RGS share price drops on reported losses
LOUISVILLE – Rooftop solar provider RGS Energy (Nasdaq: RGSE) on Wednesday reported a net loss of $4.8 million for the third quarter ending Sept. 30, more than double that for the same period a year ago.
The Louisville-based company’s stock dropped 7 percent Wednesday, closing at 82 cents and continuing the freefall that’s seen the share price drop 84 percent from its March 10 closing price of $5.23. The earnings report was released after markets closed.
In September, the company announced that it was discontinuing its large commercial business segment so that it can put more resources into growing its residential business.
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The third-quarter net loss amounted to 9 cents per share, 2 cents more than the loss for the period a year ago. The loss came on revenue of $18.9 million, an increase from $16.6 million last year.
The company’s bottom line was hindered in part, it noted in the earnings report, by the integration costs of three acquisitions that occurred over the past year in addition to a decrease in solar incentives for homeowners in certain states.
“Over the last 12 months, the company has acquired three solar companies, and we have recently taken steps to exit two lines of business – the Large Commercial segment and the catalog segment – to generate funds for residential solar,” RGS CEO Dennis Lacy said in a statement. “We are now focused on integrating and streamlining our operations with the objective to reinvest the cost savings in growing our sales and construction teams. Executing this plan resulted in charges to our third quarter results for impairments and restructuring costs, but these actions were necessary to position the company for future profitable growth.”
LOUISVILLE – Rooftop solar provider RGS Energy (Nasdaq: RGSE) on Wednesday reported a net loss of $4.8 million for the third quarter ending Sept. 30, more than double that for the same period a year ago.
The Louisville-based company’s stock dropped 7 percent Wednesday, closing at 82 cents and continuing the freefall that’s seen the share price drop 84 percent from its March 10 closing price of $5.23. The earnings report was released after markets closed.
In September, the company announced that it was discontinuing its large commercial business segment so that it can put more resources into growing its residential business.
The…
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