Business
SonnenEnergy announces 2008 second quarter financial results
TORONTO, Aug. 26 /CNW/ - SonnenEnergy Corp. (TSX-V: PWR) ("SonnenEnergy" or "the Company"), an es...
About this update from Captiva Verde Wellness Corp
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 26 /CNW/ - SonnenEnergy Corp. (TSX-V: PWR) ("SonnenEnergy"\nor "the Company"), an established photovoltaic solar power systems integrator\nand solar power producer, today announced its fiscal 2008 second quarter\nresults.\n\n\nQ2 2008 highlights:\n\n- Revenue increased by 33% from the second quarter of 2007\n- Solar power production generated revenue of $0.4 million\n- Phase 1 of Solar Park Hausen commenced operations and produced revenue\n of $0.2 million\n- Solar power integration business installed 10 solar power systems with\n total capacity of 226kWp\n- Commenced construction on $6.5 million, 1.1 MWp solar park for a\n customer in Germany\n- Opened sales office in Italy\n\nFinancial Results\n\nThe company's financial results are presented in Canadian dollars based on\nCanadian generally accepted accounting principles ("GAAP").\n\n 3-Months Ended 3-Months Ended\n June 30, 2008 June 30, 2007\n\nRevenue $1,499,043 $1,125,526\n\nGross Margin $754,557 $957,375\n\nNet Income (Loss) ($1,348,975) $4,757\n\nEarnings Per Share ($0.02) N/A\n\nEBITDA ($556,000) N/A\n\n\nFinancials\n\n\nRevenue for the three months ended June 30, 2008 was $1.50 million, an\nincrease of 33.0% compared to the second quarter of 2007. The increased\nrevenue resulted from power generation revenues from Solar Park Hausen, which\nbegan operations during the second quarter of 2008, as well as increased sales\nand marketing efforts in the company's integration business.\n\n\nGeneral and administrative expenses for the three months ended June 30,\n2008 were $0.52 million, an increase of 5% from $0.50 million in the second\nquarter of 2007. The increased general and administrative expenses in the\nsecond quarter of 2008 resulted largely from the costs associated with a\nmarketing research program as well as costs associated with the transition\nfrom private to publicly-listed company.\n\n\nWages and benefits for the three months ended June 30, 2008 were\n$0.62 million, an increase of 46% from $0.43 million in the second quarter of\n2007. The increase in wages and benefits is attributable to significant staff\nexpansion in Germany in 2007 and the addition of Toronto-based directors and\nstaff in 2008.\n\n\nThe net loss for the three months ending June 30, 2008 was $1.35 million,\nan increase of $1.40 million from ...