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Akeena Solar Announces Preliminary 2007 Revenue of $32.2 Million
LOS GATOS, Calif.-(Business Wire)-February 19, 2008 - Akeena Solar, Inc. (NASDAQ: AKNS), a leading designer and installer of solar power systems, expects to report record revenue for fiscal 2007 of $32.2 million, representing a 141% increase over fiscal 2006 revenue of $13.4 million. As part of its third quarter release, management had indicated it expected 2007 revenue growth of 135% over 2006.
"Our goal is to double revenue in 2008, building on 2007's stellar revenue growth and propelled by the transition to Andalay, our proprietary solar panel installation technology. By building the racking, wiring and grounding into the solar panel itself, Andalay provides customers with a better looking and more reliable solar power system. And from Akeena's standpoint, the lower installation costs and faster installation times with Andalay yield greater operational efficiencies," said Barry Cinnamon, president and chief executive officer of Akeena Solar.
"Since 2001 we have been investing in establishing our brand and reputation, expanding our footprint and building the infrastructure to scale our business. The leverage that these infrastructure and technology investments provide allow us to place a greater emphasis on profitable growth."
"Our 2008 business plan calls for us to achieve EBITDA breakeven by year-end, adjusted for non-cash stock based compensation expense. We expect to make substantial progress toward reaching GAAP profitability by the end of 2009," added Cinnamon. "As our industry benefits from declines in solar panel prices in the coming years, the infrastructure we have built will allow us to continue to strengthen our market position."
Management plans to report final results for the fourth quarter and year ended December 31, 2007 on March 13th and conduct a conference call at 11:00 a.m.PT/2:00 p.m. ET on that day.
About Akeena Solar, Inc.
Founded in 2001, Akeena Solar's philosophy is simple: We believe producing clean electricity directly from the sun is the right thing to do for our environment and economy. Akeena Solar has grown to become one of the largest national installers of residential and commercial solar power systems in the United States, serving customers directly in California, New Jersey, New York, Connecticut and Pennsylvania. For more information, visit Akeena Solar's website at www.akeena.com.
Safe Harbor
Statements made in this release that are not historical in nature constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "plans" "will," "may," "anticipates," believes," "should," "intends," "estimates," and other words of similar meaning. These statements are subject to risks and uncertainties that cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, the effectiveness, profitability, and marketability of such products, the ability to protect proprietary information, the impact of current, pending, or future legislation and regulation on the industry, the impact of competitive products or pricing, technological changes, the ability to identify and successfully acquire, integrate and manage client accounts and locations and deliver our services to customers of businesses and accounts acquired from third parties, the effect of general economic and business conditions. All forward-looking statements included in this release are made as of the date of this press release, and Akeena Solar assumes no obligation to update any such forward-looking statements.
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