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RGS Energy Reports Second Quarter 2014 Results


August 19, 2014 - RGS Energy reported today results for the second quarter ended June 30, 2014. The Company also filed today its Quarterly Report on Form 10-Q for the quarter ended June 30, 2014.

David Belluck, RGS Energy's Chairman of the Board, stated: "After completing a comprehensive review of each of our businesses, the Board of Directors has determined that the best opportunity lies with our new Residential and Sunetric segments for maximizing future shareholder value. Dennis Lacey is uniquely qualified for the CEO role. He has not only served effectively as our President of Residential since April 2014, but also has a successful track record in turnaround situations of public companies. Our current circumstances require that we focus our business activities on residential solar, which is still in its early stages as an industry, and around a leader with the necessary background and skill set to return our business to profitability."

Dennis Lacey, the newly appointed CEO, stated: "Since being appointed President of our Mainland Residential segment in April, we have made progress within the Residential segment; for instance, comparing the 1st quarter to the 2nd quarter, the close rate by our sales force has doubled, the average sales price increased 7.8%, our cost per acquisition decreased by 7.5%, our backlog increased 28.9%, and to address capacity and efficiency, through the end of July, the headcount has been reduced 19% from April. In addition, our Esales team averaged approximately $1 million in sales per month for the quarter and our East Coast residential sales team sold $15 million for the quarter. This strong performance by our East Coast team is 175% higher than they achieved in the first quarter presenting our operations team with the enviable challenge of keeping up with sales."

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