 were $3.4 million, compared with $4.2 million for the first quarter of 2012. The decline in operating expenses is a reflection of continued cost-reduction measures taken by the company.
Net loss for the first quarter of 2013 was $3.1 million, or ($0.02) per basic and diluted share. This compared with a net loss of $1.1 million, or ($0.01) per basic and diluted share, for the first quarter of 2012.
Cash and cash equivalents at March 31, 2013 were $1.8 million, compared with $17.8 million at December 31, 2012. During the first quarter of 2013, $13.0 million of construction funds, provided by China Development Bank, were drawn down and sent to KDC Solar to cover construction costs for the Imclone project, which had been delayed for over one year.