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SonnenEnergy announces 2008 third quarter financial results and additional management changes
TORONTO, Nov. 27 /CNW/ - SonnenEnergy Corp. ("SonnenEnergy" or "the Company") (TSX-V: PWR), a lea...
About this update from Captiva Verde Wellness Corp
[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 27 /CNW/ - SonnenEnergy Corp. ("SonnenEnergy" or "the\nCompany") (TSX-V: PWR), a leading photovoltaic solar power systems integrator\nand solar power producer, today announced its fiscal 2008 third quarter\nresults.\n\n\nQ3 2008 highlights:\n\n- Jeff Dennis named President and CEO\n- Total quarterly revenue of $1.0 million, $0.5 million from solar\n parks and $0.5 million from integration sales\n- Installed 97 kWp of solar power systems.\n- Completed construction of 30% of $6.5 million, third party,\n SonnenFischer solar park.\n\nFinancial Results\n\nThe Company's unaudited financial results are presented in Canadian\ndollars based on Canadian generally accepted accounting principles ("GAAP").\n\n Three-months Three-months\n ended ended\n Sept. 30, 2008 Sept. 30, 2007\n\n ----------------------------------\n\nRevenue $1,006,494 $1,949,438\n\nGross Margin $244,375 $642,602\n\nNet Loss $(1,524,613) $(323,328)\n\nLoss per share $0.03 N/A\n\nEBITDA $(1,035,655) N/A\n\n\nFinancials\n\n\nTotal revenue of $1,006,494 in the third quarter of 2008 was 48% lower\nversus the third quarter of 2007 where revenue was $1,948,020. A number of\nlarge orders were delayed until the fourth quarter of 2008, and are expected\nto ship prior to year end. Revenue from solar parks amounted to $0.5 million\nduring the third quarter of 2008. The Company invested in Solar Park\nWaldstetten in 2006 and in Solar Park Hausen in late 2007 and early 2008. The\nCompany reported its first revenue from the Solar Park Hausen in the second\nquarter of 2008. Both projects have long-term pricing agreements in place and\nare expected to produce ongoing cash flows.\n\n\nRevenue from solar integration sales to third parties totalled $0.4\nmillion in the third quarter of 2008. The Company installed 97.4 kWp of solar\npower systems during the quarter.\n\n\nThe cost of sales was $762,119 in the third quarter of 2008 compared to\n$1,305,418 in the third quarter of 2007, representing an increase of 42% over\nthe same period last year. The decline was a direct result of lower quarterly\nsales.\n\n\nGeneral and Administrative expenses in the third quarter of 2008 were\n$361,135 compared to $337,970 in the third quarter of 2007, representing an\nincrease of 7% over the same period last year. The Company commenced a\nsignificant m...