Orngejuglr via flickr
Sunrun in triple acquisition spree
05 February 2014 02:22 GMT
First Solar Q4 profit tumbles
26 February 2014 01:10 GMT
US approves two large PV projects
19 February 2014 05:17 GMT
Richard A. Kessler
Tuesday, March 04 2014
In a statement,
the California-based company says fixing the problem will add $16m to $20m to
the cost of solar system sales for the first three quarters of 2013, and $20m
to $23m for 2012.
executive Lyndon Rive told analysts on a conference call that the problem was
discovered during an internal audit of fourth quarter financial statements.
the company had assigned an excessive amount of overhead expenses to its solar
leases while shortchanging solar array sales.
main business is residential and commercial solar system leasing, with sales of
solar arrays more important for businesses than homeowners.
“Total overhead has not changed,” says Rive,
adding there is also no change to net cash flows.
company plans to release adjusted results including those for the fourth
quarter by 18 March.
closed at $83.26 in New York, down 2%.
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