RGS Energy posts $7.7M quarterly loss

LOUISVILLE – Troubled solar installer RGS Energy (Nasdaq: RGSE), which is trying to embark on a turnaround of the company, posted a quarterly loss of $7.7 million on Tuesday.

The loss amounted to $10.27 per share, and was compared to a loss of $4.3 million, or $6.97 per share for the same period last year.

Sales were down drastically, from $10.4 million during the third quarter last year to $2.5 million this year as the company tries to raise capital to boost sales in its residential and small commercial segments.

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The company raised $10 million of convertible notes in the spring, but a large portion of those proceeds were placed in restricted accounts, to be released upon certain predetermined intervals or trigger events.

“The last six months have been challenging for the company in that we did not have the financial capital available to fully execute our strategy and grow revenue,” CEO Dennis Lacey said in a news release. “We are very pleased to be realizing the financial capital we had arranged previously, as this is necessary for our future growth. We look forward to being able to demonstrate what our employees can do with the benefit of sufficient capital for growth.”