Powerfilm - profitabler a-SI flex Produzent - 500 Beiträge pro Seite
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Feedback
Oh Wunder!
Endlich gibt es eine eigene WKN für den Wert!
Nachdem ich seit gut einem Jahr einen Thread unter der Flagge von ENER gepflegt habe, werde ich den jetzt auslaufen lasse und hier weitermachen.
Wer die alten Nachrichten ansehen will, kann das unter diesem Link hier tun:
Thread: Powerfilm - PPVX Mitglied
Powerfilm ist eine Gründung von Ex-3M Managern, die a-SI auf einem Metallsubstrat herstellt. Einer der wichtigsten Kunden ist das Pentagon.
Man ist seit langem profitabel, hat viel Cash in der Bilanz und ist praktisch unbekannt.
Obwohl in den USA beheimatet, nur am AIM notiert.
Insgesamt aber eine SEHR kleine Bude...
Endlich gibt es eine eigene WKN für den Wert!
Nachdem ich seit gut einem Jahr einen Thread unter der Flagge von ENER gepflegt habe, werde ich den jetzt auslaufen lasse und hier weitermachen.
Wer die alten Nachrichten ansehen will, kann das unter diesem Link hier tun:
Thread: Powerfilm - PPVX Mitglied
Powerfilm ist eine Gründung von Ex-3M Managern, die a-SI auf einem Metallsubstrat herstellt. Einer der wichtigsten Kunden ist das Pentagon.
Man ist seit langem profitabel, hat viel Cash in der Bilanz und ist praktisch unbekannt.
Obwohl in den USA beheimatet, nur am AIM notiert.
Insgesamt aber eine SEHR kleine Bude...
menno - jetzt hab ich die Überschrift schnell überflogen und gelesen 
Pornofilm - profitabler als Sex-Filmproduzent
und jetzt lese ich da was ganz anners.....
wieder nix........
Pornofilm - profitabler als Sex-Filmproduzent
und jetzt lese ich da was ganz anners.....
wieder nix........
Antwort auf Beitrag Nr.: 36.003.623 von janolo am 19.11.08 14:30:05 *
Business Description
PowerFilm, Inc., “the Company,” is a developer and manufacturer of thin, flexible solar panels based on a proprietary low cost production process. The Company’s objective is to target the building integrated solar power market and to continue to supply products for selected portable and remote solar power applications. PowerFilm is based in Ames, Iowa, in the United States.
PowerFilm was founded in 1988 by Dr Frank Jeffrey and Dr. Derrick Grimmer, both former 3M research physicists, with a combined 67 years of experience in semiconductor and solar energy research and development. Since 1988, the Company has focused on developing thin film solar panel technology and an industrial scale manufacturing process to produce low cost solar panels on a high volume basis. Elements of the Company’s low cost technology and manufacturing process includes the use of: a durable, flexible plastic substrate; roll-to-roll manufacturing to minimize handling costs; amorphous silicon to avoid dependence on the silicon wafer market cycle; and printed interconnects to automate the cell connection process.
* Board of Directors
* Dr. Frank Jeffrey (57), Co-Founder and Chief Executive Officer
* Has worked in the semiconductor and solar energy field since 1972
* Before founding PowerFilm, was a Senior Physicist at 3M (1982 – 1988) and prior to that a Research Physicist and Program Manager at the US Department of Energy’s National Renewable Energy Laboratory and a Process Engineer at Texas Instruments Inc
* PhD in Physics from Iowa State University
* Merlin Hanson (67), Non-Executive Chairman
* Currently Chief Financial Officer of Direct Communications Inc
* Formerly a Partner at McGladrey & Pullen LLP, a US-based certified public accounting and consulting firm (1972 – 1999)
* Extensive experience of board directorships, having served as Board Director of McGladrey & Pullen (1982 – 1986), and on the Board of Directors of Goodwill Industries International (1987 – 1996)
* BSB in Accounting from the University of Minnesota
* David Lindop (46), Non-Executive Director
* Currently Finance Director of Waterbridge Group, a UK-based property investment company with assets in excess of £100m
* Has served senior financial roles including Finance Director in a number of companies including Speciality Shops plc (1987 – 1997) and Regalian Properties plc (1998 – 2001), both LSE listed companies
* Has acted as a Non-Executive Director of AIM listed medical devices company Tissue Science Laboratories plc since 2001
* BA (Hons) in Economics and Politics from the University of Sheffield
Audit Committee
The Audit Committee has a primary responsibility for monitoring the quality of internal control and ensuring that the financial performance of the Company is properly measured and reported on and for reviewing reports from the Company’s auditors relating to the Company’s accounting and internal controls. The Audit Committee consists of Merlin Hanson and David Lindop.
Remuneration Committee
The Remuneration Committee determines the terms and conditions of service, including the remuneration and grant of options to Directors and senior management under the 2006 Stock Option Plan and determination of suitable performance criteria for such options. The Remuneration Committee consists of Merlin Hanson and David Lindop.
Corporate Governance
PowerFilm intends, where practicable, to comply with the main provisions of the principles of good governance and code of best practive prepared by the Committee on Corporate Governance chaired by Sir Ronald Hampel published in July 2003 (the “Combined Code”). The Directors intend to take account of the requirements of the Combined Code to the extent that consider it appropriate, having regard to the Company’s size, stage of development and resources and the fact that it is incorporated in the U.S.A. rather than in the United Kingdom.
Since the Company is not currently subject to the rules and regulations of one of the national securities exchanges or national securities associations such as the New York Stock Exchange, the American Stock Exchange or NASDAQ, the Company is not required to comply with the corporate governance requirements imposed by these organizations pursuant to regulations issued by the U.S. Securities and Exchange Commission under the Sarbanes-Oxley Act of 2002.
* Country of Incorporation and Main Country of Operation
PowerFilm, Inc. is incorporated in the state of Delaware in the United States. The company’s main country of operations is the United States, although it has global commercial activity.
Because the Company is not incorporated in the U.K., the rights of shareholders may be different from the rights of shareholders in a U.K. incorporated company.
Business Description
PowerFilm, Inc., “the Company,” is a developer and manufacturer of thin, flexible solar panels based on a proprietary low cost production process. The Company’s objective is to target the building integrated solar power market and to continue to supply products for selected portable and remote solar power applications. PowerFilm is based in Ames, Iowa, in the United States.
PowerFilm was founded in 1988 by Dr Frank Jeffrey and Dr. Derrick Grimmer, both former 3M research physicists, with a combined 67 years of experience in semiconductor and solar energy research and development. Since 1988, the Company has focused on developing thin film solar panel technology and an industrial scale manufacturing process to produce low cost solar panels on a high volume basis. Elements of the Company’s low cost technology and manufacturing process includes the use of: a durable, flexible plastic substrate; roll-to-roll manufacturing to minimize handling costs; amorphous silicon to avoid dependence on the silicon wafer market cycle; and printed interconnects to automate the cell connection process.
* Board of Directors
* Dr. Frank Jeffrey (57), Co-Founder and Chief Executive Officer
* Has worked in the semiconductor and solar energy field since 1972
* Before founding PowerFilm, was a Senior Physicist at 3M (1982 – 1988) and prior to that a Research Physicist and Program Manager at the US Department of Energy’s National Renewable Energy Laboratory and a Process Engineer at Texas Instruments Inc
* PhD in Physics from Iowa State University
* Merlin Hanson (67), Non-Executive Chairman
* Currently Chief Financial Officer of Direct Communications Inc
* Formerly a Partner at McGladrey & Pullen LLP, a US-based certified public accounting and consulting firm (1972 – 1999)
* Extensive experience of board directorships, having served as Board Director of McGladrey & Pullen (1982 – 1986), and on the Board of Directors of Goodwill Industries International (1987 – 1996)
* BSB in Accounting from the University of Minnesota
* David Lindop (46), Non-Executive Director
* Currently Finance Director of Waterbridge Group, a UK-based property investment company with assets in excess of £100m
* Has served senior financial roles including Finance Director in a number of companies including Speciality Shops plc (1987 – 1997) and Regalian Properties plc (1998 – 2001), both LSE listed companies
* Has acted as a Non-Executive Director of AIM listed medical devices company Tissue Science Laboratories plc since 2001
* BA (Hons) in Economics and Politics from the University of Sheffield
Audit Committee
The Audit Committee has a primary responsibility for monitoring the quality of internal control and ensuring that the financial performance of the Company is properly measured and reported on and for reviewing reports from the Company’s auditors relating to the Company’s accounting and internal controls. The Audit Committee consists of Merlin Hanson and David Lindop.
Remuneration Committee
The Remuneration Committee determines the terms and conditions of service, including the remuneration and grant of options to Directors and senior management under the 2006 Stock Option Plan and determination of suitable performance criteria for such options. The Remuneration Committee consists of Merlin Hanson and David Lindop.
Corporate Governance
PowerFilm intends, where practicable, to comply with the main provisions of the principles of good governance and code of best practive prepared by the Committee on Corporate Governance chaired by Sir Ronald Hampel published in July 2003 (the “Combined Code”). The Directors intend to take account of the requirements of the Combined Code to the extent that consider it appropriate, having regard to the Company’s size, stage of development and resources and the fact that it is incorporated in the U.S.A. rather than in the United Kingdom.
Since the Company is not currently subject to the rules and regulations of one of the national securities exchanges or national securities associations such as the New York Stock Exchange, the American Stock Exchange or NASDAQ, the Company is not required to comply with the corporate governance requirements imposed by these organizations pursuant to regulations issued by the U.S. Securities and Exchange Commission under the Sarbanes-Oxley Act of 2002.
* Country of Incorporation and Main Country of Operation
PowerFilm, Inc. is incorporated in the state of Delaware in the United States. The company’s main country of operations is the United States, although it has global commercial activity.
Because the Company is not incorporated in the U.K., the rights of shareholders may be different from the rights of shareholders in a U.K. incorporated company.
RNS Number : 7238J
PowerFilm, Inc
08 December 2008
PowerFilm, Inc.
08 December 2008
PowerFilm, Inc.
('PowerFilm ' or the 'Company')
Blocklisting Interim Review
On 22 December 2006, a block listing of 2,980,446 common shares of $0.01 each in the Company ('Common Shares') were admitted to AIM. These shares may be issued pursuant to the 2005 Incentive Stock Option Plan, 2006 Stock Option Plan and Convertible Debentures.
AIM BLOCK ADMISSION SIX MONTHLY RETURN
(a) Name of company: PowerFilm, Inc.
(b) Name of scheme: Common shares issuable under 2005 Incentive Stock Option Plan, 2006 Stock Option Plan and convertible debentures
(c) Period of return: 22 June 2007 to 25 November 2008
(d) Number and class of securities of the block listed securities not issued
under scheme as at the beginning of the period: 2,282,094 common shares
(e) Number of shares issued under scheme during period: 812,242 common shares
(f) Balance under scheme not yet issued at end of period: 1,469,852
shares
(g) Number and class of securities originally admitted and the date of
admission: 2,980,446 common shares of $0.01 each in the Company, admitted 22 December 2006
(h) Contact for queries: Mike Coon, Chief Operating Officer and Chief Financial
Officer: telephone +1 515 292 7606 ext.102
PowerFilm, Inc
08 December 2008
PowerFilm, Inc.
08 December 2008
PowerFilm, Inc.
('PowerFilm ' or the 'Company')
Blocklisting Interim Review
On 22 December 2006, a block listing of 2,980,446 common shares of $0.01 each in the Company ('Common Shares') were admitted to AIM. These shares may be issued pursuant to the 2005 Incentive Stock Option Plan, 2006 Stock Option Plan and Convertible Debentures.
AIM BLOCK ADMISSION SIX MONTHLY RETURN
(a) Name of company: PowerFilm, Inc.
(b) Name of scheme: Common shares issuable under 2005 Incentive Stock Option Plan, 2006 Stock Option Plan and convertible debentures
(c) Period of return: 22 June 2007 to 25 November 2008
(d) Number and class of securities of the block listed securities not issued
under scheme as at the beginning of the period: 2,282,094 common shares
(e) Number of shares issued under scheme during period: 812,242 common shares
(f) Balance under scheme not yet issued at end of period: 1,469,852
shares
(g) Number and class of securities originally admitted and the date of
admission: 2,980,446 common shares of $0.01 each in the Company, admitted 22 December 2006
(h) Contact for queries: Mike Coon, Chief Operating Officer and Chief Financial
Officer: telephone +1 515 292 7606 ext.102
Hewlett Packard: Serienreifes flexibles Display vorgestellt
Markus Henkel
Hewlett Packard: Serienreifes flexibles Display vorgestellt
Das "Flexible Display Center" der Arizona State University hat vor kurzem versprochen, in spätestens drei Jahren ein hauchdünnes, dazu flexibles Display zu entwickeln. Dieses Versprechen haben die Forscher nun in Zusammenarbeit mit dem Computer-Konzern Hewlett Packard (HP) frühzeitig in die Tat umgesetzt: Gestern, am 08. Dezember 2008, stellte die Gemeinschaft in Arizona den Prototypen eines flexiblen und flachen Displays vor.
"Wir wollen die Kosten von traditionellen flachen Anzeigen senken und ihre Funktionalität vergrößern", sagte Carl Taussig, Direktor der HP-Laboratorien, der sich auf Informationsoberflächen spezialisiert hat. Seine Aussage beschreibt die Funktionalität dieser Displays. Sie sind so dünn wie ein Blatt Papier, bestehen vollständig aus Plastik, sind dadurch unglaublich leicht in ihrer Beschaffenheit und benötigen weniger Strom als herkömmliche Displays.
Flexible Displays sollen in einigen Jahren überall erhältlich sein.
Gutenberg-Technik: Alt, aber gut
Um diese Funktionalität auch technisch umzusetzen, bediente sich HP einer alten Idee des Buchdruckerfinders Gutenberg. Das Unternehmen schuf mit einer Art Presse, wie sie auch heute in der modernen Zeitungsproduktion genutzt wird, einen Herstellungsprozess, der sogar schon jetzt eine Massenproduktion zulassen würde. In den ersten Testläufen liefen vor einigen Tagen riesige Plastikstücke durch die Pressen und konnten nach Fertigung, genau wie Zeitungspapier, den Größen entsprechend zugeschnitten werden.
Nur Schwarz und Weiß
Auch wenn es schon kleinere flexible Farbdisplays gibt, kann dieser Prototyp lediglich Schwarz und Weiß anzeigen. Aber Taussig sieht in naher Zukunft schon mehrfarbige, große Displays. HP hat das Unternehmen PowerFilm Solar für die Herstellung engagiert, das sich seit Jahren auf flexible Sonnenkollektoren spezialisiert hat. Über den Preis hat sich HP dagegen noch nicht geäußert. Dazu sei es laut HP-Angaben auch viel zu früh.
So soll der Zeitplan des Flexible Display Centers nicht vorzeitig verkürzt werden. Die Partner sind sich einig, dass es noch ungefähr zwei bis drei Jahre dauern wird, um nutzbare Geräte vorzuzeigen. Aber der erster Abnehmer steht schon bereit: Die Displays werden während dieser Probezeit für die amerikanische Armee verfügbar sein und von ihr auch getestet werden.
Markus Henkel
Hewlett Packard: Serienreifes flexibles Display vorgestellt
Das "Flexible Display Center" der Arizona State University hat vor kurzem versprochen, in spätestens drei Jahren ein hauchdünnes, dazu flexibles Display zu entwickeln. Dieses Versprechen haben die Forscher nun in Zusammenarbeit mit dem Computer-Konzern Hewlett Packard (HP) frühzeitig in die Tat umgesetzt: Gestern, am 08. Dezember 2008, stellte die Gemeinschaft in Arizona den Prototypen eines flexiblen und flachen Displays vor.
"Wir wollen die Kosten von traditionellen flachen Anzeigen senken und ihre Funktionalität vergrößern", sagte Carl Taussig, Direktor der HP-Laboratorien, der sich auf Informationsoberflächen spezialisiert hat. Seine Aussage beschreibt die Funktionalität dieser Displays. Sie sind so dünn wie ein Blatt Papier, bestehen vollständig aus Plastik, sind dadurch unglaublich leicht in ihrer Beschaffenheit und benötigen weniger Strom als herkömmliche Displays.
Flexible Displays sollen in einigen Jahren überall erhältlich sein.
Gutenberg-Technik: Alt, aber gut
Um diese Funktionalität auch technisch umzusetzen, bediente sich HP einer alten Idee des Buchdruckerfinders Gutenberg. Das Unternehmen schuf mit einer Art Presse, wie sie auch heute in der modernen Zeitungsproduktion genutzt wird, einen Herstellungsprozess, der sogar schon jetzt eine Massenproduktion zulassen würde. In den ersten Testläufen liefen vor einigen Tagen riesige Plastikstücke durch die Pressen und konnten nach Fertigung, genau wie Zeitungspapier, den Größen entsprechend zugeschnitten werden.
Nur Schwarz und Weiß
Auch wenn es schon kleinere flexible Farbdisplays gibt, kann dieser Prototyp lediglich Schwarz und Weiß anzeigen. Aber Taussig sieht in naher Zukunft schon mehrfarbige, große Displays. HP hat das Unternehmen PowerFilm Solar für die Herstellung engagiert, das sich seit Jahren auf flexible Sonnenkollektoren spezialisiert hat. Über den Preis hat sich HP dagegen noch nicht geäußert. Dazu sei es laut HP-Angaben auch viel zu früh.
So soll der Zeitplan des Flexible Display Centers nicht vorzeitig verkürzt werden. Die Partner sind sich einig, dass es noch ungefähr zwei bis drei Jahre dauern wird, um nutzbare Geräte vorzuzeigen. Aber der erster Abnehmer steht schon bereit: Die Displays werden während dieser Probezeit für die amerikanische Armee verfügbar sein und von ihr auch getestet werden.
Trading Spotlight
RNS Number : 0597M
PowerFilm, Inc
22 January 2009
PowerFilm Launches Expanded Line of
Rollable Solar Chargers
Joins USB, AA, and foldable solar chargers for remote and portable power solutions
22 January 2009, LONDON, UK and AMES, IOWA - PowerFilm, Inc. (AIM: PFLM) ('the Company' or 'PowerFilm'), the developer and manufacturer of thin flexible solar panels, today announces the launch of its expanded line of rollable solar chargers at the Outdoor Retailer Winter Market 2009 trade show in Salt Lake City.
The rollable solar chargers recharge cell phones, laptops, gps units, and other consumer electronics devices via a standard car adapter. The rollable solar chargers also can recharge 12 volt batteries. PowerFilm's rollable chargers are water resistant and especially well suited for the marine environment, for recharging while kayaking, boating, and yachting. The chargers are now commercially available in four sizes: 7, 14, 21, and 28 Watts.
The solar chargers are made of thin film on plastic solar technology and are encapsulated in a durable water resistant and UV tolerant fluoropolymer coating, allowing for use in many applications including the charging of 12 volt marine batteries, boating accessories and many other marine uses. Each charger comes equipped with a 15 foot extension cord with an O-ring battery terminal connector and a 12 volt car adapter. The ultra durable and flexible design allows for easy storage, as it can be rolled up and stowed with ease.
The expanded line of chargers utilizes the Company's higher-throughput downweb manufacturing process technology.
The remote usage combined with the weather resistant design allows consumers to charge their electronics in areas where electrical outlets are not available, like boating, camping, hiking and other outdoor activities. With proper adapters, cell phones, digital cameras, GPS systems, satellite phones, laptops and other small electronic devices can be charged when used in combination with a 12 volt car adapter.
Joins USB, AA, and foldable chargers for portable and remote power solutions
The product launch of the expanded line of PowerFilm Rollable Solar Chargers complements the launch of PowerFilm's USB +AA and AA Solar Chargers that was announced at the Outdoor Retailer Summer Market in Salt Lake City in 2008, and was presented at CES 2009. The USB + AA Solar Charger is ultra compact and lightweight and used for recharging an iPod or other consumer electronics via its USB port, or for charging AA batteries directly. The USB+AA Solar Charger weighs only 4.9 ounces without batteries and folds to fit in a pocket.
PowerFilm's portable solar charger line also includes a AA charger that charges 4 AA rechargeable batteries. The foldable solar charger line offers 5, 10, 20, 30 and 60 watt sizes.
For further information, please contact:
PowerFilm + 1 515 292 7606, ext. 102
Mike Coon, Chief Operating Officer and Chief Financial Officer
PowerFilm, Inc
22 January 2009
PowerFilm Launches Expanded Line of
Rollable Solar Chargers
Joins USB, AA, and foldable solar chargers for remote and portable power solutions
22 January 2009, LONDON, UK and AMES, IOWA - PowerFilm, Inc. (AIM: PFLM) ('the Company' or 'PowerFilm'), the developer and manufacturer of thin flexible solar panels, today announces the launch of its expanded line of rollable solar chargers at the Outdoor Retailer Winter Market 2009 trade show in Salt Lake City.
The rollable solar chargers recharge cell phones, laptops, gps units, and other consumer electronics devices via a standard car adapter. The rollable solar chargers also can recharge 12 volt batteries. PowerFilm's rollable chargers are water resistant and especially well suited for the marine environment, for recharging while kayaking, boating, and yachting. The chargers are now commercially available in four sizes: 7, 14, 21, and 28 Watts.
The solar chargers are made of thin film on plastic solar technology and are encapsulated in a durable water resistant and UV tolerant fluoropolymer coating, allowing for use in many applications including the charging of 12 volt marine batteries, boating accessories and many other marine uses. Each charger comes equipped with a 15 foot extension cord with an O-ring battery terminal connector and a 12 volt car adapter. The ultra durable and flexible design allows for easy storage, as it can be rolled up and stowed with ease.
The expanded line of chargers utilizes the Company's higher-throughput downweb manufacturing process technology.
The remote usage combined with the weather resistant design allows consumers to charge their electronics in areas where electrical outlets are not available, like boating, camping, hiking and other outdoor activities. With proper adapters, cell phones, digital cameras, GPS systems, satellite phones, laptops and other small electronic devices can be charged when used in combination with a 12 volt car adapter.
Joins USB, AA, and foldable chargers for portable and remote power solutions
The product launch of the expanded line of PowerFilm Rollable Solar Chargers complements the launch of PowerFilm's USB +AA and AA Solar Chargers that was announced at the Outdoor Retailer Summer Market in Salt Lake City in 2008, and was presented at CES 2009. The USB + AA Solar Charger is ultra compact and lightweight and used for recharging an iPod or other consumer electronics via its USB port, or for charging AA batteries directly. The USB+AA Solar Charger weighs only 4.9 ounces without batteries and folds to fit in a pocket.
PowerFilm's portable solar charger line also includes a AA charger that charges 4 AA rechargeable batteries. The foldable solar charger line offers 5, 10, 20, 30 and 60 watt sizes.
For further information, please contact:
PowerFilm + 1 515 292 7606, ext. 102
Mike Coon, Chief Operating Officer and Chief Financial Officer
RNS Number : 9761L PowerFilm, Inc 21 January 2009
PowerFilm, Inc.
PowerFilm Announces Trading Update for the Year Ended 31 December 2008
21 January 2009, LONDON, UK and AMES, IOWA - PowerFilm, Inc. (AIM: PFLM) ('the Company' or 'PowerFilm'), the developer and manufacturer of thin flexible solar panels, today announces a trading update for the year ended 31 December 2008.
The unaudited revenue is approximately $8.6 million for the year ended 31 December 2008, compared to $8.3 million for the prior year. The Company's audited financial results are expected to be released in March.
In 2008 PowerFilm recovered from the decline of the GPS asset tracking market which had been especially strong in 2007 before fuel prices for the trucking industry peaked. The strong market response to the foldable portable solar chargers bolstered 2008 revenue and diversified the Company's revenue base.
As at 31 December 2008, the Company had $23 million in cash and cash equivalents and cash held for property and equipment construction.
Expanded distribution is expected to support revenue growth for 2009.
For further information, please contact:
PowerFilm + 1 515 292 7606, ext. 102
Frank Jeffrey, Chief Executive Officer
Mike Coon, Chief Operating Officer and Chief Financial Officer
PowerFilm, Inc.
PowerFilm Announces Trading Update for the Year Ended 31 December 2008
21 January 2009, LONDON, UK and AMES, IOWA - PowerFilm, Inc. (AIM: PFLM) ('the Company' or 'PowerFilm'), the developer and manufacturer of thin flexible solar panels, today announces a trading update for the year ended 31 December 2008.
The unaudited revenue is approximately $8.6 million for the year ended 31 December 2008, compared to $8.3 million for the prior year. The Company's audited financial results are expected to be released in March.
In 2008 PowerFilm recovered from the decline of the GPS asset tracking market which had been especially strong in 2007 before fuel prices for the trucking industry peaked. The strong market response to the foldable portable solar chargers bolstered 2008 revenue and diversified the Company's revenue base.
As at 31 December 2008, the Company had $23 million in cash and cash equivalents and cash held for property and equipment construction.
Expanded distribution is expected to support revenue growth for 2009.
For further information, please contact:
PowerFilm + 1 515 292 7606, ext. 102
Frank Jeffrey, Chief Executive Officer
Mike Coon, Chief Operating Officer and Chief Financial Officer
PowerFilm forming thin-film biz based on SAIL litho tech
AFX News Limited (24. März 2009)
RNS Number : 3415P
PowerFilm, Inc
24 March 2009
PowerFilm, Inc 24 March 2009 PowerFilm, Inc. PowerFilm Forms Thin Film Electronics Subsidiary Phicot, Inc. 24 March 2009, LONDON, UK and AMES, IOWA - PowerFilm, Inc. (AIM: PFLM), ("PowerFilm" or "the Company"), the developer and manufacturer of thin flexible solar panels, today announces the formation of a majority-owned subsidiary, Phicot, Inc. Phicot, Inc. will further develop the Company's thin film technology for low-cost manufacturing of roll-based thin film electronics on a flexible plastic substrate. As noted in the announcement of 6 October 2008, the initial development area for this technology is a flexible display for the US Army part funded by a $1.4 million cooperative agreement with the Army Research Laboratory, but subsequent development of products for the commercial flexible display market is anticipated. Advances in film deposition, device structure, lithography, and scaling have been made in preparation for possible commercialization of the results of the Company's development activity on thin film electronics with Hewlett Packard from whom the Company has licensed the Self Aligned Imprint Lithography (SAIL) technology. PowerFilm is developing the thin film electronics through a subsidiary to bring a distinct parallel emphasis to this technology and its financial potential that will allow the Company to continue its existing focus on the development of thin film solar products. PowerFilm, Inc. will remain the majority owner of the Phicot, Inc. but it is anticipated that part of the equity will be held by Phicot, Inc. employees as well as certain financial investors should additional funding be required. For further information, please contact: PowerFilm, Inc. +1 (515) 292 7606 x 102 Frank Jeffrey, CEO Mike Coon Nomura Code Securities Limited, Nominated Advisor +44 (0) 20 7776 1200 Charles Walker, Giles Balleny A copy of this announcement will be available on the PowerFilm website.at http://www.powerfilmsolar.com. This information is provided by RNS The company news service from the London Stock Exchange
END
AFX News Limited (24. März 2009)
RNS Number : 3415P
PowerFilm, Inc
24 March 2009
PowerFilm, Inc 24 March 2009 PowerFilm, Inc. PowerFilm Forms Thin Film Electronics Subsidiary Phicot, Inc. 24 March 2009, LONDON, UK and AMES, IOWA - PowerFilm, Inc. (AIM: PFLM), ("PowerFilm" or "the Company"), the developer and manufacturer of thin flexible solar panels, today announces the formation of a majority-owned subsidiary, Phicot, Inc. Phicot, Inc. will further develop the Company's thin film technology for low-cost manufacturing of roll-based thin film electronics on a flexible plastic substrate. As noted in the announcement of 6 October 2008, the initial development area for this technology is a flexible display for the US Army part funded by a $1.4 million cooperative agreement with the Army Research Laboratory, but subsequent development of products for the commercial flexible display market is anticipated. Advances in film deposition, device structure, lithography, and scaling have been made in preparation for possible commercialization of the results of the Company's development activity on thin film electronics with Hewlett Packard from whom the Company has licensed the Self Aligned Imprint Lithography (SAIL) technology. PowerFilm is developing the thin film electronics through a subsidiary to bring a distinct parallel emphasis to this technology and its financial potential that will allow the Company to continue its existing focus on the development of thin film solar products. PowerFilm, Inc. will remain the majority owner of the Phicot, Inc. but it is anticipated that part of the equity will be held by Phicot, Inc. employees as well as certain financial investors should additional funding be required. For further information, please contact: PowerFilm, Inc. +1 (515) 292 7606 x 102 Frank Jeffrey, CEO Mike Coon Nomura Code Securities Limited, Nominated Advisor +44 (0) 20 7776 1200 Charles Walker, Giles Balleny A copy of this announcement will be available on the PowerFilm website.at http://www.powerfilmsolar.com. This information is provided by RNS The company news service from the London Stock Exchange
END
Company PowerFilm, Inc
TIDM PFLM
Headline 2008 Final Results
Released 07:00 30-Mar-09
Number 6393P07
RNS Number : 6393P
PowerFilm, Inc
30 March 2009
PowerFilm, Inc.
PowerFilm Announces Results for the Year Ended 31 December 2008
30 March 2009, LONDON, UK and AMES, IOWA - PowerFilm, Inc. (AIM: PFLM) ('the Company' or 'PowerFilm'), the developer and manufacturer of thin flexible solar panels, today announces its results for the year ended 31 December 2008.
Highlights
*
Revenue of $8,604,514 for the year ended 31 December 2008 (2007: $8,312,994)
*
Net income of $135,826 for the year ended 31 December 2008 (2007: $1,885,565)
*
As at 31 December 2008, the Company had $23,314,345 in cash and cash equivalents and cash held for property and equipment construction. The Company continues to be fully funded for its expansion plans
*
Gross margin for the year ended 31 December 2008 of 20% (2007: 36%). The decrease in gross margin is attributable to higher cost of sales due primarily to higher depreciation expense for new machines placed into service, higher insurance and utility costs, and higher labor costs and fringe benefits with an increase in employee count at the end of 2008 of 94 compared to 64 at year end 2007.
*
In 2008 PowerFilm recovered from the decline of the GPS asset tracking market which had been especially strong in 2007 before fuel prices for the trucking industry peaked. The strong market response to the foldable portable solar chargers bolstered 2008 revenue and diversified the Company's revenue base.
*
Significant progress made in the development of the initial meter-wide silicon deposition machine with sellable material currently expected by mid-2009.
*
The new meter-wide manufacturing facility building is now essentially complete. Product assembly operations are moving into the new facility.
*
Expanded distribution is expected to support revenue growth for 2009, including additional new international distributors and a major OEM distribution partner in the US.
Frank Jeffrey, Co-Founder and CEO of PowerFilm, said, "In 2008 PowerFilm moved forward with the development of its meter-wide technology. We also built an improved, diversified sales pipeline for delivering increased sales over the next 12-18 months. Organizationally, we brought in some outside experienced executive management. The addition of Tim Neugent as President and COO will enable me to focus much of my time on technical aspects of the business such as improved product performance, cost effectiveness of manufacturing, and the completion of the development of the building integrated products."
For further information, please contact:
PowerFilm + 1 515 292 7606, ext. 102
Frank Jeffrey, Chief Executive Officer
Mike Coon
Nomura Code Securities Limited + 44 20 7776 1200
Charles Walker, Giles Balleny
A copy of this announcement will be available on the PowerFilm website at www.powerfilmsolar.com.
The common shares of PowerFilm, Inc. are traded on the AIM Market of the London Stock Exchange and are not registered under the US Securities Act 1933, as amended. Such shares may not be offered or sold to residents of the United States or to persons acting on their behalf, or to other persons who are "United States Persons" within the meaning of Regulation S as promulgated under the Securities Act of 1933, unless such shares have been registered under the Securities Act or there is an available exemption from registration.
Chairman and CEO's Statement
PowerFilm, Inc. has had a solid year. We recovered from the 2007 loss of a large GPS asset tracking customer with the addition of new customers generated by an expanded tradeshow exhibition schedule. Market demand was especially strong for our foldable chargers in the military market. In the latter part of the year the slowdown in consumer spending limited revenue growth. The company remains committed to its strategy to have a targeted yet diversified customer revenue base and the Company has begun to see this pay off.
To bring a clearer focus to the Company's strategic planning in terms of marketing, research and development, operational, and financial goals, Tim Neugent has joined PowerFilm as President and COO and the following management team has been established: Frank Jeffrey, CEO and CTO; Tim Neugent, President and COO; Linda Borst, CFO; Mike Coon, VP, Sales, Marketing, and Public Information Officer; Steve Martens, VP, Manufacturing; Steve Braymen, VP, Research and Development; and Brad Scandrett, VP, Engineering. Tim Neugent brings extensive experience in developing and building entrepreneurial companies, which include his own companies as well as serving as Chief Executive of a number more. Previously he was Director at Pioneer Hi-Bred where he co-developed the added-value Specialty Plant Products Division, served as CEO of CST a computer and alcohol interlock device company, COO of JD Publishing and acted as a consultant at a number of other companies in strategic planning and targeted focus.
The meter-wide manufacturing technology was advanced significantly in the year and sellable material currently is expected from the initial machine by mid-2009. At that time we expect that the subsequent 11 meter-wide production lines will be added sequentially to bring the additional production capacity online.
Supplying the building integrated products for the architectural fabric and metal roofing industry remains an essential top priority for the Company. We continue to work with partners in these areas to tune products to meet their specific requirements.
This year PowerFilm formed a majority-owned subsidiary, Phicot, Inc. to further develop the Company's thin film technology for low-cost manufacturing of roll-based thin film electronics on a flexible plastic substrate. PowerFilm is developing the thin film electronics through a subsidiary to bring a distinct parallel emphasis to this technology and its financial potential that will allow the Company to continue its existing focus on the development of thin film solar products.
PowerFilm's outlook for 2009 is for a year in which the sellable material from the meter-wide manufacturing lines is realized. Sales revenue is expected to be driven by demand for products for the military market, expansion of international distribution, ongoing diverse custom OEM products, and some sales revenue from intensified marketing of the Company's line of portable solar chargers for the consumer market. In 2009 PowerFilm does plan for several building integrated solar demonstration projects in which our products are bonded to metal roofing and architectural fabric.
The Company's strong balance sheet, leading technology platform, diversified revenue base, and enhanced focus on strategic direction and execution give us an enduring foundation on which to continue to expand PowerFilm's position as a global leader in thin film solar.
Merlin Hanson Frank R. Jeffrey
Chairman CEO
Operational Review
Meter-Wide Manufacturing
The Company's current manufacturing process uses a one-third meter-wide (thirteen inch) web. This 3 times web width increase is expected to reduce further the Company's direct manufacturing cost by reducing equipment and labor costs per unit.
Significant progress has been made in the shake down of the initial meter-wide silicon deposition machine. We are identifying processing issues and optimizing the machine design as needed to realize sellable material by addressing the following:
*
Uniformity of deposition
*
Mechanical web motion
*
Deposition chamber isolation
*
Improved management of gas phase dust nucleation
Sellable material is currently expected from the initial machine by mid-2009.
Production Capacity Expansion Project
Production capacity is being expanded to meet expected future sales growth. Additional manufacturing capacity will leverage the Company's meter-wide manufacturing technology which is expected to lower unit manufacturing cost.
The new meter-wide manufacturing facility building is now essentially complete. Product assembly operations are moving into the new facility.
Infrastructure items such as the bulk gas supply systems are being installed.
Building Integrated Solar Update
The Company's top product development priority is the development of the building integrated solar products. During the course of adapting product and expanding production to fit building integrated solar customers' needs, some unexpected issues arose. It took some time to identify the source of these problems and to develop solutions. While this has slowed the introduction of the building integrated products and delayed bringing some of the new machines on line, it has also led to manufacturing processes which we believe will allow significant improvement in performance and manufacturing throughput.
The previously announced roll lamination process and equipment for the building integrated products is being used for fabric-based products such as tents and awnings.
Sales and Marketing Investments
After the loss of a major GPS asset tracking customer in 2007, the Company made a concerted effort to diversify and expand its sales pipeline in 2008. PowerFilm more than doubled its tradeshow schedule by exhibiting at multiple military, solar, oil and gas, outdoor retail, lighting, and wireless tradeshows. The results has been the development of a significantly expanded list of customers and qualified leads for the Company's standard and custom OEM products.
The hiring of a separate military sales person and a product marketing person has further enhanced the potential to realize additional sales revenues.
Military Products Update
The military market demand for the Company's products remains reasonably strong and is expected to remain so. PowerFilm offers a complete line of solar charging products ranging from portable foldable chargers to solar tents. A robust military tradeshow schedule is generating a significant number of new leads.
Sales of PowerFilm's lightweight foldable solar chargers for the military were especially strong in 2008. The chargers easily fit in a backpack and generate power immediately upon deployment, giving them a clear competitive advantage versus competitors using copper indium gallium selenide (CIGS) technology.
The military solar tent market is gaining momentum, as is the interest in the USB and AA solar chargers.
Distribution of the military products is being expanded to increase market penetration.
PowerFilm continues to have contracts with the US Army for technology improvements and product development and is developing lightweight recharging products for the individual soldier.
Portable and Remote Power Update
PowerFilm's complete line of compact, lightweight solar chargers for the consumer market includes foldable solar chargers, rollable solar chargers, a USB+AA charger, and a AA charger. These products can charge iPods, cell phones, laptops, handheld GPS units, etc. Twelve volt batteries are also able to be recharged. The company has developed a nationwide network of manufacturer reps to sell the products to major outdoor and consumer electronics retailers, leveraging retail buyer relationships already developed by the established rep firms. There is strong product interest but product adoption and sales are tempered by reduced consumer spending.
OEM Market Update
Tradeshow leads have generated a significant number of diversified OEM relationships that are now in the small quantity product testing and evaluation phase. These companies have the potential to become growing long-term customers.
In 2008 the Company experienced continued strong demand from the oil and gas industry for its products for remote recharging of data collection systems. In early 2009 market demand from this sector has slowed. Market demand from the GPS asset tracking industry remains weak.
Expanded distribution will give increased access to specifying engineers at OEM companies.
Thin Film Electronics Update
PowerFilm, Inc. has formed a majority-owned subsidiary, Phicot, Inc. Phicot, Inc. will further develop the Company's thin film technology for low-cost manufacturing of roll-based thin film electronics on a flexible plastic substrate.
As noted in the announcement of 6 October 2008, the initial development area for this technology is a flexible display for the US Army part funded by a $1.4 million cooperative agreement with the Army Research Laboratory, but subsequent development of products for the commercial flexible display market is anticipated.
Advances in film deposition, device structure, lithography, and scaling have been made in preparation for possible commercialization of the results of the Company's development activity on thin film electronics with Hewlett Packard from whom the Company has licensed the Self Aligned Imprint Lithography (SAIL) technology.
PowerFilm is developing the thin film electronics through a subsidiary to bring a distinct parallel emphasis to this technology and its financial potential that will allow the Company to continue its existing focus on the development of thin film solar products.
PowerFilm, Inc. will remain the majority owner of the Phicot, Inc. but it is anticipated that part of the equity will be held by Phicot, Inc. employees as well as certain financial investors should additional funding be required.
Financial Review
Financial Results
Revenue of $8,604,514 was realized for the year ended 31 December 2008, compared with $ 8,312,994 for the year ended 31 December 2007.
Gross margin for the year ended 31 December 2008 was 20%, compared with 36% for the year ended 31 December 2007. The decrease in gross margin is attributable to higher cost of sales due primarily to higher depreciation expense for new machines placed into service, higher insurance and utility costs, and higher labor costs and fringe benefits with an increase in employee count at the end of 2008 of 94 compared to 64 at year end 2007. This increase of 30 employees was made to ramp up to meet our growth expectations. This, combined with the fact that our interest and dividend income suffered due to the global economic decline directly affected our net income in 2008.
Net income was $135,826 for the year ended 31 December 2008, compared with $1,885,565 for the year ended 31 December 2007.
The Company's balance sheet as at 31 December 2008 includes cash and cash equivalents of $11,584,345 and cash held for property and equipment construction of $11,730,000. These accounts total $23,314,345.
Cash proceeds from the tax-exempt bond fundraising of $5,000,000 were applied to land and building costs for the new meter-wide facility in 2008. The building is in Construction in Progress as at 31 December 2008. The building was placed in service in early 2009. An offsetting long-term liability of $4,625,000 for the tax-exempt bond is shown on the balance sheet. In addition there is $250,000 of current bond payable.
The Company has significant development contracts in place which support the majority of the research and development, thus reducing internally funded research and development to $40,027. Selling, general, and administrative expenses were $1,686,903 for 2008, compared to $1,256,387 for the previous year. The increase in sales expense was primarily the cost of an additional sales person, a product marketing person, and an expanded tradeshow exhibition schedule, which has resulted in increased leads and is expected to help drive sales revenue in 2009 and 2010.
Interest and dividend income for the year ended 31 December 2008 was $722,239, compared to $1,063,209 for the previous year.
The financial statements of PowerFilm are prepared on the basis of current US generally accepted accounting principles (US GAAP).
Accounts Audited
The financial information in this announcement is from the Company's audited accounts for the years ended 31 December 2008 and 2007. The Company's complete financial statements and footnotes will be included in the Company's annual report and will be available upon request.
The information presented herein has been prepared on the basis of current US generally accepted accounting principles (US GAAP).
Financial Statements
PowerFilm, Inc. and Subsidiary
Consolidated Statements of Income
Years Ended December 31, 2008 and 2007
12 months ended
31-Dec-08
12 months ended
31-Dec-07
Operating revenues:
Sales
$ 5,742,166
$ 5,792,047
Development contracts
2,862,348
2,520,947
8,604,514
8,312,994
Cost of revenues
6,867,381
5,301,424
Gross profit
1,737,133
3,011,570
Operating expenses:
Research and development
Selling, general and administrative
40,027
1,686,903
-
1,256,387
1,726,930
1,256,387
Operating income
10,203
1,755,183
Other income (expense):
Interest and dividend income
722,239
1,063,209
Interest (expense)
(187,839)
(20,100)
Other income (expense)
(265,401)
36,273
268,999
1,079,382
Income before noncontrolling interest in
net (loss) of subsidiary and income taxes
279,202
2,834,565
Noncontrolling interest in net (loss) of subsidiary
Income before income taxes
Income taxes
(624)
279,826
144,000
-
2,834,565
949,000
Net income
$ 135,826
$ 1,885,565
Basic earnings per share
$ 0.00
$ 0.05
Diluted earnings per share
$ 0.00
$ 0.05
PowerFilm, Inc. and Subsidiary
Consolidated Balance Sheets
December 31, 2008 and 2007
12 months ended
31-Dec-08
12 months ended
31-Dec-07
ASSETS
CURRENT ASSETS
Cash and cash equivalents, net of cash held for property and
equipment construction
$11,584,345
$ 4,928,212
Accounts receivable, less allowance for doubtful accounts
2008 $11,213; 2007 none
1,557,265
1,017,247
Securities available-for-sale
-
12,650,000
Inventories
2,474,851
1,492,523
Prepaid expenses
122,929
74,555
Income tax receivable
103,000
193,000
Deferred income taxes
249,000
60,000
Total current assets
16,091,390
20,415,537
CASH HELD FOR PROPERTY AND EQUIPMENT CONSTRUCTION
11,730,000
15,000,000
PROPERTY AND EQUIPMENT
Machinery and equipment
7,282,273
3,726,204
Leasehold improvements
272,276
206,409
Construction in progress
8,607,056
3,327,076
16,161,605
7,259,689
Less accumulated depreciation
(2,104,017)
(1,468,661)
14,057,588
5,791,028
OTHER ASSETS
184,427
166,524
$42,063,405
$41,373,089
12 months ended
31-Dec-08
12 months ended
31-Dec-07
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt
$ 250,000
$ 125,000
Trade accounts payable
514,107
311,090
Other payables and accrued expenses
624,402
531,143
Total current liabilities
1,388,509
967,233
LONG-TERM LIABILITIES
Revenue bonds payable, less current maturities
4,625,000
4,875,000
Subordinated debentures
-
300,000
Deferred income taxes
Derivative financial instrument, interest rate swap
236,000
757,224
187,000
167,015
Total long-term liabilities
5,618,224
5,529,015
COMMITMENTS
NONCONTROLLING INTEREST IN SUBSIDIARY
3,766
-
STOCKHOLDERS' EQUITY
Common stock
373,717
365,404
Additional paid-in capital
32,329,012
31,762,286
Retained earnings
Treasury stock, at cost
Accumulated other comprehensive (loss)
2,994,992
(144,591)
(500,224)
2,859,166
-
(110,015)
35,052,906
34,876,841
$ 42,063,405
$ 41,373,089
PowerFilm, Inc. and Subsidiary
Consolidated Statements of Cash Flows
Years Ended December 31, 2008 and 2007
12 months ended
31-Dec-08
12 months ended
31-Dec-07
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$ 135,826
$ 1,885,565
Adjustment to reconcile net income to net cash provided by (used in)
operating activities:
Depreciation and amortization
649,930
312,437
Provision for doubtful accounts
57,295
-
Deferred taxes
Noncontrolling interest in net (loss) of subsidiary
60,000
(624)
(15,000)
Stock-based compensation expense
170,931
191,228
Tax benefit resulting from stock awards exercised
43,000
72,000
Changes in working capital components
(Increase) in accounts receivable
(597,313)
(140,862)
(Increase) in inventories
(982,328)
(1,038,292)
(Increase) in prepaid expenses
(48,374)
(12,806)
(Increase) decrease in income tax receivable
90,000
(193,000)
Increase (decrease) in trade accounts payable
8,439
(111,360)
Increase in other payables and accrued expenses
93,259
181,156
Increase (decrease) in income tax payable
-
(211,000)
Net cash provided by (used in) operating activities
(319,959)
920,066
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment
(8,709,012)
(3,089,964)
Purchase of securities available-for-sale
-
(16,150,000)
Proceeds from sale of securities available-for-sale
12,650,000
3,500,000
(Increase) decrease in cash held for property and equipment construction
3,270,000
(7,000,000)
(Increase) in other assets
(26,413)
(4,240)
Net cash provided by (used in) investing activities
7,184,575
(22,744,204)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt
-
5,000,000
Payment of deferred revenue bond issuance costs
-
(142,298)
Principal payments on long-term debt
(125,000)
-
Acquisition of treasury stock
(144,591)
-
Proceeds from issuance of common stock, net
61,108
15,238,027
Net cash provided by (used in) financing activities
(208,483)
20,095,729
Net increase (decrease) in cash and cash equivalents
6,656,133
(1,728,409)
CASH AND CASH EQUIVALENTS
Beginning
4,928,212
6,656,621
Ending
$11,584,345
$ 4,928,212
PowerFilm, Inc. and Subsidiary
Consolidated Statements of Cash Flows (Continued)
Years Ended December 31, 2008 and 2007
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION, cash payments for:
Interest paid
$ 209,939
$ 28,500
Income taxes
37,000
1,368,000
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING
AND FINANCING ACTIVITIES
Conversion of subordinated debentures to common stock
$ 300,000
$ 120,000
(Loss) on interest rate swap agreement
Purchase of property and equipment on account
(390,209)
194,578
(110,015)
-
Outlook
PowerFilm can expect to see sellable material from the meter-wide manufacturing line realized and additional production lines installed in the upcoming months. Military market demand is expected to remain strong and will be the primary short-term driver of revenues. Potential US government federal stimulus program funding is another possible driver. Expanded international distribution and enhanced marketing program support for the Company's line of portable solar chargers for the consumer market also is expected to drive revenues. Ongoing and new custom OEM product customers further diversify the Company's revenue base.
In 2009 PowerFilm does plan for several building integrated solar demonstration projects in which our products are bonded to metal roofing and architectural fabric.
Short-term the global economy is expected to remain slowed and unpredictable, with military spending to remain a positive exception. The US federal government stimulus funding programs for renewable energy may offer some upside potential.
PowerFilm is sharpening its strategic plans and execution effectiveness to position the Company for success in this rare business environment.
The Company's strong balance sheet, leading technology platform, diversified revenue base, and enhanced focus on strategic direction and execution give us an enduring foundation on which to continue to expand PowerFilm's position as a global leader in thin film solar.
Once the current economic situation passes, PowerFilm expects to be in an especially strong industry position with its leading thin film solar technology base and the ongoing improvements that are being made to it.
TIDM PFLM
Headline 2008 Final Results
Released 07:00 30-Mar-09
Number 6393P07
RNS Number : 6393P
PowerFilm, Inc
30 March 2009
PowerFilm, Inc.
PowerFilm Announces Results for the Year Ended 31 December 2008
30 March 2009, LONDON, UK and AMES, IOWA - PowerFilm, Inc. (AIM: PFLM) ('the Company' or 'PowerFilm'), the developer and manufacturer of thin flexible solar panels, today announces its results for the year ended 31 December 2008.
Highlights
*
Revenue of $8,604,514 for the year ended 31 December 2008 (2007: $8,312,994)
*
Net income of $135,826 for the year ended 31 December 2008 (2007: $1,885,565)
*
As at 31 December 2008, the Company had $23,314,345 in cash and cash equivalents and cash held for property and equipment construction. The Company continues to be fully funded for its expansion plans
*
Gross margin for the year ended 31 December 2008 of 20% (2007: 36%). The decrease in gross margin is attributable to higher cost of sales due primarily to higher depreciation expense for new machines placed into service, higher insurance and utility costs, and higher labor costs and fringe benefits with an increase in employee count at the end of 2008 of 94 compared to 64 at year end 2007.
*
In 2008 PowerFilm recovered from the decline of the GPS asset tracking market which had been especially strong in 2007 before fuel prices for the trucking industry peaked. The strong market response to the foldable portable solar chargers bolstered 2008 revenue and diversified the Company's revenue base.
*
Significant progress made in the development of the initial meter-wide silicon deposition machine with sellable material currently expected by mid-2009.
*
The new meter-wide manufacturing facility building is now essentially complete. Product assembly operations are moving into the new facility.
*
Expanded distribution is expected to support revenue growth for 2009, including additional new international distributors and a major OEM distribution partner in the US.
Frank Jeffrey, Co-Founder and CEO of PowerFilm, said, "In 2008 PowerFilm moved forward with the development of its meter-wide technology. We also built an improved, diversified sales pipeline for delivering increased sales over the next 12-18 months. Organizationally, we brought in some outside experienced executive management. The addition of Tim Neugent as President and COO will enable me to focus much of my time on technical aspects of the business such as improved product performance, cost effectiveness of manufacturing, and the completion of the development of the building integrated products."
For further information, please contact:
PowerFilm + 1 515 292 7606, ext. 102
Frank Jeffrey, Chief Executive Officer
Mike Coon
Nomura Code Securities Limited + 44 20 7776 1200
Charles Walker, Giles Balleny
A copy of this announcement will be available on the PowerFilm website at www.powerfilmsolar.com.
The common shares of PowerFilm, Inc. are traded on the AIM Market of the London Stock Exchange and are not registered under the US Securities Act 1933, as amended. Such shares may not be offered or sold to residents of the United States or to persons acting on their behalf, or to other persons who are "United States Persons" within the meaning of Regulation S as promulgated under the Securities Act of 1933, unless such shares have been registered under the Securities Act or there is an available exemption from registration.
Chairman and CEO's Statement
PowerFilm, Inc. has had a solid year. We recovered from the 2007 loss of a large GPS asset tracking customer with the addition of new customers generated by an expanded tradeshow exhibition schedule. Market demand was especially strong for our foldable chargers in the military market. In the latter part of the year the slowdown in consumer spending limited revenue growth. The company remains committed to its strategy to have a targeted yet diversified customer revenue base and the Company has begun to see this pay off.
To bring a clearer focus to the Company's strategic planning in terms of marketing, research and development, operational, and financial goals, Tim Neugent has joined PowerFilm as President and COO and the following management team has been established: Frank Jeffrey, CEO and CTO; Tim Neugent, President and COO; Linda Borst, CFO; Mike Coon, VP, Sales, Marketing, and Public Information Officer; Steve Martens, VP, Manufacturing; Steve Braymen, VP, Research and Development; and Brad Scandrett, VP, Engineering. Tim Neugent brings extensive experience in developing and building entrepreneurial companies, which include his own companies as well as serving as Chief Executive of a number more. Previously he was Director at Pioneer Hi-Bred where he co-developed the added-value Specialty Plant Products Division, served as CEO of CST a computer and alcohol interlock device company, COO of JD Publishing and acted as a consultant at a number of other companies in strategic planning and targeted focus.
The meter-wide manufacturing technology was advanced significantly in the year and sellable material currently is expected from the initial machine by mid-2009. At that time we expect that the subsequent 11 meter-wide production lines will be added sequentially to bring the additional production capacity online.
Supplying the building integrated products for the architectural fabric and metal roofing industry remains an essential top priority for the Company. We continue to work with partners in these areas to tune products to meet their specific requirements.
This year PowerFilm formed a majority-owned subsidiary, Phicot, Inc. to further develop the Company's thin film technology for low-cost manufacturing of roll-based thin film electronics on a flexible plastic substrate. PowerFilm is developing the thin film electronics through a subsidiary to bring a distinct parallel emphasis to this technology and its financial potential that will allow the Company to continue its existing focus on the development of thin film solar products.
PowerFilm's outlook for 2009 is for a year in which the sellable material from the meter-wide manufacturing lines is realized. Sales revenue is expected to be driven by demand for products for the military market, expansion of international distribution, ongoing diverse custom OEM products, and some sales revenue from intensified marketing of the Company's line of portable solar chargers for the consumer market. In 2009 PowerFilm does plan for several building integrated solar demonstration projects in which our products are bonded to metal roofing and architectural fabric.
The Company's strong balance sheet, leading technology platform, diversified revenue base, and enhanced focus on strategic direction and execution give us an enduring foundation on which to continue to expand PowerFilm's position as a global leader in thin film solar.
Merlin Hanson Frank R. Jeffrey
Chairman CEO
Operational Review
Meter-Wide Manufacturing
The Company's current manufacturing process uses a one-third meter-wide (thirteen inch) web. This 3 times web width increase is expected to reduce further the Company's direct manufacturing cost by reducing equipment and labor costs per unit.
Significant progress has been made in the shake down of the initial meter-wide silicon deposition machine. We are identifying processing issues and optimizing the machine design as needed to realize sellable material by addressing the following:
*
Uniformity of deposition
*
Mechanical web motion
*
Deposition chamber isolation
*
Improved management of gas phase dust nucleation
Sellable material is currently expected from the initial machine by mid-2009.
Production Capacity Expansion Project
Production capacity is being expanded to meet expected future sales growth. Additional manufacturing capacity will leverage the Company's meter-wide manufacturing technology which is expected to lower unit manufacturing cost.
The new meter-wide manufacturing facility building is now essentially complete. Product assembly operations are moving into the new facility.
Infrastructure items such as the bulk gas supply systems are being installed.
Building Integrated Solar Update
The Company's top product development priority is the development of the building integrated solar products. During the course of adapting product and expanding production to fit building integrated solar customers' needs, some unexpected issues arose. It took some time to identify the source of these problems and to develop solutions. While this has slowed the introduction of the building integrated products and delayed bringing some of the new machines on line, it has also led to manufacturing processes which we believe will allow significant improvement in performance and manufacturing throughput.
The previously announced roll lamination process and equipment for the building integrated products is being used for fabric-based products such as tents and awnings.
Sales and Marketing Investments
After the loss of a major GPS asset tracking customer in 2007, the Company made a concerted effort to diversify and expand its sales pipeline in 2008. PowerFilm more than doubled its tradeshow schedule by exhibiting at multiple military, solar, oil and gas, outdoor retail, lighting, and wireless tradeshows. The results has been the development of a significantly expanded list of customers and qualified leads for the Company's standard and custom OEM products.
The hiring of a separate military sales person and a product marketing person has further enhanced the potential to realize additional sales revenues.
Military Products Update
The military market demand for the Company's products remains reasonably strong and is expected to remain so. PowerFilm offers a complete line of solar charging products ranging from portable foldable chargers to solar tents. A robust military tradeshow schedule is generating a significant number of new leads.
Sales of PowerFilm's lightweight foldable solar chargers for the military were especially strong in 2008. The chargers easily fit in a backpack and generate power immediately upon deployment, giving them a clear competitive advantage versus competitors using copper indium gallium selenide (CIGS) technology.
The military solar tent market is gaining momentum, as is the interest in the USB and AA solar chargers.
Distribution of the military products is being expanded to increase market penetration.
PowerFilm continues to have contracts with the US Army for technology improvements and product development and is developing lightweight recharging products for the individual soldier.
Portable and Remote Power Update
PowerFilm's complete line of compact, lightweight solar chargers for the consumer market includes foldable solar chargers, rollable solar chargers, a USB+AA charger, and a AA charger. These products can charge iPods, cell phones, laptops, handheld GPS units, etc. Twelve volt batteries are also able to be recharged. The company has developed a nationwide network of manufacturer reps to sell the products to major outdoor and consumer electronics retailers, leveraging retail buyer relationships already developed by the established rep firms. There is strong product interest but product adoption and sales are tempered by reduced consumer spending.
OEM Market Update
Tradeshow leads have generated a significant number of diversified OEM relationships that are now in the small quantity product testing and evaluation phase. These companies have the potential to become growing long-term customers.
In 2008 the Company experienced continued strong demand from the oil and gas industry for its products for remote recharging of data collection systems. In early 2009 market demand from this sector has slowed. Market demand from the GPS asset tracking industry remains weak.
Expanded distribution will give increased access to specifying engineers at OEM companies.
Thin Film Electronics Update
PowerFilm, Inc. has formed a majority-owned subsidiary, Phicot, Inc. Phicot, Inc. will further develop the Company's thin film technology for low-cost manufacturing of roll-based thin film electronics on a flexible plastic substrate.
As noted in the announcement of 6 October 2008, the initial development area for this technology is a flexible display for the US Army part funded by a $1.4 million cooperative agreement with the Army Research Laboratory, but subsequent development of products for the commercial flexible display market is anticipated.
Advances in film deposition, device structure, lithography, and scaling have been made in preparation for possible commercialization of the results of the Company's development activity on thin film electronics with Hewlett Packard from whom the Company has licensed the Self Aligned Imprint Lithography (SAIL) technology.
PowerFilm is developing the thin film electronics through a subsidiary to bring a distinct parallel emphasis to this technology and its financial potential that will allow the Company to continue its existing focus on the development of thin film solar products.
PowerFilm, Inc. will remain the majority owner of the Phicot, Inc. but it is anticipated that part of the equity will be held by Phicot, Inc. employees as well as certain financial investors should additional funding be required.
Financial Review
Financial Results
Revenue of $8,604,514 was realized for the year ended 31 December 2008, compared with $ 8,312,994 for the year ended 31 December 2007.
Gross margin for the year ended 31 December 2008 was 20%, compared with 36% for the year ended 31 December 2007. The decrease in gross margin is attributable to higher cost of sales due primarily to higher depreciation expense for new machines placed into service, higher insurance and utility costs, and higher labor costs and fringe benefits with an increase in employee count at the end of 2008 of 94 compared to 64 at year end 2007. This increase of 30 employees was made to ramp up to meet our growth expectations. This, combined with the fact that our interest and dividend income suffered due to the global economic decline directly affected our net income in 2008.
Net income was $135,826 for the year ended 31 December 2008, compared with $1,885,565 for the year ended 31 December 2007.
The Company's balance sheet as at 31 December 2008 includes cash and cash equivalents of $11,584,345 and cash held for property and equipment construction of $11,730,000. These accounts total $23,314,345.
Cash proceeds from the tax-exempt bond fundraising of $5,000,000 were applied to land and building costs for the new meter-wide facility in 2008. The building is in Construction in Progress as at 31 December 2008. The building was placed in service in early 2009. An offsetting long-term liability of $4,625,000 for the tax-exempt bond is shown on the balance sheet. In addition there is $250,000 of current bond payable.
The Company has significant development contracts in place which support the majority of the research and development, thus reducing internally funded research and development to $40,027. Selling, general, and administrative expenses were $1,686,903 for 2008, compared to $1,256,387 for the previous year. The increase in sales expense was primarily the cost of an additional sales person, a product marketing person, and an expanded tradeshow exhibition schedule, which has resulted in increased leads and is expected to help drive sales revenue in 2009 and 2010.
Interest and dividend income for the year ended 31 December 2008 was $722,239, compared to $1,063,209 for the previous year.
The financial statements of PowerFilm are prepared on the basis of current US generally accepted accounting principles (US GAAP).
Accounts Audited
The financial information in this announcement is from the Company's audited accounts for the years ended 31 December 2008 and 2007. The Company's complete financial statements and footnotes will be included in the Company's annual report and will be available upon request.
The information presented herein has been prepared on the basis of current US generally accepted accounting principles (US GAAP).
Financial Statements
PowerFilm, Inc. and Subsidiary
Consolidated Statements of Income
Years Ended December 31, 2008 and 2007
12 months ended
31-Dec-08
12 months ended
31-Dec-07
Operating revenues:
Sales
$ 5,742,166
$ 5,792,047
Development contracts
2,862,348
2,520,947
8,604,514
8,312,994
Cost of revenues
6,867,381
5,301,424
Gross profit
1,737,133
3,011,570
Operating expenses:
Research and development
Selling, general and administrative
40,027
1,686,903
-
1,256,387
1,726,930
1,256,387
Operating income
10,203
1,755,183
Other income (expense):
Interest and dividend income
722,239
1,063,209
Interest (expense)
(187,839)
(20,100)
Other income (expense)
(265,401)
36,273
268,999
1,079,382
Income before noncontrolling interest in
net (loss) of subsidiary and income taxes
279,202
2,834,565
Noncontrolling interest in net (loss) of subsidiary
Income before income taxes
Income taxes
(624)
279,826
144,000
-
2,834,565
949,000
Net income
$ 135,826
$ 1,885,565
Basic earnings per share
$ 0.00
$ 0.05
Diluted earnings per share
$ 0.00
$ 0.05
PowerFilm, Inc. and Subsidiary
Consolidated Balance Sheets
December 31, 2008 and 2007
12 months ended
31-Dec-08
12 months ended
31-Dec-07
ASSETS
CURRENT ASSETS
Cash and cash equivalents, net of cash held for property and
equipment construction
$11,584,345
$ 4,928,212
Accounts receivable, less allowance for doubtful accounts
2008 $11,213; 2007 none
1,557,265
1,017,247
Securities available-for-sale
-
12,650,000
Inventories
2,474,851
1,492,523
Prepaid expenses
122,929
74,555
Income tax receivable
103,000
193,000
Deferred income taxes
249,000
60,000
Total current assets
16,091,390
20,415,537
CASH HELD FOR PROPERTY AND EQUIPMENT CONSTRUCTION
11,730,000
15,000,000
PROPERTY AND EQUIPMENT
Machinery and equipment
7,282,273
3,726,204
Leasehold improvements
272,276
206,409
Construction in progress
8,607,056
3,327,076
16,161,605
7,259,689
Less accumulated depreciation
(2,104,017)
(1,468,661)
14,057,588
5,791,028
OTHER ASSETS
184,427
166,524
$42,063,405
$41,373,089
12 months ended
31-Dec-08
12 months ended
31-Dec-07
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt
$ 250,000
$ 125,000
Trade accounts payable
514,107
311,090
Other payables and accrued expenses
624,402
531,143
Total current liabilities
1,388,509
967,233
LONG-TERM LIABILITIES
Revenue bonds payable, less current maturities
4,625,000
4,875,000
Subordinated debentures
-
300,000
Deferred income taxes
Derivative financial instrument, interest rate swap
236,000
757,224
187,000
167,015
Total long-term liabilities
5,618,224
5,529,015
COMMITMENTS
NONCONTROLLING INTEREST IN SUBSIDIARY
3,766
-
STOCKHOLDERS' EQUITY
Common stock
373,717
365,404
Additional paid-in capital
32,329,012
31,762,286
Retained earnings
Treasury stock, at cost
Accumulated other comprehensive (loss)
2,994,992
(144,591)
(500,224)
2,859,166
-
(110,015)
35,052,906
34,876,841
$ 42,063,405
$ 41,373,089
PowerFilm, Inc. and Subsidiary
Consolidated Statements of Cash Flows
Years Ended December 31, 2008 and 2007
12 months ended
31-Dec-08
12 months ended
31-Dec-07
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$ 135,826
$ 1,885,565
Adjustment to reconcile net income to net cash provided by (used in)
operating activities:
Depreciation and amortization
649,930
312,437
Provision for doubtful accounts
57,295
-
Deferred taxes
Noncontrolling interest in net (loss) of subsidiary
60,000
(624)
(15,000)
Stock-based compensation expense
170,931
191,228
Tax benefit resulting from stock awards exercised
43,000
72,000
Changes in working capital components
(Increase) in accounts receivable
(597,313)
(140,862)
(Increase) in inventories
(982,328)
(1,038,292)
(Increase) in prepaid expenses
(48,374)
(12,806)
(Increase) decrease in income tax receivable
90,000
(193,000)
Increase (decrease) in trade accounts payable
8,439
(111,360)
Increase in other payables and accrued expenses
93,259
181,156
Increase (decrease) in income tax payable
-
(211,000)
Net cash provided by (used in) operating activities
(319,959)
920,066
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment
(8,709,012)
(3,089,964)
Purchase of securities available-for-sale
-
(16,150,000)
Proceeds from sale of securities available-for-sale
12,650,000
3,500,000
(Increase) decrease in cash held for property and equipment construction
3,270,000
(7,000,000)
(Increase) in other assets
(26,413)
(4,240)
Net cash provided by (used in) investing activities
7,184,575
(22,744,204)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt
-
5,000,000
Payment of deferred revenue bond issuance costs
-
(142,298)
Principal payments on long-term debt
(125,000)
-
Acquisition of treasury stock
(144,591)
-
Proceeds from issuance of common stock, net
61,108
15,238,027
Net cash provided by (used in) financing activities
(208,483)
20,095,729
Net increase (decrease) in cash and cash equivalents
6,656,133
(1,728,409)
CASH AND CASH EQUIVALENTS
Beginning
4,928,212
6,656,621
Ending
$11,584,345
$ 4,928,212
PowerFilm, Inc. and Subsidiary
Consolidated Statements of Cash Flows (Continued)
Years Ended December 31, 2008 and 2007
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION, cash payments for:
Interest paid
$ 209,939
$ 28,500
Income taxes
37,000
1,368,000
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING
AND FINANCING ACTIVITIES
Conversion of subordinated debentures to common stock
$ 300,000
$ 120,000
(Loss) on interest rate swap agreement
Purchase of property and equipment on account
(390,209)
194,578
(110,015)
-
Outlook
PowerFilm can expect to see sellable material from the meter-wide manufacturing line realized and additional production lines installed in the upcoming months. Military market demand is expected to remain strong and will be the primary short-term driver of revenues. Potential US government federal stimulus program funding is another possible driver. Expanded international distribution and enhanced marketing program support for the Company's line of portable solar chargers for the consumer market also is expected to drive revenues. Ongoing and new custom OEM product customers further diversify the Company's revenue base.
In 2009 PowerFilm does plan for several building integrated solar demonstration projects in which our products are bonded to metal roofing and architectural fabric.
Short-term the global economy is expected to remain slowed and unpredictable, with military spending to remain a positive exception. The US federal government stimulus funding programs for renewable energy may offer some upside potential.
PowerFilm is sharpening its strategic plans and execution effectiveness to position the Company for success in this rare business environment.
The Company's strong balance sheet, leading technology platform, diversified revenue base, and enhanced focus on strategic direction and execution give us an enduring foundation on which to continue to expand PowerFilm's position as a global leader in thin film solar.
Once the current economic situation passes, PowerFilm expects to be in an especially strong industry position with its leading thin film solar technology base and the ongoing improvements that are being made to it.
08 April 2009
PowerFilm, Inc.
Company Dealings
08 April 2009, PowerFilm, Inc. (AIM: PFLM), ("PowerFilm" or the "Company"), the developer and manufacturer of thin flexible solar panels, today confirms that it has acquired 480,000 common shares in the Company at an average share price of 20p per share on 03-06 April 2009. Following this acquisition, these shares will be held in Treasury. Including these shares, the Company will hold 728,000 common shares in Treasury. The total number of outstanding common shares in issue (excluding common shares in Treasury) is 36,770,960 common shares. Total issued shares is 37,498,960.
The PowerFilm, Inc. Board of Directors approved the share repurchase based on the view of the management of the Company that the current trading prices of the shares of the Company (on the LSE AIM) were substantially below the inherent value of such shares. Funds from retained earnings were used for the purchase.
PowerFilm, Inc.
Company Dealings
08 April 2009, PowerFilm, Inc. (AIM: PFLM), ("PowerFilm" or the "Company"), the developer and manufacturer of thin flexible solar panels, today confirms that it has acquired 480,000 common shares in the Company at an average share price of 20p per share on 03-06 April 2009. Following this acquisition, these shares will be held in Treasury. Including these shares, the Company will hold 728,000 common shares in Treasury. The total number of outstanding common shares in issue (excluding common shares in Treasury) is 36,770,960 common shares. Total issued shares is 37,498,960.
The PowerFilm, Inc. Board of Directors approved the share repurchase based on the view of the management of the Company that the current trading prices of the shares of the Company (on the LSE AIM) were substantially below the inherent value of such shares. Funds from retained earnings were used for the purchase.
PowerFilm, Avnet Distribution Strategic Partner Agreement5-12-09 10:11 AM EDT | E-mail Article | Print Article
LONDON -(Dow Jones)- PowerFilm, Inc. (PFLM.LN), a developer and manufacturer of thin, flexible solar panels and Electronic components distributor Avnet Electronics Marketing Americas, said Tuesday that they have entered into a new distribution agreement.
MAIN FACTS:
-Avnet will distribute PowerFilm's full line of standard and custom thin, flexible solar panel components in North and South America.
LONDON -(Dow Jones)- PowerFilm, Inc. (PFLM.LN), a developer and manufacturer of thin, flexible solar panels and Electronic components distributor Avnet Electronics Marketing Americas, said Tuesday that they have entered into a new distribution agreement.
MAIN FACTS:
-Avnet will distribute PowerFilm's full line of standard and custom thin, flexible solar panel components in North and South America.
RNS Number : 3626U
PowerFilm, Inc
23 June 2009
22 June 2009
PowerFilm, Inc.
Director/PDMR Shareholding
PowerFilm, Inc. ('PowerFilm' or the 'Company'), the developer and manufacturer of thin, flexible solar panels, today announces that it issued on 29 May 2009, 7,364 common shares to Merlin Hanson and 13,256 common shares to David Lindop, both non-executive directors, under the terms of their letters of appointment.
The common shares have been issued as part of their annual compensation package of $45,000 each. Their appointment agreements, entered into on 9 May 2006, stated that they will receive such amounts either as shares or part shares and part cash, at the average prevailing issue price of the shares for the twenty business days prior to the anniversary date of the Company's admission to AIM.
Following the issuance, Merlin Hanson holds 30,162 common shares, which represent 0.1% of the Company's total issued share capital and David Lindop holds 54,293 common shares, which represent 0.18% of the Company's total issued share capital.
The Company has applied for admission of these 20,620 common shares to AIM.
PowerFilm, Inc
23 June 2009
22 June 2009
PowerFilm, Inc.
Director/PDMR Shareholding
PowerFilm, Inc. ('PowerFilm' or the 'Company'), the developer and manufacturer of thin, flexible solar panels, today announces that it issued on 29 May 2009, 7,364 common shares to Merlin Hanson and 13,256 common shares to David Lindop, both non-executive directors, under the terms of their letters of appointment.
The common shares have been issued as part of their annual compensation package of $45,000 each. Their appointment agreements, entered into on 9 May 2006, stated that they will receive such amounts either as shares or part shares and part cash, at the average prevailing issue price of the shares for the twenty business days prior to the anniversary date of the Company's admission to AIM.
Following the issuance, Merlin Hanson holds 30,162 common shares, which represent 0.1% of the Company's total issued share capital and David Lindop holds 54,293 common shares, which represent 0.18% of the Company's total issued share capital.
The Company has applied for admission of these 20,620 common shares to AIM.
RNS Number : 3658U
PowerFilm, Inc
23 June 2009
23 June 2009
PowerFilm, Inc.
Notice of Annual General Meeting and Report and Accounts
PowerFilm, Inc. ('PowerFilm' or the 'Company'), the developer and manufacturer of thin, flexible solar panels, today announces that its annual general meeting will be held on 29 June 2009, 3:00 PM central US time, at the Company's facilities at 2337 230th Street, Ames, Iowa 50014 USA.
The Company also announces that it has completed its Report and Accounts for the year ended 31 December 2008, which are being provided to shareholders. Copies of this document are available on the Company's website, www.powerfilmsolar.com, in the Investor section. Copies of this document are also available from PowerFilm, Inc., 2337 230th Street, Ames, Iowa USA.
For further information, please contact:
PowerFilm, Inc. +1 (515) 292 7606 x 102
PowerFilm, Inc
23 June 2009
23 June 2009
PowerFilm, Inc.
Notice of Annual General Meeting and Report and Accounts
PowerFilm, Inc. ('PowerFilm' or the 'Company'), the developer and manufacturer of thin, flexible solar panels, today announces that its annual general meeting will be held on 29 June 2009, 3:00 PM central US time, at the Company's facilities at 2337 230th Street, Ames, Iowa 50014 USA.
The Company also announces that it has completed its Report and Accounts for the year ended 31 December 2008, which are being provided to shareholders. Copies of this document are available on the Company's website, www.powerfilmsolar.com, in the Investor section. Copies of this document are also available from PowerFilm, Inc., 2337 230th Street, Ames, Iowa USA.
For further information, please contact:
PowerFilm, Inc. +1 (515) 292 7606 x 102
Thu 25 Jun 2009
LONDON (SHARECAST) - Shares in Powerfilm turned negative after the developer and manufacturer of thin flexible solar panels said it has seen a slowdown in order in the past few months.
As a result, the company expects to slide into the red at the interim stage, having made a small profit of $0.1m in the first half of last year. Revenues in the first half of 2009 are expected to be around $3m, compared to $3.9m in the first half of 2008.
In order to reduce losses the company has laid off 15 employees, reducing headcount by 16%, and intends to shut down its factory for two weeks in July.
Powerfilm maintains a strong balance sheet with $19.5m in cash and equivalents, while long-term debt stands at $4.5million for the new manufacturing building and land, and short-term debt stand at $0.25m.
LONDON (SHARECAST) - Shares in Powerfilm turned negative after the developer and manufacturer of thin flexible solar panels said it has seen a slowdown in order in the past few months.
As a result, the company expects to slide into the red at the interim stage, having made a small profit of $0.1m in the first half of last year. Revenues in the first half of 2009 are expected to be around $3m, compared to $3.9m in the first half of 2008.
In order to reduce losses the company has laid off 15 employees, reducing headcount by 16%, and intends to shut down its factory for two weeks in July.
Powerfilm maintains a strong balance sheet with $19.5m in cash and equivalents, while long-term debt stands at $4.5million for the new manufacturing building and land, and short-term debt stand at $0.25m.
RNS Number : 4160W
PowerFilm, Inc
28 July 2009
28 July 2009
PowerFilm, Inc.
Notification of Shareholding
28 July 2009, PowerFilm, Inc. (AIM: PFLM), ('PowerFilm' or the 'Company'), the developer and manufacturer of thin flexible solar panels, today announces that it was notified on 27 July 2009 that on 23 July 2009 Mirabaud Investment Management Limited as investment manager on behalf of its clients held an interest in 5,944,938 common shares of PowerFilm, representing 15.85% of the issued share capital of the Company.
For further information, please contact:
PowerFilm,Inc. +1 515 292 7606,ext. 102
Frank Jeffrey, Chief Executive Officer
Mike Coon VP, Sales, Marketing,
and Public Information Officer
Nomura Code Securities Limited + 44 20 7776 1200
Charles Walker, Giles Balleny
A copy of this announcement will be available on the PowerFilm website at http://www.powerfilmsolar.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
PowerFilm, Inc
28 July 2009
28 July 2009
PowerFilm, Inc.
Notification of Shareholding
28 July 2009, PowerFilm, Inc. (AIM: PFLM), ('PowerFilm' or the 'Company'), the developer and manufacturer of thin flexible solar panels, today announces that it was notified on 27 July 2009 that on 23 July 2009 Mirabaud Investment Management Limited as investment manager on behalf of its clients held an interest in 5,944,938 common shares of PowerFilm, representing 15.85% of the issued share capital of the Company.
For further information, please contact:
PowerFilm,Inc. +1 515 292 7606,ext. 102
Frank Jeffrey, Chief Executive Officer
Mike Coon VP, Sales, Marketing,
and Public Information Officer
Nomura Code Securities Limited + 44 20 7776 1200
Charles Walker, Giles Balleny
A copy of this announcement will be available on the PowerFilm website at http://www.powerfilmsolar.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
RNS Number : 4138W
PowerFilm, Inc
28 July 2009
28 July 2009
PowerFilm, Inc.
Company Dealings
28 July 2009, PowerFilm, Inc. (AIM: PFLM), ('PowerFilm' or the 'Company'), the developer and manufacturer of thin flexible solar panels, today confirms that it has acquired 119,500 common shares in the Company at an average share price of 13.5 p per share on 27 July 2009. Following this acquisition, these shares will be held in Treasury. Including these shares, the Company will hold 847,500 common shares in Treasury. The total number of outstanding common shares in issue (excluding common shares in Treasury) is 36,661,770 common shares. Total issued shares is 37,509,270.
The PowerFilm, Inc. Board of Directors approved the share repurchase based on the view of the management of the Company that the current trading prices of the shares of the Company (on the LSE AIM) were substantially below the inherent value of such shares. Funds from retained earnings were used for the purchase.
For further information, please contact:
PowerFilm, Inc. +1 515 292 7606 x 102
Frank Jeffrey, CEO and CTO
Mike Coon, VP, Building Integrated, Business
Development, and External Relations
Nomura Code Securities Limited +44 (0) 20 7776 1200
Charles Walker
Giles Balleny
A copy of this announcement will be available on the PowerFilm website at http://www.powerfilmsolar.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
PowerFilm, Inc
28 July 2009
28 July 2009
PowerFilm, Inc.
Company Dealings
28 July 2009, PowerFilm, Inc. (AIM: PFLM), ('PowerFilm' or the 'Company'), the developer and manufacturer of thin flexible solar panels, today confirms that it has acquired 119,500 common shares in the Company at an average share price of 13.5 p per share on 27 July 2009. Following this acquisition, these shares will be held in Treasury. Including these shares, the Company will hold 847,500 common shares in Treasury. The total number of outstanding common shares in issue (excluding common shares in Treasury) is 36,661,770 common shares. Total issued shares is 37,509,270.
The PowerFilm, Inc. Board of Directors approved the share repurchase based on the view of the management of the Company that the current trading prices of the shares of the Company (on the LSE AIM) were substantially below the inherent value of such shares. Funds from retained earnings were used for the purchase.
For further information, please contact:
PowerFilm, Inc. +1 515 292 7606 x 102
Frank Jeffrey, CEO and CTO
Mike Coon, VP, Building Integrated, Business
Development, and External Relations
Nomura Code Securities Limited +44 (0) 20 7776 1200
Charles Walker
Giles Balleny
A copy of this announcement will be available on the PowerFilm website at http://www.powerfilmsolar.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
RNS Number : 8596W
PowerFilm, Inc
04 August 2009
04 August 2009
PowerFilm, Inc.
Thin Film Electronics Development Contract Funding
04 August 2009, LONDON, UK and AMES, IOWA - PowerFilm, Inc. (AIM: PFLM) ('the Company' or 'PowerFilm'), the developer and manufacturer of thin flexible solar panels, today announces that it has been awarded additional funding in the amount of $1.375 million by the U.S. Army in a cooperative agreement for further development of a 'Self Powered Flexible Display.'
This funding is part of the cooperative agreement among PowerFilm's majority-owned subsidiary Phicot, Inc., Hewlett-Packard, and the U.S. Army Research Laboratory (ARL) for the three-year development program that was announced on 06 October 2008. At that time the initial funding award of $1.4 million for the first year was announced.
The display is intended to improve the situational awareness of individual soldiers and will be based on the roll-to-roll based thin film electronics technology being developed by PowerFilm in cooperation with Hewlett Packard Laboratories. The display will be powered by the Company's thin flexible solar panels.
This funding will support the second year of a three-year development program. Funding for the third year is dependent on availability of funds and progress on the development milestones. The development of a flexible display under this agreement is expected to have significant cross-over benefit in other applications and markets.
For further information, please contact:
PowerFilm, Inc. +1 (515) 292 7606 x 102
Frank Jeffrey, CEO
Mike Coon, VP, Building Integrated,
Business Development, and External Relations
Nomura Code Securities Limited +44 (0) 20 7776 1200
Charles Walker
Giles Balleny
PowerFilm, Inc
04 August 2009
04 August 2009
PowerFilm, Inc.
Thin Film Electronics Development Contract Funding
04 August 2009, LONDON, UK and AMES, IOWA - PowerFilm, Inc. (AIM: PFLM) ('the Company' or 'PowerFilm'), the developer and manufacturer of thin flexible solar panels, today announces that it has been awarded additional funding in the amount of $1.375 million by the U.S. Army in a cooperative agreement for further development of a 'Self Powered Flexible Display.'
This funding is part of the cooperative agreement among PowerFilm's majority-owned subsidiary Phicot, Inc., Hewlett-Packard, and the U.S. Army Research Laboratory (ARL) for the three-year development program that was announced on 06 October 2008. At that time the initial funding award of $1.4 million for the first year was announced.
The display is intended to improve the situational awareness of individual soldiers and will be based on the roll-to-roll based thin film electronics technology being developed by PowerFilm in cooperation with Hewlett Packard Laboratories. The display will be powered by the Company's thin flexible solar panels.
This funding will support the second year of a three-year development program. Funding for the third year is dependent on availability of funds and progress on the development milestones. The development of a flexible display under this agreement is expected to have significant cross-over benefit in other applications and markets.
For further information, please contact:
PowerFilm, Inc. +1 (515) 292 7606 x 102
Frank Jeffrey, CEO
Mike Coon, VP, Building Integrated,
Business Development, and External Relations
Nomura Code Securities Limited +44 (0) 20 7776 1200
Charles Walker
Giles Balleny
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