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Last $0.0064 USD
Change Today -0.0023 / -26.44%
Volume 12.4M
As of 8:10 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

andalay solar inc (WEST) Key Developments

Andalay Solar, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Andalay Solar, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported loss from operations of $749,199,000, net loss from continuing operations was $904,716,000, net loss of $580,367,000 on net revenue of $233,641,000 against loss from operations of $601,909,000, net loss from continuing operations was $594,248,000, net loss of $594,248,000 on net revenue of $756,966,000 for the same period a year ago. The sequential decrease in revenue of $372,000 or 61.4% was primarily due to having limited module inventory as a result of American assembled solar module supplier being negatively affected by the West Coast port delays and delaying their shipments until mid-December. For the full year, the company reported loss from operations of $2,532,034,000, net loss from continuing operations was $2,176,650,000, net loss of $1,852,301,000 on net revenue of $1,288,985,000 against loss from operations of $3,261,784,000, net loss from continuing operations was $2,840,844,000, net loss of $2,830,047,000 on net revenue of $1,124,836,000 for the same period a year ago. The year-over-year increase in revenue, gross profit and margins relate to improved sales of the Andalay solution, of both the system as well as the sale of higher margin installations and other services.

Andalay Solar, Inc. Auditor Raises 'Going Concern' Doubt

Andalay Solar, Inc. filed its 10-K on Apr 15, 2015 for the period ending Dec 31, 2014. In this report its auditor, Burr, Pilger & Mayer LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Andalay Solar, Inc. announced delayed annual 10-K filing

On 03/31/2015, Andalay Solar, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC.

Andalay Solar Enters into Memorandum of Understanding with Hyundai Heavy Industries

Andalay Solar has entered into a Memorandum of Understanding with Hyundai Heavy Industries whereby Hyundai intends to license and manufacture solar modules using Andalay's Instant Connect frame technology. The new Hyundai-branded TG-Series solar modules are expected to use 60-cell monocrystalline or polycrystalline technology (255w-280w) with a black Andalay frame, and will be manufactured in South Korea with an initial annualized capacity of over 50MW. The module is currently undergoing UL certification and is expected to begin shipping late in the first quarter of 2015.

Andalay Solar, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Andalay Solar, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter ended September 30, 2014, revenue was $605,943, compared to $156,630 for the same period last year. Loss from continuing operations was $519,946, compared to $808,092 for the same period last year. Loss before provision for income taxes and discontinued operations was $570,551, compared to $809,459 for the same period last year. Net loss from continuing operations was $570,551, compared to $809,459 for the same period last year. Net loss attributable to common stockholders was $570,634, or $0.00 per basic and diluted share compared to $1,336,543 or $0.02 per basic and diluted share for the same period last year. Excluding the non-cash adjustments in all years, net loss from continuing operations was $520,000 in the third quarter of 2014 compared to $808,000 in the third quarter of 2013. For the nine months ended September 30, 2014, revenue was $1,055,344, compared to 367,870 for the same period last year. Loss from continuing operations was $1,782,835, compared to $2,659,875 for the same period last year. Loss before provision for income taxes and discontinued operations was $1,271,934, compared to 2,246,596 for the same period last year. Net loss from continuing operations was $1,271,934, compared to 2,246,596 for the same period last year. Net loss attributable to common stockholders was $1,290,861 or $0.01 per basic and diluted share, compared to $3,235,612 or $0.06 per basic and diluted share for the same period last year.

 

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