SOURCE: Solar Integrated Roofing Corp.

December 14, 2016 07:00 ET

Solar Integrated Roofing Corp. Announces Record Monthly, Bi-Monthly Revenue for October, November 2016; December Revenue May Top Previous Mark Exceeding $1 Million; 2017 Revenue to Double

POWAY, CA--(Marketwired - Dec 14, 2016) - Solar Integrated Roofing Corp. (OTC PINK: SIRC) CEO today announced that unaudited revenue figures for October-November combined, and November on its own set company records, surpassing last year's results. In addition, SIRC CEO David Massey believes that December's revenue may well break last year's mark, and if so, revenue for the fourth quarter 2016 will be the strongest in the Company's history

The combined results, unaudited, of October and November show total income of $1.45 million, resulting in a gross profit of $558,000 and net income of just under $300,000.

November's unaudited results showed revenue of approximately $822,000, a gross profit in excess of $367,000 and net income of almost $220,000.

CEO David Massey said, "We are very pleased with these record-breaking revenue results, and with the healthy gross profit and net income we derived from them. Based on jobs scheduled through the end of the year, we anticipate that December revenue could top the $1 million mark. That would make the fourth quarter of 2016 our best quarter in company history, and it would set the stage for 2017, when we believe more records will fall. We believe we can and will double our revenue for 2017 compared with 2016, already our best year on record.

"Our anticipated record results for 2016 came despite some management challenges experienced in the second and third quarters, and these challenges resolved and we have an excellent management team in place."

Mr. Massey continued, "Operating in the San Diego area, installing new roofs and providing solar power systems, Solar Integrated Roofing Corp. has lessened the seasonality that you see in other roofing and solar businesses. We find that most solar installations occur in the summer and roofing in the winter. That is distinct from similar businesses in the Midwest and Northeast that have serious downtime when the weather turns bad. Because of that, our business and cashflow is not quite as subject to the swings they experience elsewhere."

For more information, please visit: www.solarintegratedroofingcorp.com

About Solar Integrated Roofing Corp.

Solar Integrated Roofing Corporation (SIRC) is an integrated solar and roofing installation company specializing in commercial and residential properties with a focus on acquisitions of like companies to build a footprint nationally.

Forward-Looking Statement Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.

Contact Information

  • Contact Information:
    Solar Integrated Roofing Corp.
    (760) 916-7444

    Investor Relations
    Michael J. Porter
    Porter, LeVay & Rose, Inc.
    (212) 564-4700
    mike@plrinvest.com