August 10, 2020 The Corporate Social Responsibility Newswire

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Akeena Solar Announces Preliminary 2006 Revenue

Submitted by: Akeena Solar

Categories: Finance

Posted: Feb 21, 2007 – 07:15 AM EST


Company Reports 2006 Revenue Growth of Approximately 86% as Compared to 2005, Exceeding Company Guidance Provides 2007 Annual Revenue Guidance of Approximately 125% Growth over 2006

Feb. 21 /CSRwire/ - LOS GATOS, Calif.--(BUSINESS WIRE)--Feb. 21, 2007--Akeena Solar, Inc. (OTCBB:AKNS), a leading designer and installer of solar power systems, announced preliminary revenue for fiscal 2006 of approximately $13.4 million. This represents an increase of 86 percent growth over its 2005 revenue of $7.2 million. The company had previously stated it expected 2006 revenue growth of 70 percent over 2005.

"Our pace of solar installations in California exceeded our expectations in November and December," said Barry Cinnamon, president and CEO of Akeena Solar. "We integrated our newly expanded Fresno, California office ahead of schedule and experienced favorable weather conditions on the West Coast. As a result, both residential and small commercial installations were up in the fourth quarter, and we have exceeded our revenue expectations for 2006."

Cinnamon continued, "Looking at the broader market, we are seeing preliminary indications of decreasing solar panel prices, which is a positive development for Akeena. We are an integrator, and the decreasing panel prices will further improve customer economics and drive top line growth for Akeena. We anticipate that lower installation costs combined with increasing awareness of the benefits of solar power will drive demand going into 2007. As such, we expect our 2007 revenue to grow approximately 125 percent over 2006 based on our current locations."

Final results for the fourth quarter and year ended December 31, 2006 are expected to be reported in late March at which time management will conduct a conference call.

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 integrators of residential and small 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

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 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.

Copyright Business Wire 2007

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