Etrion has released its interim consolidated financial statements and related management discussion and analysis for the three and nine months ended September 30, 2010 and 2009. Highlights for the third quarter include closing the acquisition of the 24MW first tranche of the 33MW Montalto solar park in Italy – subsequently closing the final 9MW tranche – recording US$7.0 million in revenues and completing a US$15 million private placement of shares to meet Toronto Stock Exchange listing requirements.
Marco Northland, Etrion CEO said, “Etrion made significant progress in the third quarter by beginning construction on our internal development pipeline and completing the purchase of the largest solar power park in Italy. We now have substantial run-rates of revenues and cash flow and have achieved our goal of being dual listed on exchanges in North America and Europe. We are currently the largest solar power producer in Italy and one of the few publicly-traded, pure-play independent solar power producers. We will continue to execute on our large development pipeline in Italy as we look to enter a new market in 2011.”
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Etrion also reported a net loss of US$6.4 million (loss per share of US$0.04) compared to a net loss of US$50.9 million (loss per share of US$0.32) for the three months ended September 30, 2009. For the nine months ended September 30, 2010, the company reported a net loss of US$14.1 million (loss per share of US$0.09) compared to a net loss of US$54.1 million (loss per share of US$0.34) for the nine months ended September 30, 2009.
Due to the company's new business focus, the results for the first nine months of 2010 are not comparable to the prior year. Revenues from the Montalto 24MW solar park have only been recognized since the date of acquisition on August 5, 2010. The acquisition of the Montalto 9MW solar park has not been included in the company's financials for the third quarter as the transaction closed after September 30, 2010.
