Werbung
Meldungen 05.11.2002

5.11.2002: Meldung: AstroPower Inc. Reports Third Quarter Results

Newark, Del. - Nov. 4, 2002 - AstroPower, Inc.

(NASDAQ:APWR)

 

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 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 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, President and CEO of

AstroPower said, "We are pleased to have demonstrated strong revenue

growth on both a year-over-year and sequential 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 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."

 

"We are particularly pleased with the growth in our North American

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 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 continued "For the fourth quarter of 2002, we reiterate

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, 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 as one of the 200 best small

companies. For more information, please visit www.astropower.com

 

This press release contains forward-looking statements that are made

pursuant to the Safe Harbor provisions of the Private Securities

Litigation Reform Act 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 to any such statements to reflect any change

in the Company"s expectations or any change in events, conditions or

circumstances 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.

 

 

 

Contact:

 

AstroPower, Inc.

Allen M. Barnett or Thomas J. Stiner,

Phone: 302/366-0400

AstroPower Manufacturing and Office Building

300 Executive Drive

Newark, DE

19702 USA

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