Global Hunter’s Justin Cable Weighs in on Akeena (Nasdaq:AKNS) Q1 Results
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/CWYvTDJOO_U/Posted on Thursday, April 30th, 2009 | In Market Commentary, Small & Micro Cap
April 30, 2009 ndash; Analyst Comments ndash; Global Huntersrsquo;s Justin Cable weighed in on Akeenarsquo;s (Nasdaq:AKNS) Q1 results maintaining a NEUTRAL rating on the stock.
Akeenarsquo;s Results
Akeena (Nasdaq:AKNS) reported a 37% Y/Y decline in Q1 revenue to $7.6 million, gross margins of 29.7% and a net loss of $5.1 million, or $0.17 per share. Commercial sales were $915 thousand and residential sales were $6.7 million. The company installed about 945kW for the quarter compared to 1,587kW in the same quarter last year. Cash and equivalents at March 31, 2009 were $2.9 million, and the companyrsquo;s backlog was about $4.8 million. Management didnrsquo;t provide guidance, but noted that the quarterly EBITDA breakeven is about $15 million.
Cablersquo;s Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Revenues missed estimates of $9.5 million and First Call consensus of $9.2 million
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The new Andalay panels are driving higher gross margins
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cut FY2009 estimates in both revenues and EPS.
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintain Neutral.nbsp; Given the uncertainty with the companyrsquo;s balance sheet, continued cash burn, and weak environment, we maintain our Neutral rating.nbsp; We suggest staying on the sidelines until we see tangible evidence that profitability is near.
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