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EXCEL - IDEA: XBRL DOCUMENT - Solar Power, Inc.Financial_Report.xls
10-Q/A - AMENDMENT TO FORM 10-Q - Solar Power, Inc.d320119d10qa.htm
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EX-31.1 - CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302 - Solar Power, Inc.d320119dex311.htm
EX-31.2 - CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 - Solar Power, Inc.d320119dex312.htm
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EX-32 - CERTIFICATION OF PEO AND PFO PURSUANT TO SECTION 906 - Solar Power, Inc.d320119dex32.htm
v2.4.0.6
Operating Risk
9 Months Ended
Sep. 30, 2011
Operating Risk [Abstract]  
Operating Risk

16. Operating Risk

Concentrations of Credit Risk and Major Customers — A substantial percentage of the Company’s net revenue comes from sales made to a small number of customers and typically are made on an open account basis. Details of customers accounting for 10% or more of total net sales for the nine months ended September 30, 2011 and 2010, respectively are as follows (in thousands):

 

                 
    Nine Months Ended  

Customer

  September 30,
2011
    September 30,
2010
 

380 Middlesex Solar, LLC

  $ 16,388     $ —    

North Palm Springs Investment, LLC*

    10,984       —    

Baldwin Park Unified School District

    5,695       —    

Bayer & Raach GmbH

    —         2,899  

Details of customers representing 10% or more of accounts receivable balances and costs and estimated earnings in excess of billings on uncompleted contracts at September 30, 2011 and December 31, 2010, respectively are (in thousands):

 

                 

Customer

  September 30,
2011
    December 31,
2010
 

North Palm Springs Investment, LLC*

  $ 10,984     $ —    

380 Middlesex Solar, LLC

    4,404       —    

Temescal Canyon RV, LLC

    —         1,897  

 

* North Palm Springs Investment, LLC is a wholly owned subsidiary of LDK Solar USA, Inc.

 

Product Warranties — The Company offers the industry standard of 25 years for our solar modules and industry standard five (5) years on inverter and balance of system components. Due to the warranty period, we bear the risk of extensive warranty claims long after we have shipped product and recognized revenue. In our cable, wire and mechanical assemblies business, historically our warranty claims have not been material. In our solar photovoltaic business, our greatest warranty exposure is in the form of product replacement. Until the third quarter of 2007, the Company purchased its solar panels from third-party suppliers and since the third-party warranties are consistent with industry standards we considered our financial exposure to warranty claims immaterial. Certain photovoltaic construction contracts entered into during the year ended December 31, 2007 included provisions under which the Company agreed to provide warranties to the buyer, and during the quarter ended September 30, 2007 and continuing through the fourth quarter of 2010, the Company installed its own manufactured solar panels. As a result, the Company recorded the provision for the estimated warranty exposure on these contracts within cost of sales. Since the Company does not have sufficient historical data to estimate its exposure, we have looked to our own historical data in combination with historical data reported by other solar system installers and manufacturers. The Company now only installs panels manufactured by unrelated third parties and its parent LDK Solar Co., Ltd. We provide their pass through warranties and reserve for unreimbursed costs, including but not limited to labor, material and transportation costs to replace panels, balance of system products and equipment. The Company has recorded a warranty expense of $64,000 and $24,000 for the three months ended September 30, 2011 and 2010, respectively, and has recorded a warranty expense of $173,000 and $201,000 for the nine months ended September 30, 2011 and 2010, respectively.

The accrual for warranty claims consisted of the following at September 30, 2011 and 2010 (in thousands):

 

                 
    2011     2010  

Beginning balance, January 1,

  $ 1,542     $ 1,246  

Provision charged to warranty expense

    173       201  

Less: warranty claims

    (72     —    
   

 

 

   

 

 

 

Ending balance, September 30

  $ 1,643     $ 1,447  
   

 

 

   

 

 

 

Current portion of warranty liability

  $ 200     $ 1,447  

Non-current portion of warranty liability

  $ 1,443     $ —