Acro Energy Technologies Corp , a leading U.S. solar integrator, announced today that it completed the second quarter ending June 30, 2010 with estimated net income of between $200 thousand and $300 thousand on gross revenues of $5.4 million. The Company estimates that for the same time period it achieved positive EBITDA of between $350 thousand and $450 thousand for the quarter.
“The Acro Energy team delivered on our goal to become the first profitable residential solar installation company,” said Harry Fleming, chief executive officer of Acro Energy. “We are well on the way to achieving our previously forecasted revenue goal of $24 million with net income of at least $1.7 million for 2010. Acro Energy is also executing on its second goal of becoming the nation’s premier residential solar installation company with its announced expansion into Arizona, as well as continuing negotiations with suitable acquisition candidates across the United States,” continued Fleming.
“With our backlog of approximately $5 million and our sales and marketing efforts, we believe that Acro Energy is on track to achieve its forecasted revenue goal for the third quarter of $7.5 million with net income of between $700 thousand and $900 thousand, keeping us on track with our 2010 projections,” said Nat Kreamer, president of Acro Energy.
About Acro Energy
Acro Energy Technologies Corp. is focused on the consolidation and growth of renewable energy companies, primarily in the United States residential solar energy installation market. Acro Energy provides practical solutions to individuals, businesses, non-profit organizations, and governmental entities that can benefit from the value of solar power. As a high end system integrator, Acro Energy offers quality products from leading solar module manufacturers such as Suntech and Sharp and residential solar financing plans from SunRun, the nation’s leading provider of home solar financing. Acro Energy continues to evaluate acquisition candidates across North America.
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This news release may contain “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company assumes no obligation for the accuracy or completeness of those forward looking statements and undertakes no obligation to revise these forward looking statements to reflect subsequent events or circumstances. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.
This press release contains references to EBITDA (earnings before interest, taxes, depreciation and amortization). Management believes that EBITDA is a useful supplemental measure of cash available for growth prior to debt service, capital expenditures, income taxes and other reserves. However, EBITDA is not a recognized measure under Canadian GAAP and does not have a standardized meaning prescribed by Canadian GAAP. Therefore, EBITDA may not be comparable to similar measures presented by other issuers. Investors are cautioned that EBITDA should not be construed as an alternative to net income or loss (which are determined in accordance with Canadian GAAP) as an indicator of the performance of the Company or as a measure of liquidity and cash flows.
SOURCE: Acro Energy Technologies Corp.
Martin C. Spake, Chief Financial Officer, 713-715-1004
for Acro Energy
Laura Pennino, 281-286-9398 ext. 1