- Solar Gross Margin Exceeds 33% due to Continued Focus on
Operational Excellence ROCHESTER HILLS, Mich., Nov. 10
/PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD)
(NASDAQ:ENER), the leading global manufacturer of thin-film
flexible solar laminate products for the building integrated and
commercial rooftop markets, today announced financial results for
the quarter ended September 30, 2008. Total consolidated revenues
for the quarter were $95.8 million, an increase of 16 percent over
the $82.4 million in revenues from the fourth quarter of fiscal
2008, and 104 percent higher than revenues of $47.0 million in the
first quarter of fiscal 2008. Solar product sales were $89.5
million, a 16 percent sequential increase and a 124 percent
increase over the prior- year quarter. The average selling price
for solar laminates during the quarter was $3.04. Net income for
the first quarter was $12.7 million, or $0.29 per fully diluted
share, compared to net income of $9.9 million, or $0.24 per fully
diluted share, in the fourth quarter of fiscal 2008, and a net loss
of $7.6 million, or $0.19 per fully diluted share, in the year-ago
period. The company reported net operating cash flow of $26.5
million for the first quarter, versus a use of cash of $14.8
million during the first quarter of fiscal 2008. First quarter net
income and per-share figures include preproduction costs of $2.0
million or $0.05 per fully diluted share, restructuring costs of
$0.2 million, or less than one cent per fully diluted share. The
company also recorded an "other-than-temporary impairment of
investment" of approximately $1.0 million, or $0.02 per fully
diluted share, to reflect the decreased market value of a floating
rate note issued by Lehman Brothers. Gross margin in the first
quarter on solar product sales was 33.4 percent, and total gross
margin was 34.1 percent. United Solar Ovonic produced 30.8 MWs and
shipped 29.5 MWs of solar laminates in the first quarter. Mark
Morelli, ECD's president and chief executive officer, said, "Fiscal
2009 is off to a strong start and demand continues for UNI-SOLAR
products from our target markets in Europe, Asia and the US. We
recognize that there are new challenges in the present environment,
and we are actively managing our business model accordingly. For
example, our ongoing commitment to operational excellence enabled
us to complete the retrofit of our Auburn Hills 1 facility quickly,
while simultaneously ramping a new production line in Greenville
ahead of schedule. These improvements elevated our productivity
during the quarter and contributed to stronger than anticipated
gross margins." Harry Zike, ECD's vice president and chief
financial officer, commented, "Our strong balance sheet and fully
funded growth plan differentiates us in today's market. With a
strong cash position, positive operating cash flow, and an
increasing earnings stream, we have the resources to fund
demand-driven growth." Guidance for Second Quarter and Fiscal Year
For the fiscal second quarter ending December 31, 2008: --
Consolidated revenues are expected to be $100 - $108 million. --
Solar product sales are expected to be $95 - $103 million. -- Gross
margin on solar product sales is expected to be approximately 33
percent and total gross margin is expected to be approximately 34
percent. -- Pre-production costs are expected to be $2.0 - $2.5
million. -- Restructuring costs are expected to be $1.0 - $1.4
million. For the full 2009 fiscal year ending June 30, 2009: --
Total consolidated revenues are expected to be $455 - $485 million.
-- Solar product sales are expected to be $430 - $450 million. --
Gross margin on solar product sales is expected to be approximately
34 percent, and total gross margin is expected to be approximately
35 percent. -- Pre-production costs are expected to be $7.0 - $9.0
million. -- Restructuring will be completed in the second quarter
and costs are expected to be $1.2 - $1.6 million. This is a
reduction of $1.3 - $1.4 million compared to previous guidance.
"Looking ahead, we believe that our proven value proposition,
strong balance sheet, focus on operational excellence and sustained
profitable growth will continue to set us apart from the
competition. We have the right strategy, which is to target
countries with the highest feed-in tariffs for rooftop and
building-integrated solar photovoltaic installations. Our
opportunity in the U.S. is even greater now that the federal ITC
has been extended. We continue to implement meaningful operational
improvements which lower our costs and help us meet the continued
demand for our products. In these uncertain times, our customers
and partners place even greater value on ECD's financial strength
and operational stability," concluded Morelli. Conference Call /
Webcast Details Management of Energy Conversion Devices will review
these financial results on a conference call on Monday, November
10, 2008, at 10:00 a.m. ET. The dial-in number for the live audio
call is 877-858-2512 or 706-634-6076 (international) with
conference ID number 71196238. The conference call will be webcast
live over the Internet and can be accessed in the Investor
Relations - Conference Calls - section of the company's website at
http://www.ovonic.com/. An audio replay of the call will be
available approximately two hours after the conclusion of the call.
The audio replay will remain available until 11:59 p.m., November
12, 2008, and can be accessed by dialing 800-642-1687 or
706-645-9291 (international), with conference ID number 71196238.
The webcast will also be archived on the company's website. About
Energy Conversion Devices Energy Conversion Devices, Inc. (ECD)
(NASDAQ:ENER) is the leader in building integrated and commercial
rooftop photovoltaics, one of the fastest growing segments of the
solar power industry. The company manufactures and sells thin-film
solar laminates that convert sunlight to energy using proprietary
technology. ECD's UNI-SOLAR(R) brand products are unique because of
their flexibility, light weight, ease of installation, durability,
and real-world efficiency. ECD also pioneers other alternative
technologies, including a new type of nonvolatile digital memory
technology that is significantly faster, less expensive, and ideal
for use in a variety of applications including cell phones, digital
cameras and personal computers. For more information, please visit
http://www.ovonic.com/. This release contains forward-looking
statements within the meaning of the Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning our plans, objectives,
goals, strategies, future events, future net sales or performance,
capital expenditures, financing needs, plans or intentions relating
to expansions, business trends and other information that is not
historical information. All forward-looking statements are based
upon information available to us on the date of this release and
are subject to risks, uncertainties and other factors, many of
which are outside of our control, that could cause actual results
to differ materially from the results discussed in the
forward-looking statements. Risks that could cause such results to
differ include: our ability to achieve sustainable profitability;
our ability to maintain our customer relationships; our ability to
expand our manufacturing capacity in a timely and cost-effective
manner; the worldwide demand for electricity and the market for
solar energy; the supply and price of components and raw materials
for our products; and the resolution of pending legal disputes. The
risk factors identified in the ECD filings with the Securities and
Exchange Commission, including the company's most recent Annual
Report on Form 10-K and most recent Quarterly Report on Form 10-Q,
could impact any forward-looking statements contained in this
release. ENERGY CONVERSION DEVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per
share data) (unaudited) Quarter Ended September 30, 2008 2007
Revenues Product sales $90,801 $42,467 Royalties 1,344 1,015
Revenue from product development agreements 3,271 2,877 Other
revenues 349 683 Total revenues 95,765 47,042 Expenses Cost of
product sales 60,967 35,069 Cost of revenues from product
development agreements 2,181 1,709 Product development and research
2,190 3,462 Preproduction costs 1,977 2,545 Selling, general and
administrative 14,434 11,695 Restructuring charges 244 2,515 Total
expenses 81,993 56,995 Income (Loss) from operations 13,772 (9,953)
Other income (expense) Interest income 2,604 2,452 Interest expense
(2,732) - Other nonoperating expense (926) (60) Total other
(expense) income (1,054) 2,392 Net income (loss) before income
taxes 12,718 (7,561) Income taxes 57 6 Net income (loss) $12,661
$(7,567) Basic net income (loss) per share $.30 $(.19) Diluted net
income (loss) per share $.29 $(.19) Shares used in calculation of
net income(loss) per share(1): Basic 42,222 39,838 Diluted 43,052
39,838 (1) Excludes for 2008 the effect of the 3.4 million shares
loaned pursuant to the share lending agreement ENERGY CONVERSION
DEVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE
SHEETS (In Thousands) September 30, June 30, 2008 2008 (unaudited)
ASSETS Cash and cash equivalents $467,018 $484,492 Short-term
investments 11,201 14,989 Accounts receivable (net) 63,165 53,525
Inventories 34,342 31,337 Assets held for sale 1,532 1,539
Property, plant and equipment (net) 443,390 404,119 Other 54,171
51,966 TOTAL ASSETS $1,074,819 $1,041,967 LIABILITIES AND
STOCKHOLDERS' EQUITY Accounts payable and other current liabilities
$68,455 $52,103 Long-term liabilities 350,396 347,952 TOTAL
LIABILITIES 418,851 400,055 STOCKHOLDERS' EQUITY 655,968 641,912
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,074,819 $1,041,967
ENERGY CONVERSION DEVICES, INC. AND SUBSIDIARIES CONDENSED
STATEMENTS OF CASH FLOWS (In Thousands) Quarter Ended September 30,
2008 2007 (unaudited) OPERATING ACTIVITIES: Net Income (loss)
$12,661 $(7,567) Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities: Depreciation and
amortization 6,969 3,693 Stock and stock options issued for
services rendered 1,478 268 Other-than-temporary impairment of
investment 964 - Other 330 713 Changes in working capital 4,130
(11,915) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 26,532
(14,808) INVESTING ACTIVITIES: Purchases of property, plant and
equipment (including construction in progress) (46,909) (30,118)
Investment in joint venture (1,000) - Purchase of investments -
(42,400) Proceeds from maturities of investments 2,700 66,760
Proceeds from sale of investments - 10,610 Proceeds from sales of
property, plant and equipment - 9 NET CASH (USED IN) PROVIDED BY
INVESTING ACTIVITIES (45,209) 4,861 NET CASH PROVIDED BY FINANCING
ACTIVITIES 935 758 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS 268 118 NET CASH FLOW (17,474) (9,071) CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD 484,492 80,770 CASH AND CASH
EQUIVALENTS AT END OF PERIOD $467,018 $71,699 ENERGY CONVERSION
DEVICES, INC. AND SUBSIDIARIES SEGMENT REVENUE AND OPERATING
INCOME/(LOSS) (In Thousands) Quarter ended September 30, 2008 2007
2008 2007 Income (Loss) from Revenues Operations United Solar
Ovonic $91,811 $41,887 $20,786 $(468) Ovonic Materials 3,879 5,092
254 (700) Corporate activities(1) 75 169 (7,327) (8,833)
Consolidating entries - (106) 59 48 Consolidated $95,765 $47,042
$13,772 $(9,953) (1) Revenues consist primarily of services,
facilities and miscellaneous administrative and laboratory services
provided to certain affiliates; expense primarily includes
corporate operations, including facilities, human resources, legal,
finance, information technology, business development, purchasing
and restructuring. Segment Operations - United Solar Ovonic (In
Thousands) Quarter ended September 30, 2008 2007 PV product sales
$89,450 $39,870 Megawatts produced 30.8 10.4 Megawatts shipped 29.5
13.1 Cost of product sales 59,589 32,622 Gross margin 29,861 7,248
Gross margin % 33.4% 18.2% Research and development revenue $2,361
$2,017 Total revenues 91,811 41,887 Other expenses: Cost of
revenues from product development agreements 1,555 1,150 Product
development and research 984 1,125 Preproduction costs 1,977 2,545
Selling, general and administrative expenses 6,920 4,913 Total
other expenses 11,436 9,733 Income (loss) from operations $20,786
$(468) Segment Operations - Ovonic Materials (In Thousands) Quarter
ended September 30, 2008 2007 Product sales $1,351 $2,615 Cost of
product sales 1,437 2,568 Other revenues: Royalties 1,345 1,015
Product development agreements 910 860 Other revenues 273 602 Other
revenues total 2,528 2,477 Total revenues 3,879 5,092 Other
expenses: Cost of revenues from product development agreements 627
577 Product development and research 1,206 2,338 Selling, general
and administrative Expenses 355 309 Total other expenses 2,188
3,224 Income (loss) from operations $254 $(700) Segment Operations
- Corporate Activities (In Thousands) Quarter ended September 30,
2008 2007 Other revenues $75 $169 Other expenses: Selling, general
and administrative expenses 7,157 6,486 Restructuring costs 245
2,516 Total expenses 7,402 9,002 Loss from operations $(7,327)
$(8,833) DATASOURCE: Energy Conversion Devices, Inc. CONTACT: Mark
Trinske, Vice President, Investor Relations & Communications,
+1-248-299-6063 Web site: http://www.ovonic.com/
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