PV project developer, Premier Power reported 2011 full-year revenue results of US$70.2 million, including fourth quarter revenue of US$15.5 million. Fourth quarter revenue was down 66% or US$30.6 million from US$46.1 million achieved in the same period in 2010. Full-year results were down 19%, compared to 2010, while non-GAAP operating loss increased to US$3.8 million in 2011, up from US$2.8 million in 2010. This decrease in revenue was said to be mainly due to project delays in Bulgaria that were pushed into the first quarter of 2012.
“We have made significant changes in our operating structure during 2011 and we have started to see the results in the second half of 2011,” commented Dean Marks, chief executive officer of Premier Power. “As the need for solar power solutions continue to grow globally, we have continued to evolve as a business and find ways to expand our profile both domestically and internationally.”
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The company highlighted that its project pipeline order backlog reached record levels of US$54.1 million.
