Premium Power reports 165% increase in 2008 financial results

Facebook
Twitter
LinkedIn
Reddit
Email

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. 

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA