Solar Energy Initiatives, Inc. (SNRY 0.10, -0.01, -9.09%) , with businesses in solar project development, distribution and workforce training, announced revenues of over $4.6 million for the year ended July 31, 2010.
“The previous year was a period of market expansion, operational growth and escalating top-line financials,” said Mr. David Fann, CEO of Solar Energy Initiatives. “In addition to breaking ground on municipal installations, Solar Energy Initiatives opened its second certified solar training school in South Carolina, received approval by the Florida Department of Business and Professional Regulation (DBPR) to provide Continuing Education for Electrical Contractors and officially completed the spin-out of Solar Parks Initiatives. Going forward, management will continue to focus its efforts on leveraging our emerging sales division, SNRY Solar, and the numerous government tax incentives related to solar energy in order to increase earnings, and improve overall shareholder value.”
Recent Operational Highlights
— Signed three Power Purchase Agreements (PPAs) with the Tennessee
Valley Authority (TVA) to build 2.5 MWs of projects with municipal and
institutional clients. Under the completed agreements, TVA has agreed
to purchase all of the power the systems produce, as well as the
associated environmental benefits.
— Solar Energy Initiatives, Inc. will lead the project development
effort, including system design, installation and operation of the
proposed 2.5 megawatts (MW) of photovoltaic (PV) systems on the
sites.
— Completed the necessary funding to facilitate the first phase of a 1
Megawatt (MW) installation of photovoltaic (PV) system for a southeast
municipality.
— The current funding for 1/2 Mw will allow the first phase of
the project to be finalized within 90 days and generate an
estimated and projected $2 million of revenue.
— Announced that the company’s SNRY Solar Inc. division has been
approved to open its solar technical training school in South
Carolina.
— The Solar Installation School, developed and facilitated by Solar
EOS — a wholly owned subsidiary of Solar Energy Initiatives, Inc.
— will be added to the South Carolina Workforce Investment’s
Eligible Training Provider list and the School will be a new
training option to which area Career One-Stop locations will begin
referring eligible training applications.
— Approved by the Florida Department of Business and Professional
Regulation (DBPR) to provide Continuing Education for Electrical
Contractors
— Solar EOS has developed specific training programs titled “Solar
for Electrical Contractors” and “Solar for Building Inspectors”
that will earn (5) CE’s towards their licensure in Florida.
Financial Results for the Fiscal Year Ended July 31, 2010
For the years ending July 31, 2010 and 2009, Solar Energy Initiatives recorded revenues of $4,643,974 and $3,925,886, respectively. The increase in revenue is due to beginning operations and is derived from the training of our new dealers and the sale of product.
For the period ending July 31, 2010 and 2009, we had cost of sales of $3,925,886 and $3,023,639, respectively. As we began to generate revenue and record sales in this fiscal year, we generated a cost of sales expense.
Selling, general and administrative expenses for the year ended July 31, 2010 and July 31, 2009 were $5,572,818 and $3,461,128, respectively. Cash-based management fees, wages and salaries were $1,104,155 for fiscal 2010 and $625,416 for fiscal 2009, the increase is due to the addition of employees. Stock-based compensation was $1,623,465, management consulting fees were $328,735 for fiscal 2010 and $464,492 for fiscal 2009, travel and entertainment was $283,588 for fiscal 2010 and $135,433 for fiscal 2009, and legal and professional costs totaled $217,081 for fiscal 2010 and $232,810 in fiscal 2009, of which the increases primarily relate to our acquisition costs, selling activities, financing activities, the preparation of audited and reviewed financial statements and SEC reporting.
Net Loss attributable to Solar Energy Initiatives, Inc. was $5,891,324 for the year ended July 31, 2010 compared to $3,155,269 for the year ended July 31, 2009. The net loss primarily reflects our expenses relating to business activities that have been incurred ahead of our ability to recognize material revenues from our business plan. Loss from non-controlling interest in Solar Park Initiatives, Inc was $342,766 for the year ended July 31, 2010 and $0 for the year ended July 31, 2009.
Mr. Fann continued, “Management is encouraged with the continued positive trending as we strive to establish ourselves as the industry leader in solar energy service solutions. The Company believes that our strong proprietary relationships coupled with the readily available tax breaks for clean energy have SNRY well positioned for significant near term growth and long term stability. We look forward to capitalizing on the numerous outstanding prospects that are presently available to us while at the same time uncovering new profitable opportunities.”
About Solar Energy Initiatives, Inc.
Solar Energy Initiatives, Inc. (SNRY 0.10, -0.01, -9.09%) is a diversified provider of solar solutions with three principal operating groups focused on large-scale projects, solar education and distribution of solar products. SNRY Power is a developer and manager of municipal and commercial scale solar projects. The SolarEOS Group is dedicated to the education and continuous improvement of solar energy trade professionals. SNRY Solar is a wholesale distributor of branded photovoltaic and thermal (water heating) systems selling via a network of dealers throughout the United States and the Caribbean. Through its diversified portfolio of solar businesses, Solar Energy Initiatives, Inc. is committed to restoring the nation’s economy through a grassroots campaign called “Renew the Nation.” Renew the Nation brings together a broad alliance of public and private sector interests focused on workforce development, job creation and economic growth through solar energy. For more information please visit http://www.solarenergy-us.com/
