Vivint Doubles Losses in Fourth Quarter, Reports New Term Loanby
Loss increased amid `distraction' of SunEdison acquisition
Megawatts installed falls for a second-straight quarter
Vivint Solar Inc., the rooftop solar developer that last week canceled its planned acquisition by SunEdison Inc., said losses doubled in the fourth quarter as installations declined.
The net loss was $13.2 million, or 12 cents a share, compared with a loss of $6.14 million, or six cents, a year earlier, Lehi, Utah-based Vivint said in a statement late Monday, after the close of regular trading in New York. Revenue increased to $16 million from $6.9 million.
Megawatts installed fell for a second straight quarter. Vivint installed 59 megawatts in the fourth quarter, down from 61 megawatts in the third quarter. That follows a similar drop in the third quarter that the company attributed at the time to the “distraction” of the then-pending SunEdison deal.
Vivint’s fourth-quarter report sheds light on how its finances were faring as its takeover by SunEdison unraveled. The acquisition was announced in July and faced significant criticism from SunEdison investors. The price was renegotiated down to $1.9 billion in December and Vivint canceled it March 8 after SunEdison missed some deadlines.
Vivint also announced it had arranged a $200 million term loan Monday. It already has borrowed $25 million of that and expects to incur an additional $50 million within 30 days.
Vivint said it would provide further information in a regulatory filing Tuesday.