SAN JOSE, Calif. Akeena Solar Inc., a designer and installer of solar power systems, Thursday (August 30) announced the company's shares have been approved for quotation on the NASD's Over-the-Counter Bulletin Board (OTC BB).
Akeena Solar's common stock will be quoted on the OTC BB under the ticker symbol AKNS.OB on Friday (August 31).
Barry Cinnamon, president and CEO of Akeena Solar (Los Gatos, Calif.), is bullish about the company's prospects in the booming solar industry. According to Solarbuzz, 2005 global solar market revenue was estimated at $10 billion and is expected to grow to $19 billion by 2010.
On August 15, Akeena Solar completed a reverse merger transaction with Fairview Energy Corp. with the remaining public entity being Akeena Solar. In connection with the merger, the company also closed a $2.5 million private placement, which consisted of 2.5 million shares of its common stock at $1.00 per share.
"Already in 2006, we demonstrated strong growth, with revenue for the first half of 2006 reaching $5.3 million, almost double the $2.6 million in revenue from the first half of 2005," he said in a statement.
Its net sales for the second quarter of 2006 were $2.8 million, an increase of 13 percent compared to net sales of $2.5 million in the first quarter of 2006, and an increase of 105 percent compared to $1.4 million in net sales in the same quarter last year.
The company reported a net loss of $248,000, or minus $0.03 per share, for the second quarter. This compares with a net income of $19,630, or $0.00 per share, in the first quarter 2006, and a net loss of $200,000, or minus $0.02 per share, in the second quarter 2005.
For the six months ended June 30, 2006, the company reported net sales of $5.3 million. This compares to net sales of $2.6 million for the same period last year. The company reported a net loss of $228,000, or minus $0.03 per share, for the first half of 2006, compared to a net loss of $256,000, or minus $0.03 per share, in the first half of 2005.