OPEL Technologies Inc. OPEL Solar Inc. and ODIS Inc. a leading global supplier of solar tracker systems, other solar related products and a semiconductor device and process developer, today announced its sales and revenue information contained in its Financial Statements and Management's Discussion and Analysis for the quarter and year ended December 31, 2011 (collectively the "Financials") which were filed on SEDAR and also available on the Company's website.OPEL reported revenue of $1.05 million for the fourth quarter of 2011, and annual revenue of $5.9 million. OPEL generated $4.2 million more in annual revenue in 2011 than it did in 2010. The fourth quarter of 2011 revenue result surpasses the same quarterly period of 2010 by $678,806. OPEL had a loss of $7.73 million for the fourth quarter of 2011 and an annual loss of $15.16 million for the year 2011. This translates to a $0.17 loss per share for the year. These results compare to a $2.14 million loss for the fourth quarter 2010; a $7.99 million loss for the year 2010; and a $0.11 loss per share for the year 2010. Excluding extraordinary one-time write downs, losses would have been $2.41 million for the fourth quarter 2011 and $9.54 million for the year 2011.
OPEL's loss for the year 2011 was impacted by a one-time inventory adjustment of $3.82 million for older generation solar panels and raw materials relating to the Company's HCPV business. Various factors supported the Company's strategic decision for this inventory write down. These factors included the global economic conditions that have delayed the deployment of next generation solar technologies, primarily concentrating photovoltaics ("CPV"), and rapidly falling pricing of silicon solar panels from China which has made it extremely difficult for CPV to compete effectively in the solar market. In the summer of 2011, the Company, after researching market forces, made a decision to shift its focus and resources into the solar tracker systems business. OPEL has a competitive advantage with its solar trackers. The TF-800 product line, along with its 'SolarView' wireless remote monitoring, is showing rapid market acceptance. The Company's sales pipeline is currently dominated by solar tracking quotations. The Company is committing its capital and resources where it anticipates the highest return on investment for its shareholders.
Depreciation and amortization increased in the fourth quarter 2011 over the same quarterly period for 2010 due to the addition of new assets and a one-time impairment of $1.5 million relating to a solar field asset in Spain. The impairment was incurred due to the uncertainty about the continuation of Spain's feed-in tariff and the ability to sell the field.OPEL continues fiscal responsibility by tightly managing its operating expenses. In the fourth quarter of 2011, the Company reduced its R&D and G&A expenses at Opel Solar. In R&D, the Company utilizes contracting houses to assist in design of some of our future product enhancements. This allows OPEL to advance the designs using state of the art processes which enhances our product innovation capabilities.The Company outlined in several press releases the completion of various utility scale solar fields. Installations in 2011 totaled approximately 6 Megawatts of installed solar equipment. In the fourth quarter of 2011, OPEL substantially completed two installations in California with Global Energy Service (GES), a leading developer of utility scale solar projects. OPEL also completed a solar plant with Aquarion Water Company and constructed the majority of a solar system with the Town of Newtown; both projects are in Connecticut. All of the Company's projects exemplify that OPEL has demonstrated its trackers (i) are cost effective, (ii) are easy to install, (iii) can mount any solar panel technology, (iv) reduce operating and maintenance plant costs using the 'SolarView' remote monitoring system allowing for fault isolation to the 10kW level, and (v) also come with validated testing and insurance coverage for bankability.
"We are very pleased with the growth of our 2011 revenue as compared to 2010," said Michael McCoy, CFO of OPEL. "Our revenue growth was predominately due to the growing acceptance of our TF-800 utility scale tracking system. OPEL's quoting activities continue to increase; additional new orders are being placed, and installations are increasing with the improved weather in certain regions.""The financial results for the second half of 2011 show confirmation that OPEL correctly interpreted, then effectively adapted to, the constantly changing markets and conditions which led to the Company's revenue progress." stated Leon M. Pierhal, CEO of OPEL. "As stated at last year's Annual General meeting, we embarked on strategic initiatives to put a stronger focus on our state-of-the-art solar tracking systems. We believe that the growing market acceptance of OPEL's trackers will continue into 2012 due to the refocusing of our sales, marketing and engineering efforts on this part of our solar business which has proven fruitful with expected growth and continued project acceleration to follow."The Company continues to build on success at its ODIS affiliate as well. In spite of major reductions in U.S. Government military funding opportunities, ODIS was selected for an additional funding grant at the end of 2011. Although selected, final specifications continue to be discussed to complete the grant process which, when finally awarded, will further POET technology development. In December, 2011, ODIS Inc. was issued a U.S. patent directed to an array of thyristor devices that determine the angle-of-arrival of an incident laser beam with high angular resolution. As highlighted at the Annual General Meeting, the Company is also actively pursuing a number of strategic directives which may serve to monetize the Company's efforts to date in the development of POET. BAE Systems successfully continues its independent development of an Infrared Sensor Device utilizing the POET platform.