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AstroPower, Inc. Reports Record Second Quarter Results Highlights: - Product sales increase to a record $15.3 million, up 38.6% - Net income increases 72.9% to $1.66 million - Product gross margins expand to 30.6% from 30.4% in the first quarter of 2001 - Agreement reached to acquire Atersa, a leading Spanish photovoltaic supplier - New home builder program for residential rooftops gains momentum NEWARK, Del., Aug. 2 /PRNewswire/ -- AstroPower, Inc. (Nasdaq: APWR - news), a leading supplier of solar electric power products, today reported record financial results for the second quarter ended June 30, 2001. Financial Results For the quarter ended June 30, 2001, total revenues were a record $16,066,000, an increase of 34.9% from the 2000 second quarter. Product revenues for the three months ended June 30, 2001 were a record $15,295,000, an increase of 38.6% from the three months ended June 30, 2000. For the three months ended June 30, 2001, net income was $1,655,000 or $0.11 per share on a diluted basis on 15.6 million weighted average shares outstanding, as compared to net income of $957,000 or $0.08 per share on a diluted basis on 12.7 million weighted average shares in the year-earlier period. The increase in average shares outstanding is principally due to the Company`s follow-on equity offering in March 2001. For the six months ended June 30, 2001, total revenues were a record $30.4 million, an increase of 36.1% from the comparable 2000 period. Product revenues for the six months ended June 30, 2001 were $28.9 million, an increase of 39.4% from the six months ended June 30, 2000. Management Comments Commenting on the quarter, Dr. Allen Barnett, President and CEO of AstroPower, said, ``We are pleased to once again report record results as we continue to increase our manufacturing capacity. We continue to face a level of customer demand that significantly exceeds our production output. As a result, we faced some difficult product allocation decisions during the second quarter. While we allocated more product to our systems business this quarter, we also shipped record quantities of solar cells to support our key MODCO partners around the world. As a result, our product mix this quarter was more heavily weighted toward solar cell sales than has traditionally been the case during Q2. This had the effect of slightly lowering product revenue growth relative to growth in production (watts) or net income, both of which were on track. Added Barnett: ``We are very excited about our pending acquisition of Atersa, which has a leading position in the Spanish on-grid market and a strong presence in the off-grid rural power market in Latin America and Africa. We anticipate that our combining with Atersa will significantly increase our capabilities in the systems business where we can achieve higher revenue and profit for each megawatt of solar cells we produce. Atersa`s proprietary range of balance of systems components and module manufacturing equipment will also be a key element in our ongoing MODCO development initiative. ``As our added capacity comes on-line in the second half of 2001, we expect to allocate a larger portion of our production output to the systems business in the United States in order to provide support to our residential rooftop program. Our recent announcements concerning US Home and Pardee Homes are indicative of our enthusiasm for this market, and we plan further initiatives in this area.`` About AstroPower Headquartered in Newark, Delaware, AstroPower is the world`s largest independent manufacturer of solar electric power products, and one of the world`s fastest growing solar electric power companies. AstroPower develops, manufactures, markets and sells PV solar cells, modules, panels and systems for generating solar electric power. Solar electric power systems provide a clean, renewable source of electricity in both off-grid and on-grid applications. In December 2000 AstroPower was added to the S&P SmallCap 600. In July 2001, AstroPower was added to the Russell 2000 index. In February 2001 AstroPower was ranked 39th on Business Week`s Top 50 S&P Small Cap Company list for one and three-year performance. 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. For more information, contact: Allen M. Barnett / Thomas J. Stiner AstroPower, Inc. 302-366-0400 AstroPower, Inc. Consolidated Condensed Balance Sheets (in thousands) June 30, December 31, 2001 2000 (unaudited) Cash $82,455 $24,538 Accounts receivable, net 16,836 15,880 Inventories 17,210 12,308 Deferred tax asset 8,378 6,351 Other current assets 1,238 558 Total current assets 126,117 59,635 Property and equipment, net 20,072 17,618 Investment in joint ventures 675 719 Other investments 2,012 - Total assets $ 148,876 $77,972 Current liabilities 12,209 7,529 Long-term liabilities 2,356 2,333 Stockholders` equity 134,311 68,110 Total liabilities and stockholders` equity $ 148,876 $ 77,972 AstroPower, Inc. Consolidated Statements of Income (in thousands) Three Months Ended June 30, (unaudited) 2001 2000 REVENUES: Product sales $15,295 $11,038 Research contracts 771 873 16,066 11,911 COST OF REVENUES: Product Sales 10,609 7,693 Research contracts 564 631 11,173 8,324 Gross Profit 4,893 3,587 OPERATING EXPENSES: Product development costs 1,197 720 General and administrative 1,209 1,009 Selling 1,030 815 Litigation settlement and legal fees 9 29 Income from operations 1,448 1,014 OTHER INCOME (EXPENSE): Interest expense -- (12) Interest income 948 334 Equity in losses of joint ventures (32) (60) Income before income taxes 2,364 1,276 INCOME TAXES 709 319 NET INCOME $1,655 $957 NET INCOME PER SHARE Basic $0.12 $0.08 Diluted $0.11 $0.08 Weighted average shares outstanding Basic 14,067,919 11,458,035 Diluted 15,567,390 12,728,849 AstroPower, Inc. Consolidated Statements of Income (in thousands) Six Months Ended June 30 (unaudited) 2001 2000 REVENUES: Product Sales $28,876 $20,709 Research contracts 1,495 1,605 Total revenues 30,371 22,314 COST OF REVENUES: Product sales 20,058 14,291 Research contracts 1,087 1,145 Total cost of revenues 21,145 15,436 Gross Profit 9,226 6,878 OPERATING EXPENSES: Product development costs 2,321 1,343 General and administrative 2,370 1,854 Selling 1,873 1,354 Litigation settlement and legal fees 3,783 43 Income (loss) from operations (1,121) 2,284 OTHER INCOME (EXPENSE): Interest expense (9) (14) Interest income 1,369 675 Equity in losses of joint ventures (44) (80) Income before income taxes 195 2,865 INCOME TAXES: 58 796 NET INCOME: 137 2,069 NET INCOME DATA: Net income per share - basic $0.01 $0.18 Net income per share - diluted $0.01 $0.16 Weighted average shares outstanding - basic 13,105,854 11,381,042 Weighted average shares outstanding - diluted 14,553,744 12,789,552 SOURCE: AstroPower, Inc. 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| Autor (Datum des Eintrages): | M_B_S (03.08.01 09:31:01) |
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