SPI Solar, a vertically integrated photovoltaic solar developer, announced its results for the fourth quarter and year ended December 31, 2013. Generally, the performance decreased from 2012.
Fourth-Quarter 2013 Results:
Total net sales for the fourth quarter of 2013 were $15.4 million, compared with $13.0 million for the fourth quarter of 2012. For the third quarter of 2013, SPI Solar reported total net sales of $21.3 million.
Total cost of goods sold for the fourth quarter of 2013 was $18.7 million, compared with $16.1 million for the fourth quarter of 2012. Total cost of goods sold for the third quarter of 2013 was $22.2 million.
Total operating expenses for the fourth quarter of 2013 were $14.5 million, compared with $11.5 million for the fourth quarter of 2012. Operating expenses for the third quarter of 2013 were $3.4 million.
Net loss for the fourth quarter of 2013, including several one-time charges, was $18.7 million, or ($0.09) per basic and diluted share. This compared with a net loss of $15.0 million, or ($0.08) per basic and diluted share, for the fourth quarter of 2012, and with a net loss of $3.6 million, or ($0.02) per basic and diluted share, for the third quarter of 2013.
The one-time charges for the fourth quarter of 2013 totalled $11.1 million and included a $7.5 million long term investment impairment charge to the Mountain Creek project, $2.7 million of contract losses and a $4.4 million bad debt reserve which was offset by a gain from the deconsolidation of SGT of $3.5 million.
“The solar market is finally moving out of winter and we are confident that SPI’s positioning in the downstream business is a right choice,” said Charlotte Xi, president, global chief operating officer and interim chief financial officer. “We will continue to focus on our EPC specialties and explore further business opportunities in solar. In addition, we believe SPI’s unique balance sheet position will allow us to effectively resolve the note from Cathay Bank in the near future.”
Full-Year 2013 Results:
For the year ended December 31, 2013, total net sales were $42.6 million, compared with $100.0 million for 2012. For the year ended December 31, 2013, total cost of goods sold was $45.4 million, compared with $91.4 million for 2012. For 2013, the Company reported total operating expenses of $28.8 million. This compared with total operating expenses of $32.4 million for 2012.
The Company recorded a net loss for 2013 of $32.2 million including the one-time charges described above, or ($0.16) per basic and diluted share, compared with a net loss of $25.4 million, or ($0.13) per basic and diluted share, for 2012.
Cash and cash equivalents at December 31, 2013 were $1.0 million, compared with $17.8 million at December 31, 2012.
SPI Solar’s majority shareholder, LDK Solar, has recently disclosed plans to liquidate itself and the result of these activities and the impact on SPI Solar’s business are currently unknown. SPI Solar plans to file its Annual Report on Form 10-K in conjunction with this news release, and investors are encouraged to review the 10-K for a review of all potential risks to the Company and its business. The 10-K filing and other filings with the Securities & Exchange Commission (SEC) can be found on the SEC Filings page of SPI Solar’s website, or by visiting the SEC’s website at sec.gov.
Recent Project & Business Segment Updates: