Akeena Solar (AKNS) Shows Little EPS Improvement, But Revenues Weak
Akeena Solar (AKNS) reported earnings this morning and the silverlining is that they didn’t burn through cash as quickly as they had inprevious quarters. That’s about it. They reported an EPS loss of.17/share which is one cent worse than expectations and one cent worsethan the year ago quarter. The company has been cutting costs to getto the cash flow break even point but has a ways to go. The mostdisappointing aspect of the quarter was the dismal revenue number of$7.6 million driven largely by weak commercial sales (just $915K thisquarter vs $7 million in the year ago quarter)
The company expects conditions to be difficult for most of the yearbut the stimulus package should begin helping towards the end of theyear. Expectations are for flat to slightly down revenues next quartervs the year ago quarter. Given increasingly limited visibility in thecompany’s business, sluggish residential build and slower than expectedadditions to the backlog of commercial installations, management is notproviding annual guidance at this time.
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