SANTA BARBARA, Calif., July 24, 2014 (GLOBE NEWSWIRE) -- Solar3D, Inc. (OTC:SLTD), a leading solar power company and the developer of a proprietary high efficiency solar cell, today filed its 10Q for the second quarter of 2014. This is the first time it has reported full consolidated financial results since its acquisition of SUNworks, a rapidly growing provider of solar systems, based in Roseville, California. The quarterly report contains SUNworks' second quarter sales of $7.5 million representing an increase of over 600% compared to Q1 2014, resulting in operating profits in excess of $762,000.
"We are thrilled with our second quarter results, which have surpassed our initial expectations," said Jim Nelson, CEO of Solar3D. "SUNworks' revenue and profit margins are outstanding — with sales for the quarter approaching the sales level of all of 2013, and profit already exceeding the previous year. Our future looks brighter than ever."
Solar3D completed the acquisition of SUNworks, a profitable solar systems provider, on January 31, 2014. Nelson calls it an "aggressive" entry into the California solar systems market, where 2013 rooftop solar installations more than doubled from 1,000 megawatts (MW) to 2,000 MW. With the combination of the SUNworks operating division, and the anticipated commercialization of Solar3D's breakthrough 3-dimensional solar cell, the company is well positioned to take advantage of the exploding California commercial and residential solar market.
"We are pleased that the acquisition and financial consolidation since the start of 2014 is finally complete and that we can fully report the exciting growth underway at SUNworks," said Nelson. While organic growth alone is anticipated to make the company substantially larger in 2014, Nelson also reported that Solar3D is actively seeking additional acquisitions to enlarge the SUNworks division, and is in conversations with a number of candidate firms. Additionally, the company's proprietary Solar3D cell is quickly advancing technologically, with announcements expected throughout the year.
About Solar3D, Inc.
Solar3D is a leading provider of solar power solutions and the developer of a proprietary high efficiency solar cell. The company's SUNworks division focuses on the design, installation and management of solar power systems for commercial, agricultural and residential customers. SUNworks is one of the fastest growing solar systems providers in California and has delivered hundreds of 2.5 kilowatt to 1-megawatt commercial systems and has the capability of providing systems as large as 25 megawatts. Solar3D's technology division is developing a patent-pending 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity. The Solar3D Cell collects sunlight from a wide angle and lets light bounce around in 3-dimensional microstructures on the solar cell surface. The Company's mission is to further the widespread adoption of solar power by deploying affordable, state-of-the-art systems and developing breakthrough new solar technologies.
To learn more about Solar3D, visit our website at http://www.Solar3D.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.