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Real Goods Solar, Inc. (RGSE) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

SEC Filings

Real Goods Solar, Inc.

CIK: 1425565 Ticker: RGSE

 

 

Exhibit 99.1

 

(RGS ENERGY LOGO) 

 

RGS Energy Reports Second Quarter 2017 Results

 

DENVER, CO, August 9, 2017

RGS Energy (NASDAQ: RGSE), the nation’s original solar company since 1978, reported results for its second quarter ended June 30, 2017. The company also filed its quarterly report on Form 10-Q, as well as posted supplemental financial information on the quarterly results page in the Investor Relations section of its company website.

 

Q2 2017 Financial Summary

 

(000’s omitted)  Q2 2017   Q1 2017   Q2 2016 
Net loss  $(4,030)  $(4,034)  $(3,463)
Stockholders’ equity (deficit)   13,904    17,886    (4,966)
Working capital  $12,743   $15,857   $(2,653)

 

The company believes it has adequate financial capital to grow its top-line revenue and achieve break-even and thereafter better results, in future periods. Implementation of this strategy requires up-front expenses to expand sales teams, marketing for customer leads and development and implementation of new products and services, which are required investments before the company can expect to realize increased sales. 

 

Growth Strategy Update 

The company earlier issued a business update announcing progress on its top-line revenue growth strategy.

 

Second quarter of 2017 results compared to the first quarter of 2017:

 

Gross sales increased 2X

Net sales increased 3X

Size of the company’s sales organization increased 40%

Average number of sales per direct sales person increased 24%

Acquisition cost-per-sale decreased 34%

Residential cycle time reduced 31%

 

Management Commentary 

“In Q2, our progress was in-line with expectations that we set in our last business update,” said Dennis Lacey, CEO of RGS Energy. “It is important to note that Q2 was our first full quarter of operating with what we believe is appropriate working capital in place to effectively pursue our growth strategy. As this is the first quarter on this basis, we are heartened by the positive trends.”

 

Conference Call 

RGS Energy will hold a conference call to discuss its second quarter 2017 financial results later today.

 

Date: Wednesday, August 9, 2017
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-877-545-1407
International dial-in number: 1-719-325-4929
Conference ID: 9865811
Webcast: http://public.viavid.com/index.php?id=125727

 

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The conference call will be webcast live and available for replay via the investor relations section of the company's website at RGSEnergy.com.

 

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.

 

A replay of the call will be available after 7:30 p.m. Eastern time on the same day through August 16, 2017.

 

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 9865811

 

About RGS Energy 

RGS Energy (NASDAQ: RGSE) is a residential and small business commercial solar company since 1978 which has installed more than 25,000 solar power systems. RGS Energy makes it very convenient for customers to save on their energy bill by providing turnkey solar solutions - from system design, construction planning, customer financing assistance, installation, to interconnection and warranty.

 

For more information, visit RGSEnergy.com, on Facebook at www.facebook.com/rgsenergy and on Twitter at www.twitter.com/rgsenergy. Information on such websites is not incorporated by reference into this press release.

 

RGS Energy is the Company’s registered trade name. The Company files periodic and other reports with the Securities and Exchange Commission under its official name “Real Goods Solar, Inc.”

 

Forward-Looking Statements and Cautionary Statements 

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding the RGS Energy’s results of operations and financial positions, and RGS Energy’s business and financial strategies. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “expect,” “target,” “plan,” “future,” “believe,” “may,” “will” and similar expressions as they relate to us are intended to identify such forward-looking statements.

 

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.

 

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Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward- looking statements include: RGS Energy’s ability to successfully implement its growth strategy, achieve its target level of sales, generate cash flow from operations, achieve break-even and better results, expand its sales teams and marketing, decrease its customer acquisition cost, and develop and implement new products and services; and RGS Energy’s current capital resources being sufficient to implement its growth strategy.

 

You should read the section entitled “Risk Factors” in our 2016 Annual Report on Form 10-K, as amended, and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, each of which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties. Any forward-looking statements made by us in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

 

Investor Relations Contact

Ron Both

Managing Partner, CMA

Tel 1-949-432-7566

RGSE@cma.team

 

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RGS Energy

Condensed Consolidated Balance Sheets

 (in thousands)

   June 30, 2017   December 31, 2016   June 30, 2016 
Cash  $9,745   $2,940   $490 
Restricted Cash   -    173    8,250 
Other current assets   6,516    6,742    8,844 
Total current assets   16,261    9,855    17,584 
Non-current assets   4,196    4,518    4,386 
Total assets  $20,457   $14,373   $21,970 
                
Debt  $1   $787   $5,609 
Accounts payable   547    2,019    7,107 
Other current liabilities   2,970    3,469    7,521 
Total current liabilities   3,518    6,275    20,237 
Non-current liabilities   3,035    3,120    6,698 
Total liabilities   6,553    9,395    26,935 
                
Stockholders’ equity (deficit)   13,904    4,978    (4,965)
Total liabilities and stockholders’ equity  $20,457   $14,373   $21,970 
                
Other information:               
Working Capital  $12,743   $3,580   $(2,653)

  

RGS Energy 

Consolidated Summary Statements of Operations

(in thousands, except per share amounts) 

   Three Months Ended June 30,   Six Months Ended June 30, 
  2017  2016  2017   2016 
Contract Revenue:                
Sale and Installation of Solar Systems  $2,708   $4,750   $6,070   $9,553 
Service   277    133    568    270 
Leasing   12    14    25    28 
Contract Expense:                    
Installation of solar systems   2,668    4,175   5,744   8,692 
Service   491    291    809    630 
Customer acquisition expense   1,329    618    2,251    1,416 
Contribution   (1,491)   (187)   (2,141)   (887)
Operating expense   2,461    2,743    5,432    5,759 
Other expense   -    -    -    - 
Litigation expense   55    -    135    24 
Operating loss   (4,007)   (2,930)   (7,708)   (6,670)
Taxes   -    (27)   -    (27)
Derivative & Other   10    (576)   (368)   (648)
Income (loss) from continuing operations   (3,997)   (3,533)   (8,076)   (7,345)
Income (loss) from discontinued operations   (33)   70    12    231 
Net Income  $(4,030)  $(3,463)  $(8,064)  $(7,114)
                     
Other Information:                    
Loss per Share  $(0.53)  $(162.60)  $(1.32)  $(338.40)
Weighted average shares outstanding   7,481    21    6,102    21 

 

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The following information was filed by Real Goods Solar, Inc. (RGSE) on Wednesday, August 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Real Goods Solar, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) (parentheticals)
Condensed Consolidated Statement Of Changes In Shareholders' Equity (unaudited)
Condensed Consolidated Statements Of Cash Flows (unaudited)
Condensed Consolidated Statements Of Operations (unaudited)
Commitments And Contingencies
Commitments And Contingencies (detail Textuals)
Commitments And Contingencies (tables)
Commitments And Contingencies - Schedule Of Remaining Future Minimum Payments Of All Leases (details)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Schedule Of Reconciliation Of Discontinued Operations Presented In Condensed Consolidated Balance Sheets (details 1)
Discontinued Operations - Schedule Of Reconciliation Of Discontinued Operations Presented In Condensed Consolidated Statements Of Operations (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Fair Value Of Assets And Liabilities Measured On Recurring Basis (details)
Fair Value Measurements - Reconciliation Of Common Stock Warrant Liability Measured At Fair Value On Recurring Basis (details)
Line Of Credit
Net Income (loss) Per Share
Net Income (loss) Per Share (detail Textuals)
Organization, Nature Of Operations, And Principles Of Consolidation
Organization, Nature Of Operations, And Principles Of Consolidation (detail Textuals)
Segment Information
Segment Information (tables)
Segment Information - Financial Information For Segments And Reconciliation Of Total Of Reportable Segments' Income (loss) From Operations (details)
Segment Information - Reconciliation Of Reportable Segments' Assets To Consolidated Total Assets (details 1)
Share-based Compensation
Share-based Compensation (detail Textuals)
Shareholders' Equity
Shareholders' Equity (detail Textuals)
Shareholders' Equity (tables)
Shareholders' Equity - Shares Of Class A Common Stock Reserved For Future Issuance (details)
Significant Accounting Policies
Significant Accounting Policies (detail Textuals)
Significant Accounting Policies (details 1)
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Subsequent Events
Ticker: RGSE
CIK: 1425565
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-17-041695
Submitted to the SEC: Wed Aug 09 2017 4:19:10 PM EST
Accepted by the SEC: Wed Aug 09 2017
Period: Friday, June 30, 2017
Industry: Construction Special Trade Contractors

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