Westinghouse Solar to be acquired by Australian firm: full year revenue of US$11.4 million

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CBD Energy a renewable energy project developer from Sydney, Australia is to acquire Westinghouse Solar in an all share deal. CBD Energy said that the acquisition was made to enable the company to enter the US solar market. CBD will also apply for listing on the Nasdaq Stock Exchange prior to consummation of the transaction, which is expected to be concluded in the third quarter of 2012.

“The United States is forecast to be one of the largest markets for solar energy generation in the next few years. Consequently, CBD has been looking for a point of entry into the US market for some time and believes that the acquisition of Westinghouse Solar is an ideal fit for that purpose,” said Gerry McGowan, CEO of CBD Energy. “Moreover, the Westinghouse Solar technology and product suite appear to have immediate applicability to CBD's Australian residential market that we hope will yield improvements in market share and profitability. The combination of synergies is expected to result in the prospective transaction being accretive to CBD earnings from consummation, and throughout our 2013 fiscal year.”

Westinghouse Solar shareholders are expected to receive shares of common stock in CBD Energy in exchange for their shares, which would result in a 15% ownership.

In a separate statement, Westinghouse Solar reported full-year results with revenue in 2011 reaching US$11.4 million, an increase of 32% (US$8.7 million) compared to 2010. Revenue for the fourth quarter was US$3.3 million, compared to US$3.6 million in the fourth quarter of 2010 and US$3.4 million in the third quarter of 2011.

Westinghouse Solar reported gross profit of US$1.0 million or 9.2% of revenue in 2011, compared to US$1.2 million, or 14.4% of revenue in 2010. The company made a net loss in the fourth quarter of US$1.2 million

The company noted lower average system prices and higher inventory overhead allocations impacted margins.

CBD Energy had revenue of AUD$164.5 million in 2011.

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