July 30, 2009 / 6:54 PM / 9 years ago

UPDATE 1-Akeena posts narrower Q2 loss, shares rise

* Q2 loss/shr $0.14 vs loss/shr $0.18 last year

* Q2 loss/shr $0.09, ex items

* Q2 rev down 17 pct

* Declines to provide full-year outlook

* Shares rise as much as 8 pct July 30 (Reuters) - Akeena Solar Inc AKNS.O reported a narrower quarterly loss as it reaped the benefits of its cost-cutting measures, and the solar power systems maker declined to provide a full-year outlook, citing limited visibility.

The company, however, said it expects a modest build in residential sales in 2009, with commercial installations picking up in late 2009 or early 2010.

Second-quarter operating expenses dropped 30 percent to $4.3 million, helped by the cost-reduction measures the company took over the last few quarters.

For the quarter, the company reported a net loss of $4.7 million, or 14 cents a share, compared with a net loss of $5.1 million, or 18 cents a share, last year.

Excluding a $1.5 million non-cash charge, Akeena posted a loss of 9 cents a share.

Sales fell 17 percent to $5.9 million, hurt by lower commercial revenue due to the tight credit market and weak overall economic conditions.

Analysts on average were looking for a loss of 11 cents a share, before items, on revenue of $7.1 million, according to Reuters Estimates.

Shares of the company rose 4 percent to $1.38 Thursday afternoon on Nasdaq. They had touched a high of $1.43 earlier. (Reporting by Adveith Nair in Bangalore; Editing by Deepak Kannan)

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