RGS Energy (RGSE) Reports Q3 Loss of $0.35/Share

RGS Energy (NASDAQ: RGSE) reported Q3 EPS of ($0.35), versus ($1.86) reported last year. Revenue for the quarter came in at $10.4 million, versus $14.7 million reported last year.

Business Turnaround and Liquidity Update

“During the quarter, we continued to make progress on our turnaround plan, including cutting our operating loss more than in half compared to the same year-ago quarter,” said Dennis Lacey, CEO of RGS Energy. “However, the lower revenue reflects how our challenging financial condition has continued to limit our ability to grow our sales and installation capabilities.

“To continue to execute our turnaround strategy, which includes expanding our sales and installation capabilities, and to comply with the liquidity covenant of our amended loan agreement, we have engaged an investment-banking firm to assist us with raising additional capital through debt or equity financing. We expect to complete such a transaction by the end of the month.

“Our more than 37-years of experience serving the residential and small commercial solar markets gives us confidence in our plan to grow sales, reduce cost of goods sold, and optimize acquisition costs, as well as attract investors on favorable terms. In all, we believe the continued execution of our turn-around plan will put us in the position to deliver 20 megawatts of installation revenue and overall breakeven results for 2016.”

For earnings history and earnings-related data on RGS Energy (RGSE) click here.

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