AstroPower, Inc. Reports Third Quarter Results.Business Editors NEWARK Newark, cities, United States Newark. 1 City (1990 pop. 37,861), Alameda co., W Calif., on the east side of San Francisco Bay; inc. 1955. , Del.--(BUSINESS WIRE)--Nov. 4, 2002 AstroPower, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :APWR APWR Advanced Pressurized Water Reactor APWR Americans for the Preservation of the White Race APWR Anti-Pyramid Web Ring (Bosnian bloggers) APWR Alliance to Protect Water Resources, Inc. ) Highlights -- Product sales increase to a record $22.5 million, up 26.5% from the similar 2001 period -- Record manufacturing performance -- Expansion in SunChoice(TM) program -- Contract received from Sacramento Municipal Utility District -- Atersa, an affiliate of AstroPower, selected to power rural villages in Senegal AstroPower, Inc. (NASDAQ:APWR), a leading supplier of solar electric power products, today reported financial results for the third quarter ended September September: see month. 30, 2002. Financial Results For the quarter ended September 30, 2002, total revenues were a record $23.0 million, an increase of 25.0% from the third quarter of 2001. Product revenues for the three months ended September 30, 2002 were a record $22.5 million, an increase of 26.5% from the three months ended September 30, 2001. For the three months ended September 30, 2002, net income was $834,000 or $0.04 per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis on 22.7 million weighted average shares outstanding, as compared to $1.5 million or $0.06 per share on a diluted basis on 23.4 million weighted average shares in the year-earlier period. For the nine months ended September 30, 2002, total revenues were $64.1 million, an increase of 31.5% from the similar period in 2001. Product revenue for the nine month ended September 30, 2002 were $63.0 million, an increase of 34.9% from the similar period in 2001. Management Comments Commenting on the quarter, Dr. Allen Barnett Allen Barnett is a professor of electrical engineering and computer science at the University of Delaware. He is the principal investigator of the DARPA-funded Consortium for Very High Efficiency Solar Cells. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AstroPower said, "We are pleased to have demonstrated strong revenue growth on both a year-over-year and sequential One after the other in some consecutive order such as by name or number. quarter basis, especially in a market that many are finding difficult. Although our results in the third quarter were an improvement over the previous 2002 quarter, we still have work ahead of us." "As previously reported, the market in Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). has been weaker than expected throughout much of the year. The Company's Q3 sales into Germany were lower than the previous year, but this was offset by ongoing growth in many other regions, principally Asia, Africa, and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ." "We are particularly pleased with the growth in our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. business, which has been one of our major areas of focus for the past two years. Our North American sales in Q3 were up 45% year over year, and grew 41% on a sequential basis vs. the previous quarter. Many factors contributed to this result including: record sales in the SunChoice dealer channel; record Home Depot The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services. Headquartered in Vinings, just outside Atlanta in unincorporated Cobb County, Georgia, Home Depot employs more than 355,000 people and operates 2,164 big-box sales, driven by improved closing ratios in existing stores as well as the ongoing roll-out of new stores; and significant contribution from commercial and off-grid markets." Dr. Barnett Barnett as a personal name can refer to:
tr.v. re·it·er·at·ed, re·it·er·at·ing, re·it·er·ates To say or do again or repeatedly. See Synonyms at repeat. re·it our previous guidance of product revenues in the range of $26 - $30 million." About AstroPower AstroPower develops, manufactures, markets and sells a range of solar electric power generation products, including solar cells solar cell, semiconductor devised to convert light to electric current. It is a specially constructed diode, usually made of silicon crystal. When light strikes the exposed active surface, it knocks electrons loose from their sites in the crystal. , modules, panels and our SunChoice(TM) pre-packaged systems for the global marketplace. Solar electric power systems provide a clean, renewable source of electricity in both off-grid and on-grid applications. AstroPower has been named by Forbes Forbes , B(ertie) C(harles) 1880-1954. American publisher and businessman who founded and edited (1916-1954) Forbes magazine. His son Malcolm Stevenson Forbes as one of the 200 best small companies. For more information, please visit www.astropower.com This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve risks and uncertainties, as described in the Company's registration statement and periodic reports filed with the Securities and Exchange Commission. As a result, there can be no assurance that the Company's future results will not be materially different from those projected. The projections contained herein speak only of the Company's expectations as of the date of this press release. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which such statement is based.
ASTROPOWER, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
Sept. 30, Dec. 31,
2002 2001
-------- --------
(unaudited)
Cash $ 31,368 53,851
Accounts receivable, net 38,313 22,498
Inventories 44,070 27,916
Deferred tax asset 4,206 4,204
Other current assets 2,490 2,764
-------- --------
Total current assets 120,447 111,233
Property and equipment, net 51,624 36,610
Goodwill and other assets 16,794 16,375
Investments 2,374 2,558
Deferred tax asset 1,144 1,361
-------- --------
Total assets $192,383 168,137
======== ========
Current liabilities 33,892 19,189
Long-term liabilities 3,473 2,288
Stockholders' equity 155,018 146,660
-------- --------
Total liabilities and
stockholders' equity $192,383 168,137
======== ========
ASTROPOWER, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except share and per share data)
Three Months Ended
September 30
-----------------------------
(unaudited)
2002 2001
------------ ------------
REVENUES:
Product sales $ 22,539 17,823
Research contracts 470 588
------------ ------------
Total revenues 23,009 18,411
COST OF REVENUES:
Product sales 15,964 12,789
Research contracts 364 403
------------ ------------
Total cost of revenues 16,328 13,192
------------ ------------
Gross profit 6,681 5,219
OPERATING EXPENSES:
Product development expenses 1,605 1,409
General and administrative
expenses 1,830 1,248
Selling expenses 2,446 1,297
------------ ------------
Income from operations 800 1,265
OTHER INCOME (EXPENSE):
Interest expense -- (18)
Interest income 284 853
Other (42) (27)
------------ ------------
INCOME BEFORE INCOME TAXES 1,042 2,073
INCOME TAXES 208 576
------------ ------------
NET INCOME $ 834 1,497
============ ============
NET INCOME DATA (1):
Net income per share
- basic $ 0.04 0.07
============ ============
Net income per share
- diluted $ 0.04 0.06
============ ============
Weighted average
shares outstanding
- basic 21,807,917 21,247,547
============ ============
Weighted average
shares outstanding
- diluted 22,682,839 23,351,702
============ ============
(1) - Prior year net income per share and weighted average shares
outstanding amounts have been restated to give effect to a
three-for-two stock dividend granted to shareholders of record
May 20, 2002.
ASTROPOWER, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except share and per share data)
Nine Months Ended
September 30
----------------------------
(unaudited)
2002 2001
------------ ------------
REVENUES:
Product sales $ 62,994 46,699
Research contracts 1,149 2,083
------------ ------------
Total revenues 64,143 48,782
COST OF REVENUES:
Product sales 43,796 32,846
Research contracts 884 1,490
------------ ------------
Total cost of revenues 44,680 34,336
------------ ------------
Gross profit 19,463 14,446
OPERATING EXPENSES:
Product development expenses 4,520 3,730
General and administrative expenses 5,081 3,593
Selling expenses 6,247 3,170
Legal settlement and related costs
-- 3,808
------------ ------------
Income (loss) from operations 3,615 145
OTHER INCOME (EXPENSE):
Interest expense (214) (27)
Interest income 1,101 2,221
Other (14) (70)
------------ ------------
INCOME BEFORE INCOME TAXES 4,488 2,269
INCOME TAXES 1,291 635
------------ ------------
NET INCOME $ 3,197 1,634
============ ============
NET INCOME DATA (1):
Net income per share - basic $ 0.15 0.08
============ ============
Net income per share - diluted $ 0.14 0.07
============ ============
Weighted average shares
outstanding - basic 21,731,863 20,188,370
============ ============
Weighted average shares
outstanding - diluted 23,308,478 22,335,800
============ ============
(1) - Prior year net income per share and weighted average shares
outstanding amounts have been restated to give effect to a
three-for-two stock dividend granted to shareholders of record May
20, 2002.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion