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Electron Solar Energy Reports Record First Quarter Revenues of $554,039, Up 238% Year-over-Year
June 3, 2008
MIAMI--(BUSINESS WIRE)--Electron Solar Energy (OTC:ESRG - News), an international distributor of alternative energy systems, announced today record revenues of $554,039 for the first quarter ended March 31, 2008. First quarter 2008 revenues increased by 238% compared to revenues of $168,943 in the same quarter one year ago, and were exactly 20% higher than revenues of $460,782 reported in the fourth quarter of 2007. Detailed, quarterly and annual financial reports are filed voluntarily by the Company and are available at http://www.pinksheets.com.
President and CEO of Electron Solar Energy Christopher Quinn said, “Revenues in the first quarter of 2008 outperformed any other quarter in our operating history. These Record sales figures represent some new bulk sales from commercial clients, coupled with continued growth in orders for our complete free-standing solar energy kits. With Fuel costs at an all time high, customers are embracing the more economically viable alternative energy technologies we sell. During the first quarter, we also closed on a strategic acquisition of Express Communications Supply Inc., a wire and cable manufacturing facility, which generates just under $1 Million in highly profitable annual sales. This acquisition has immediately grown our book of business for additional top-line growth with healthy profit margins beginning in the first quarter of 2008.”
Quinn continued, “We are also operating with a strong balance sheet, benefiting from a large reduction in our long-term debt and accounts payable completed in the fourth quarter of 2007. We were close to breakeven in the first quarter, and anticipate a turnaround to profitability by year-end 2008. Taking away one time legal expenses and facility improvements we are already making it happen. Based on our continued, organic growth, focus on higher margin products and value added installation services, plus increased demand from high-growth, emerging economies overseas, we are on track to generate more than $2.2 million in annual sales in 2008.”
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