Premier Power Renewable Energy, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. Revenue for the third quarter was $6.3 million, compared to $9.3 million in the third quarter of 2008, and $4.1 million in the second quarter of 2009. The third quarter was the first quarter of revenue from newly acquired Italian subsidiary which contributed approximately $337,000 of revenue, which does not include an estimated $3.6 million in revenue from first large scale Italian power plant, which has already been constructed, and will be recognized in the coming quarters. The Company reported a third quarter GAAP net loss of $988,000, or a loss of $0.04 per diluted share, compared to a net income of $338,000, or income of $0.01 per diluted share, for the third quarter last year, and a net loss of 259,000, or a loss of $0.01 per diluted share, for the second quarter of 2009. The company reported operating loss of $1.06 million and loss before income tax of $1.087 million compared to the operating loss of $88,677 and loss before income tax of $105,539 for the same period a year ago. For the nine months ended September 30, 2009, revenue was $15.2 million, compared to $27.2 million in the nine months ended September 30, 2008. The nine months ended September 30, 2009 was the first period of revenue from newly acquired Italian subsidiary which contributed approximately $337,000 of revenue, which does not include an estimated $3.6 million in revenue from first large scale Italian power plant, which has already been constructed, and will be recognized in the coming quarters. For the nine months ended September 30, 2009, the Company reported a net loss of $526,000, or a loss of $0.02 per diluted share, compared to net income of $613,000 or $0.03 per diluted share for the same period in 2008. The company reported operating loss of $3.928 million and loss before income tax of $1.752 million compared to the operating income of $722,522 and loss before income tax of $688,432 for the same period a year ago. The company reported net cash used in operating activities of $6.855 million compared to the net cash used in operating activities of $2.216 million for the same period a year ago. The company reported acquisition of property and equipment of $113,018 compared to the acquisition of property and equipment of $89,833 for the same period a year ago.

Premier Power Renewable Energy Inc. announced that it has contracted with Soar Energy Partners, LLC to install a 300kW solar photovoltaic system at the CHE Medical Building in Lakewood, NJ. The project will utilize the cylindrical thin film technology developed by Solyndra to maximize the use of both direct sunlight as well as diffused light and reflectivity off the medical building's white roof. The solar system will save the medical center approximately $84,000 per year in utility costs, while generating approximately $190,000 annually in SREC revenue for Soar Energy Partners, LLC. Approximately 325 tons of greenhouse gases will be avoided in year one by using the solar photovoltaic system.

Premier Power Renewable Energy, Inc., Q3 2009 Earnings Call, Nov-16-2009