Premium Power reports 165% increase in 2008 financial results



Premier Power Renewable Energy, Inc., a global leader in design, engineering and development in the US and European solar markets, announced the reports for 4Q08 and fiscal 2008.

The 2008 revenue totalled US$44.2 million, which is a 165% increase from the year before with gross profit margins at 12%, compared to 25.4% in 2007.  European sales were up 650%, mostly due to increased commercial rooftop sales, while those in the US grew over 100%, aided by the opening of a Southern California residential sales office.  With the financial crisis in effect globally, more customers are switching to cleaner, cost-efficient sources of energy, giving Premium Power an opportunity to take in plenty of revenue. 

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The net income for the fiscal year totalled at US$569,068 with US$793,383 on a pro forma basis including the minority interest in Spain acquired by Premier Power last year, down from 2007’s total of US$843,865. The company’s two new office openings and substantial growth affected the 2008 net income.

Premier Power finished 2008 having US$5.8 million in cash, an inventory of US$1.4 million, accounts receivable of US$4.7 million and accounts payable of US$3.7 million, which are all significantly below one-month levels.

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