Solar Power Inc. (SPI) finalized its Q4 and full year 2011 financial results with positive results. Net sales for Q4 were US$59 million, up from US$13.1 million in Q4 2010, leading net sales for 2011 to be US$103.1 million, compared with US$35.4 million in net sales for 2010. Gross profit for Q4 amounted to US$8.7 million, up from US$2.1 million in Q4 2010 with gross profit for the year totaled at US$12.8 million, a growth from US$5.3 million in 2010.
“We’re pleased with our record fourth quarter and year 2011 financial results, which marked a year in which we completed SPI’s repositioning as a SEF developer,” said Stephen Kircher, CEO of SPI. “This enables SPI to pursue newer, more profitable projects, accelerating our access to market growth opportunities, and favorably impacting our outlook for total net sales for 2012.”
SPI noted that it has filed a Form 8-K to report that it will file an amended Form 10-K/A for 2010 and amended quarterly reports on from 10-Q/A for the first three quarters of 2011. The changes come from a correction in account treatment for its Aerojet 1 project initiated in 2009. The changes can potentially increase revenue by US$1.8 million, with a net loss of $35,000, for 2011.
The company advised that in line with its previous comments on outlook for this year, it anticipates that 2012 net sales will nearly double 2011 levels.