The company posted total revenues of $1.8m for the fiscal year 2011, an increase of 16.6 percent, compared to $1.54m for the same period in 2010. Diluted earnings were $0.38 and $0.74 for fiscal years 2011 and 2010 respectively.
For fiscal year 2011, commercial product sales revenues declined by $49,784 and engineering and development revenues increased by $306,414 as compared to fiscal year 2010. The decrease in commercial product sales revenues is primarily the result of delays in certain orders due to the need for PECC inverter certification to UL standard 1741 and an order that requires field commissioning completion.
Total costs and expenses for fiscal years 2011 and 2010 were $10.62m and $11.05m respectively.
Eric Apfelbach, president and CEO of the company, said: â€œWe believe fiscal 2012 is an inflection point for the Company. Our product launch of the Tier designed UL certified PECC electronics and the completion of the V3 product launch this fall are expected to set the stage for meaningful revenue growth in fiscal 2012.
â€œWe entered fiscal year 2012 with over $5.2m in backlog and have continued to add a number of orders to the backlog during the first quarter of the 2012 fiscal year with a total current backlog of $7m. In addition, the quality and quantity of opportunities in our sales funnel have never looked better.â€
Will the firm further improve its performance in 2012?
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