Akeena Solar Inc. (AKNS) Posts Q3 Results, Increase in Residential Solar Installations
QualityStocks (October 23rd, 2009) Writes:
Akeena Solar Inc., a leading designer and installer of solar power systems in the United States, yesterday posted its third-quarter results for the three months ended September 30, 2009, reflecting growth and continued demand in residential applications.
The company reported net sales at $7.7 million as compared to $10.6 million for the same quarter last year, up from $5.9 million in the second quarter of 2009. The company attributes the year-on-year decline to the credit crunch and global overbearing economic conditions. However, the increase in net sales from the second quarter reflects higher residential sales.
“Our third-quarter results demonstrate the growing demand for residential solar installations and the improving leverage in our business model,” Barry Cinnamon, president and CEO of Akeena Solar stated in the press release. “The benefits of our differentiated Andalay panels and lower Andalay installation costs drove gross margin to 24.7%, double last year’s level, and
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