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Entech Solar, Inc., with plans to become a leading developer of renewable energy technologies, today announced its financial results for the quarter ended September 30, 2009.
Third Quarter Operational Highlights
* ThermaVolt™ II: The Company completed the assembly and test of multiple working modules using its proprietary concentrating photovoltaic (PV) and thermal technology, and has started the next crucial phase in the product’s development – design-verification-testing (DVT). DVT allows Entech Solar’s engineers and scientists to test and validate the performance and quality of the modules prior to the commencement of independent third-party product certification. ThermaVolt II modules, which produce both electricity and hot water, have the same length and width dimensions (form factor) as industry-standard PV modules. * SolarVolt™ II: Entech Solar announced plans to develop an electricity-only concentrating photovoltaic solar module. With a form factor similar to the ThermaVolt II module, this Concentrated Power Product (CPP) offers customers large-scale utility solutions. * Tubular Skylight Lighting Solution: The Company completed the critical design review of its patented lighting solution product and the development of its go-to-market commercialization strategy. Product certification has started with independent third-party testing laboratories. The Company plans to begin selling this product in early 2010 with an initial launch in North Texas.
“I am pleased to update investors on Entech Solar’s product development progress. We received positive comments on our ThermaVolt II prototype module that was recently on exhibit at Solar Power International, North America’s largest solar industry conference in Anaheim, California,” said Dr. Frank Smith, Chief Executive Officer.
“We continue to advance our products through critical development and gate reviews. We expect ThermaVolt II to offer a compelling value proposition to the multi-billion dollar U.S. combined heat and power market with its dual output of electricity and thermal energy, standard manufacturing and competitive price point. The Company’s strategic goal is to be a leading developer of renewable energy technologies for the commercial, industrial and utility markets.”
As the Company completes its transition from the flat-plate solar installation business, revenues for the 2009 third quarter amounted to $75 thousand, compared with $6.5 million reported in the third quarter last year. The Company recorded a gross profit for the quarter ended September 30, 2009 of $3 thousand, versus a gross loss of $2.3 million in the prior-year period. The Company’s net loss attributable to common shareholders for the third quarter of 2009 was $4.7 million, or $(0.02) per share, versus a comparable loss of $7.4 million, or $(0.03) per share in the third quarter of 2008.
As of September 30, 2009, the Company’s cash and cash equivalents totaled $4.8 million, $2 million of which was provided by a related party loan from The Quercus Trust. This loan will be repaid upon completion of the previously announced rights offering.
About Entech Solar
Entech Solar, Inc. is a leading developer of renewable energy technologies for the commercial, industrial and utility markets. Entech designs concentrating solar modules that provide both electricity and thermal energy as part of its ThermaVolt™ product line and electricity-only as part of the SolarVolt™ product line. The Company also develops a state-of-the-art tubular skylight that provides superior light output and optical efficiency for the commercial and industrial green buildings initiatives. For more information, please visit www.entechsolar.com.
Forward Looking Statements:
Except for historical information contained herein, this document contains forward-looking statements within the meaning of Section 21-E of the Securities Exchange Act of 1934. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-K and its quarterly reports on Form 10-Q both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.
ENTECH SOLAR, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 (UNAUDITED) (In thousands, except per share data)
Three Months Ended September 30, Nine Months Ended September 30, 2009 2008 2009 2008 Revenues: Contract $ 49 $ 6,470 $ 1,296 $ 22,295 Equipment & Services 26 - 170 - Related party - - 597 775 Related party - Former Chairman - - 125 - Total 75 6,470 2,188 23,070
Cost of Revenues: Contract 35 8,768 862 29,922 Equipment & Services 37 - 59 - Related party - - 601 673 Related party - Former Chairman - - 142 - Manufacturing operations impairment - - 6,968 - Total 72 8,768 8,632 30,595
Gross Profit (Loss): Contract 14 (2,298 ) 434 (7,627 ) Equipment & Services (11 ) - 111 - Related party - - (4 ) 102 Related party - Former Chairman - - (17 ) - Manufacturing operations impairment - - (6,968 ) - Total 3 (2,298 ) (6,444 ) (7,525 )
Operating Expenses: Selling, general and administrative expenses 2,516 4,308 12,983 13,801 Depreciation and amortization 719 778 2,179 2,027 Research and development expenses 1,653 43 3,828 140 Total Operating Expenses 4,888 5,129 18,990 15,968
Loss from Operations (4,885 ) (7,427 ) (25,434 ) (23,493 )
Other income (expense) Beneficial conversion and warrant amortization - - - (50 ) Interest income - 30 78 392 Interest expense (9 ) - (9 ) - Other income (expense) 99 - 103 - Total other income (expense), net 90 30 172 342 Net Loss (4,795 ) (7,397 ) (25,262 ) (23,151 ) Net Loss attributable to noncontrolling interest 58 - 254 - Net Loss attributable to Entech Solar, Inc. (4,737 ) (7,397 ) (25,008 ) (23,151 )
Accretion of preferred stock dividends - Series C - (9 ) - (18 ) Preferred stock dividends - Series F - - - (15,512 ) Net Loss attributable to Entech Solar, Inc. Common Shareholders $ (4,737 ) $ (7,406 ) $ (25,008 ) $ (38,681 )
Net Loss attributable to Entech Solar, Inc. per Common Share (Basic and Diluted) $ (0.02 ) $ (0.03 ) $ (0.11 ) $ (0.19 )
Weighted Average Common Shares Outstanding used in Per Share Calculation (Basic and Diluted) 239,127 235,044 238,144 206,415
ENTECH SOLAR, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008 (In thousands, except share and per share data)
September 30, 2009 December 31, 2008 (UNAUDITED) * Assets
Current assets: Cash and cash equivalents $ 4,795 $ 12,169 Accounts receivable - trade (net of allowance of $152 and $155 at September 30, 2009 and December 31, 2008, respectively) 252 1,971 Rebates receivable - 115 Inventory (net of reserve of $2,632 and $1,112 at September 30, 2009 and December 31, 2008, respectively) 573 3,664 Costs and estimated earnings/losses in excess of billings 35 2,613 Escrow funds relating to contract performance 50 1,339 Prepaid expenses and deposits 314 964
Total Current assets 6,019 22,835
Advances on machinery and equipment - 2,285
Property and Equipment, net 3,075 5,969
Intangible and other assets Other intangible assets, net 21,183 23,058 Goodwill 23,837 23,837 Other deposits 145 153 Total Assets $ 54,259 $ 78,137
Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity
Current liabilities: Accounts payable and accrued expenses $ 2,723 $ 4,076 Note Payable - related party 2,000 - Customer deposits - related party - 1,023 Renewable Energy Credit guarantee liability, current portion 29 60 Series D Preferred Stock Warrants 1,394 1,394 Billings in excess of costs and estimated earnings/losses 94 760 Total Current liabilities 6,240 7,313
Renewable Energy Credit guarantee liability, net of current portion 180 180 Total Liabilities 6,420 7,493
Convertible redeemable preferred stock Series C convertible redeemable preferred stock - 170 Series D convertible redeemable preferred stock 11,180 11,180 Total Convertible redeemable preferred stock 11,180 11,350
Stockholders' Equity Preferred stock convertible $.01 par value authorized 10,000,000; 5,503,968 issued and outstanding: Series B 7%- 611,111 shares liquidation preference $550,000 6 6 Common stock, $.001 par value; authorized 610,000,000 239,486,729 and 236,420,779 issued at September 30, 2009 and December 31, 2008, respectively; 239,458,861 and 236,392,911 shares outstanding at September 30, 2009 and December 31, 2008, respectively 239 236 Additional paid-in capital 170,433 167,979 Accumulated deficit (133,896 ) (108,888 ) Treasury stock, 27,868 shares, at cost, as of September 30, 2009 and December 31, 2008, respectively (39 ) (39 ) Noncontrolling Interest (84 ) - Total Stockholders' Equity 36,659 59,294
Total Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity $ 54,259 $ 78,137 * Derived from audited financial information
Contact: Entech Solar Media & Investor Relations: Jessica Bloomgarden, 917-284-6397 email@example.com
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