WALNUT, Calif., Aug. 15, 2011 /PRNewswire/ -- Sunvalley Solar, Inc. (OTC Bulletin Board: SSOL), a leading solar power technology and solar system integration company, announces today financial results for the second quarter ended June 30, 2011. The Company reported revenue of $1,940,573 and net profit of $208,610 for the second quarter. That compares to revenue of $1,380,496 and a net loss of ($92,870) in the year-ago quarter. Revenue was $2,738,383 and net profit was $6,106 for the 6-months ending June 30, 2011.
During the first half of year 2011, Sunvalley's installation business ramped up quickly due to continued promotion of its Green Farm Solar Investment Program. The Green Farm Solar Investment Program leverages incentives from the Federal Government (30% of the project cost as a Federal Tax Cash Grant), the solar rebate programs from the local utility companies and Sunvalley's own client financing, Sunvalley was awarded several large solar system design and installation contracts in late 2010, bringing increased revenue to Sunvalley Solar in the first half of the year 2011. The revenue contribution from these contracts will continue through 2011. In addition to an increase in revenue, Sunvalley has reduced costs with the utilization of advanced thin-film solar panels, advanced racking systems and partnerships with their suppliers. Sunvalley also increased efficiency by using subcontractors and local laborers when appropriate and by negotiating for reduced material costs. In all, the first half of 2011 has lead to an improved bottom line.
Based on its accomplishments so far, Sunvalley will continue to focus on commercial solar system installations, reduce installation and material cost, and further increase the management efficiency.
"We are excited to report such a robust profit and profit margin for the last quarter, and for the first half of 2011 — both all-time records for Sunvalley Solar," said Mandy Chung, Sunvalley's CFO. "With more installation contracts scheduled for completion by the end of this year, we expect to see an impressive increase in both revenue and profit by the end of this year."
"We are extremely pleased with the performance and strength of our business. This is a remarkable time for Sunvalley, our shareholders and our investors. Because of our increased profit margin and the potential of several larger commercial contracts in Q3 and Q4, we are very confident that we will continue to increase both our revenue and our profit," said James Zhang, Sunvalley's CEO.
About Sunvalley Solar, Inc.
Sunvalley Solar, Inc. is a leading solar system solution provider that offers comprehensive solar energy technology, system design, installation, equipments, and technical support for electrical contractors, builders, homeowners, businesses/commercial buildings, and government entities that assist them in lowering of utility bills, reducing environmental impacts, and increasing energy reliability and independence through solar energy. Located in Los Angeles, California, Sunvalley Solar, Inc. is committed to reducing the world's carbon foot print from traditional energy sources to make renewable sources such as solar the nation's mainstream source of power.
To learn more, visit www.sunvalleysolarinc.com.