Premier Power (OTCBB:PPRW) Reports Fourth Quarter and 2011 Results

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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Tapping Emerging Markets, Premier Power (OTCBB: PPRW) Inks New 5 MW Solar Project Deal

Tallahassee, FL 2/23/12 (StreetBeat) -- Solar power plant developer Premier Power Renewable Energy, Inc. (OTCBB:PPRW) has signed a new supply agreement to provide a total of 5 MWp in equipment for solar projects located in Scandinavia. The plants will be funded through an agreement with a Danish firm Viasol A/S. Shipments are slated to begin this month with completion of the systems targeted by the end of the year.

The new deal adds to a growing portfolio for Premier Power which includes more than 1,000 operational plants across Europe and the United States.

Systematically building their presence overseas with recent projects in the Czech Republic and Bulgaria, Bjorn Persson, executive vice president of European operations at Premier Power, commented, "We are continuing with our strategic expansion to European markets, in 2011 we expanded to the Bulgarian market and now we are expanding to the Scandinavian market. Our market agility and ability to shift strategy – from organic growth, to partnerships, to acquisition, to joint ventures – is what sets us apart, and we will continue to explore such opportunities in the future."

A significant decrease in module prices has escalated growth in European markets, according to the company. "By mitigating the need for government incentives, these markets equate to stable and predictable growth for Premier Power. We expect to see this trend proceed in similarly structured markets as the global solar industry continues to mature," said Miguel de Anquin, president of Premier Power.

With its miniscule float of 3.3 million shares, Premier Power still remains fragmented in trading volumes on a daily basis and only commands a market cap of $5.52 million and a 21 cent price tag. The chart looks to be leveling and is holding a bottom support at 20 cents currently.

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