Orlando, FL 4/9/12 (StreetBeat) -- Premier Power Renewable Energy, Inc. (OTCBB:PPRW), a global leader in the development, design, engineering, and construction of solar power systems for commercial, government, and utility markets globally today announced results for its year ended December 31, 2011. Revenue for the fourth quarter of 2011 decreased 66% to $15.5 million, down $30.6 million from $46.1 million achieved in the same period last year. This decrease was largely the result of delays related to utility scale projects in Bulgaria, which delayed their start until the first quarter of 2012. Gross margin for the fourth quarter of 2011 decreased to 10.9% from 11.1% achieved in the same period last year.
Revenue for the year ended December 31, 2011 decreased 19% to $70.2 Million, down $16.6 Million from $86.8 Million achieved in 2010. This decrease was primarily the result of significant slowdowns and instability in global markets, particularly in the Czech, Spanish and Italian markets, in which we had made significant penetration in 2010. Gross margin for the year ended December 31, 2011 decreased to 5.8% from 8.2% achieved in 2010.
"We have made significant changes in our operating structure during 2011 and we have started to see the results in the second half of 2011. As the need for solar power solutions continue to grow globally, we have continued to evolve as a business and find ways to expand our profile both domestically and internationally," said Dean Marks, Chief Executive Officer.
Highlights include:
• Reduction of operating expenses by 32%
• Significant gross margin improvement for the first half of 2.5% to 10.0%
• Largest backlog in company's history of $54.1 million
• Signed $27.6 million solar contract with Shanghai Chaori
• Signed 16.2 megawatt solar project in Bulgaria
Non-GAAP operating loss increased to $3.8 Million for 2011 from $2.8 Million for 2010. Non-GAAP operating loss was $0.2 Million for the fourth quarter of 2011 from a Non-GAAP operating income of $2.2 Million for the comparable period in 2010.
"We are excited by the result of the actions that have been taken by the Company to reduce operating expenses and enhance gross margins. The effects of these changes are reflected by comparison of the six months ended December 31, 2011 versus the six months ended June 30, 2011," said Frank J. Sansone, chief financial officer of Premier Power.
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