Hoku Scientific, Inc. (HOKU) - 500 Beiträge pro Seite

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Profile:Hoku Scientific, Inc. engages in the design, development, and manufacture of membrane electrode assemblies (MEAs) and nonfluorinated membranes for proton exchange membrane (PEM) fuel cells. It develops custom monomers and polymers for its Hoku membranes, the core technology of Hoku MEAs. Hoku MEAs and membranes are designed for use in the stationary and automotive markets. The company has strategic relationships with Sanyo Electric Co., Ltd. and Nissan Motor Co., Ltd. Hoku Scientific was founded in 2001 by Dustin M. Shindo and Karl M. Taft III. It was formerly known as Pacific Energy Group, Inc. and changed its name to Hoku Scientific, Inc. in July 2001. Hoku is headquartered in Honolulu, Hawaii.




http://www.hokusci.com/index.cfm

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Hoku Scientific, Inc. Reports First Quarter 2006 Results
Tuesday September 6, 2:30 pm ET


HONOLULU, Sept. 6 /PRNewswire-FirstCall/ -- Hoku Scientific, Inc. (Nasdaq: HOKU - News), a provider of membrane electrode assemblies and non-fluorinated membranes for proton exchange membrane (PEM) fuel cells today announced its financial results for its first quarter ended June 30, 2005 and provided a general update on its business.
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(Logo: http://www.newscom.com/cgi-bin/prnh/20050621/LATU057LOGO )

"We are pleased to announce our second consecutive profitable quarter," said Dustin Shindo, Chairman of the Board of Directors, President and Chief Executive Officer. "As we continue to manage the growth of our business, our entire team is focused on building a sustainable pure play supplier to the emerging PEM fuel cell industry. We remain very positive about our long-term business prospects and the general direction of the fuel cell industry."

Financial results:

Total revenue for the first quarter ended June 30, 2005, was $1.1 million, compared to $100,000 in the same quarter of 2004. The increase is due to the recognition of engineering service and license deferred revenue from the company`s contracts with Nissan Motor Co., Ltd. As of June 30, 2005, the company had $3.1 million in deferred revenue, compared to $4.2 million as of March 31, 2005. The company`s deferred revenue is attributable to contracts with Nissan Motor Co., Ltd., and the United States Navy, and the decrease from March 31, 2005 to June 30, 2005, is a result of the recognition of $1.1 million of deferred revenue under contracts with Nissan Motor Co., Ltd. We expect to recognize the majority of this deferred revenue during the remainder of fiscal year 2006.

Net income for the first quarter ended June 30, 2005 was $341,000, or $0.03 per diluted share, compared to a net loss of $679,000, or $0.14 per diluted share for the quarter ended June 30, 2004. The company`s profitability is attributable to the $1.0 million increase in revenue from the contracts with Nissan Motor Co., Ltd.

Guidance

The company`s policy is only to provide guidance for the next fiscal quarter. Based on the company`s current outlook, it expects to recognize approximately $1.3 million of revenue in the three month period ending September 30, 2005, which will primarily consist of revenue from the company`s contracts with Nissan Motor Co., Ltd., that was deferred as of June 30, 2005. In addition, the company expects deferred revenue to be $2.7 million as of September 30, 2005. This will include deferred revenue from the company`s contracts with the U.S. Navy and Nissan Motor Co., Ltd.

Business Update

In August 2005, the company completed its initial public offering selling 3.5 million shares of its common stock at a price per share of $6.00 before deducting the underwriters` discount. In September 2005, the underwriters exercised their overallotment option to purchase an additional 182,500 shares of common stock at the same price. Piper Jaffray was the lead managing

underwriter and sole book-runner for the offering; SG Cowen and Thomas Weisel Partners acted as co-managing underwriters.

In August, 2005, the company completed the move of its operations to a new 14,000 square foot facility in Kapolei, Honolulu, and is currently in negotiations to sublease all of its leased space in Honolulu, Hawaii where the company was previously headquartered.

In July, 2005, the company achieved the second and third technical milestones, and in August, 2005, the company achieved the fourth technical milestone, required by its contract with the United States Navy. These are in addition to the first technical milestone that was achieved in March, 2005. The company is now preparing to ship membrane electrode assemblies to IdaTech, LLC for integration into the prototype fuel cell system pursuant to our contract.

Conference Call Information

Hoku Scientific has scheduled a conference call for today, September 7, 2005 at 4:30 p.m. (EDT) to review its first quarter 2006 results. All interested parties are invited to call-in. To participate, please call [phone]. A live webcast can also be accessed by going directly to the company`s web site at http://www.hokuscientific.com and electing the conference call link on the home page. A playback of the webcast will be available on the company`s web site until the company`s next earnings call.

About Hoku Scientific, Inc.

Hoku Scientific, Inc. designs, develops and manufactures membrane electrode assemblies (MEAs) and non-fluorinated membranes for proton exchange membrane (PEM) fuel cells.

Forwarding-Looking Statements

This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate our expectations regarding the potential size and growth of the fuel cell and MEA markets in general and our revenues in particular; our expectations regarding the market acceptance of our products; our future financial performance; our business strategy and plans; and objectives of management for future operations. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. In evaluating these statements, you should specifically consider the risks described in the company`s filings with the Securities and Exchange Commission. Except as required by law, the company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.




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Source: Hoku Scientific, Inc.