Global Hunter’s Justin Cable Weighs in on Akeena (Nasdaq:AKNS) Results
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/AHvb5i-AkfI/Posted on Friday, February 27th, 2009 | In Small & Micro Cap
February 27, 2009 ndash; Analyst Comments ndash; Global Hunterrsquo;s Justin Cable weighed in on Akeena Solar after the company reported Q4 and year and results. Cable maintained a NEUTRAL rating.
Akeena reported Q4 revenue of $10.9 million, an increase of 5%. Gross margins were 10.6%, down from 18.1% for the same period last year. Itrsquo;s Q4 loss rose 105% Y/Y to $9.1 million, or $0.32 per diluted share. For the year, revenue was $40.8 million, an increase of 26% on a Y/Y basis. It lost $24.3 million for the year, or $0.87 per diluted share, an increase of 120% Y/Y. Management is forecasting 10% to 20% growth in 2009. nbsp;
Cablersquo;s Key Takeaways:
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Revenues missed target of $11.9 million and net loss missed EPS estimate of $(0.16)
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Company appears to be increasingly cash constrained
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Commercial business is softening in the first half, indicated by the decrease in backlog
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Lowering revenue and cost projections for FY09 forecasting company to reach EBITDAS positive in Q409 ndash; though visibility is poor
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Given uncertainty on balance sheet, cash burn and weak environment, Cable is holding back on a price target and suggests staying on the sidelines until business produces better indications it is approaching profitability
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