Akeena Solar Disappoints Again $AKNS
You kind ofexpected that with Akeena Solar (AKNS) solar product being sold inLowe’s stores, that might give the company a boost and get them closerto profitability, but it hasn’t helped much at all up to this point.
This is a company that continues to flounder and profitability stillappears a long ways off. The company reported an EPS loss of .09/sharewhich was a cent worse than what analysts expected and about whatthey’ve been reporting over the past year. Revenue was a disappointment as well at $6.5 million which was $1 million less than what analystsexpected and less than last year’s quarter. The CEO tried to put a positive spin on the quarter highlightingthe gross margins of 23% and the increasing backlog. He also noted that the company continues to expand its distribution channels and itsrelationship with Lowe’s. That’s all great, but where are the results?
The company expects to be EBITDAS break even in the 4th quarterwith $18 million in revenue for the quarter.
Shares of AKNS have actually been quite bullish recently, so itwill be interesting to see if AKNS can hold support around a buck andstage another surge higher. I think the results this quarter willlikely stall the stock over the next few months, but if the resultsstart improving, this might be a stock to watch later this summer. Shares are down about 5% in pre-market trading.
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