UPDATE - RGS Energy Corrects and Expands First Quarter 2018 Results Press Release
|($000’s omitted)||1st Quarter
as if April 9, 2018
Capital Raise closed
on March 31, 2018
|Pro Forma Cash||$303||$4,371||$4,674||$14,077|
|Convertible Debt, net*||1||1,280||1,281||1|
|Pro Forma shareholders’ equity||3,352||3,091||6,443||17,886|
|Operating cash outflow||(2,459||)||(4,152||)|
*Preliminary estimated value of convertible notes, net of transaction costs and debt discount for common stock warrants issued.
|($000’s omitted)||1st Quarter 2018
|1st Quarter 2017
|Backlog at December 31st||$12,765||$9,375|
|Bookings from new awards (“Sales”)||7,488||3,035|
|Cancellations and reductions on existing contracts||(3,859||)||(1,646||)|
|Amounts recognized in revenue upon installation||(2,507||)||(3,372||)|
|Backlog at March 31st||$13,887||$7,392|
|($000’s omitted)||May 14, 2018
|Pro Forma Convertible Debt, net||1,281||2,000|
“We expect 2018 to be a truly transformative year for RGS,” said
“Even before the
RGS Energy will hold a conference call to discuss its first quarter 2018 financial results.
Toll-free dial-in number: 1-800-289-0438
International dial-in number: 1-323-794-2423
Conference ID: 6375171
The conference call will be webcast live and available for replay via the investor relations section of the company's website at RGSEnergy.com.
Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.
A replay of the call will be available after
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 6375171
About RGS Energy
RGS Energy (Nasdaq:RGSE) is America’s
For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com, on
RGS Energy is the company’s registered trade name. RGS Energy files periodic and other reports with the
POWERHOUSE™ is a trademark of
Forward-Looking Statements and Cautionary Statements
The preliminary estimated value of the convertible notes discussed above is subject to the completion by a a valuation by a third party expert. Therefore, the actual value may differ materially from the estimated value and the preliminary estimated value of the convertible notes is subject to change.
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding RGS Energy’s results of operations and financial positions, and RGS Energy’s business and financial strategies. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “believe,” “plan,” “expect,” “future,” “may,” “will” and similar expressions as they relate to us are intended to identify such forward-looking statements.
Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.
Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: RGS Energy’s ability to successfully and timely commercialize POWERHOUSE™ 3.0; the ability to obtain requisite UL certification of POWERHOUSE™ 3.0; the adequacy of, and access to, capital necessary to commercialize POWERHOUSE™ 3.0; RGS Energy’s ability to satisfy the conditions and obligations under the POWERHOUSE™ 3.0 license agreement; RGS Energy’s ability to manage supply chain in order to have production levels and pricing of the POWERHOUSE™ 3.0 shingles to be competitive; the ability of RGS Energy to successfully expand its operations and employees and realize profitable revenue growth from the sale and installation of POWERHOUSE™ 3.0, and to the extent, anticipated; competition in the built-in photovoltaic solar system business; RGS Energy’s ability to realize revenue from written reservations for initial POWERHOUSE™ deliveries; RGS Energy’s ability to obtain future written reservations for POWERHOUSE™ deliveries; RGS Energy’s ability to realize revenue from sales of Powerhouse arising from the California Energy Commissions’ mandate for solar systems with new home building commencing in 2020; rules, regulations and policies pertaining to electricity pricing and technical interconnection of customer-owned electricity generation such as net energy metering; the continuation and level of government subsidies and incentives for solar energy; the continuation and level of utility and state incentives for solar energy; changes in general economic, business and political conditions, including tariffs on imported solar cells and changes in the financial markets; and RGS Energy’s ability to successfully implement its revenue growth strategy, achieve its target level of sales, generate cash flow from operations, and achieve break-even and better results.
You should read the section entitled “Risk Factors” in our 2017 Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q, for 2017, each of which has been filed with the
Investor Relations Contact
Managing Partner, CMA