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Rahway, NJ, Aug. 20, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Spectacular Solar, Inc. (OTCPK: SPSO) is pleased to announce that results for the second quarter ending June 30, 2019 have been filed. Spectacular Solar reported total revenues in the second quarter of $2.2 million, up $690,000 over the first quarter of the year while the net revenue was up almost 30%. The company reports its financial performance in accordance with accounting principles generally accepted in the United States of America ("GAAP”).
“These second quarter results are a continuation of the successes that we have enjoyed over the past 18 months and proof that our products and services are in high demand, but believe me when I say that I am far from satisfied,” said Spectacular Solar CEO Doug Heck. “This is just the beginning for us, and our outlook for the third quarter is strong”
CFO Antonio E. Perez, on board for just over a month, has already begun to reshape the fiscal structure of the company and his presence is already paying dividends.
“I am only making slight adjustments to what is effectively working but have made changes to the corporate processes and procedures which have already had a positive impact on the balance sheet and the bottom line,” Perez said. “Additionally, these new fiscal policies will help us be better prepared for the upcoming audit.
The audit will soon be the main focus for Perez and he is already making preparations to ensure that the audit firm will be pleased with the corporate books. One such move required Spectacular Solar to restate its Statement of Cash Flows, with the restated and refiled version showing cash at the end of the period of $3,347,917.
“While I am aggressive in many aspects of my job, I am conservative when it comes to the company books which is why there was the need for an adjustment to the Statement of Cash Flows we had filed,” Perez said. “During my pre-audit review of our books, I felt it was necessary at this time for the company to take a one-time charge of about $590,000 and by taking this corrective action, I believe the audit process will be more seamless and will shorten the time it takes to be able to move Spectacular Solar up to the OTCQB.”
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About Spectacular Solar, Inc.: Spectacular Solar is a diversified company involved in solar system installations, investment fund management, and roofing contracting through its subsidiaries. DC Solar Integrators designs and installs state-of-the-art solar conversions for home and business owners. Star Power Services is a bonded and licensed roofing contracting company with expertise in new roof installation, repairs, and maintenance. The Solar Energy Investors Fund contributes to the ongoing insurance expenses directly associated with installation of solar systems. In return, the fund receives a share of tax benefits and ongoing revenue generated from electricity sales.
Safe Harbor Statement
This release contains forward-looking statements that relate to future events or performance. These statements reflect the company's current expectations and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The company doesn’t undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results, expressed or implied, in this or other company statements will not be realized. Readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the forward-looking statements. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.