05.11.02

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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