Acro Energy Technologies Corp. (CA:ART 0.35, 0.00, 0.00%) , a leading US solar integrator, announced that it achieved record revenues for the first quarter ended March 31, 2010.
During the quarter ended March 31, 2010, Acro Energy generated gross revenue of approximately $3,700,000. The Company is pleased with the first full quarter of operations for its three California acquisitions. In 2009, Acro Energy acquired Acro Electric, Inc, Energy Efficiency Solar, Inc, and the assets of Light Energy Systems. Acro Energy’s revenues for the first quarter of 2010 represent a 120% increase compared to the combined revenues of the three acquired companies for the three month period ended March 31, 2009.
For the second quarter of 2010, Acro Energy has an existing backlog of over $5,000,000 in residential solar energy system installations and is expecting to generate revenues of approximately $6,000,000. “We are experiencing strong organic growth in our California business and expect similar results from our Arizona business throughout 2010,” said Nat Kreamer, president of Acro Energy.
“This has been a tremendous quarter for Acro Energy,” said Marty Spake, chief financial officer of Acro Energy. “Our first quarter revenue represents over 60% of the approximately $6,000,000 million in revenue the Company generated in 2009. More importantly, our preliminary review of the financial information for the first quarter indicates the Company should break-even for the quarter at the net income level.”
“As we acquired and integrated three companies last year, we also focused on building the strongest management team in the industry,” said Harry Fleming, chief executive officer of Acro Energy. “Making great strides toward profitability at this early stage in our business clearly announces that Acro Energy’s management team is setting the standard for the rest of the solar integration industry to follow.”
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 including SunPower, 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.
SOURCE: Acro Energy Technologies Corp.