AstroPower Reports Third Quarter Results

AstroPower, a supplier of solar electric power products, reported financial results for the third quarter ended September 30, 2002.

Newark, Delaware – November 6, 2002 [] Highlights for the quarter were: – Product sales increase to a record US$22.5 million, up 26.5 percent from the similar 2001 period – Record manufacturing performance – Expansion in SunChoice program – Contract received from Sacramento Municipal Utility District – Atersa, an affiliate of AstroPower, selected to power rural villages in Senegal For the quarter ended September 30, 2002, total revenues were a record US$23.0 million, an increase of 25.0 percent from the third quarter of 2001. Product revenues for the three months ended September 30, 2002 were a record US$22.5 million, an increase of 26.5 percent from the three months ended September 30, 2001. For the three months ended September 30, 2002, net income was US$834,000 or $0.04 per share on a diluted basis on 22.7 million weighted average shares outstanding, as compared to US$1.5 million or US$0.06 per share on a diluted basis on 23.4 million weighted average shares in the year-earlier period. For the nine months ended September 30, 2002, total revenues were US$64.1 million, an increase of 31.5 percent from the similar period in 2001. Product revenue for the nine month ended September 30, 2002 were US$63.0 million, an increase of 34.9 percent from the similar period in 2001. “We are pleased to have demonstrated strong revenue growth on both a year-over-year and sequential quarter basis, especially in a market that many are finding difficult,” said Allen Barnett, President and CEO of AstroPower. “Although our results in the third quarter were an improvement over the previous 2002 quarter, we still have work ahead of us.” “As previously reported, the market in Germany has been weaker than expected throughout much of the year. The company’s Q3 sales into Germany were lower than the previous year, but this was offset by ongoing growth in many other regions, principally Asia, Africa, and North America,” Barnett said. “We are particularly pleased with the growth in our North American business, which has been one of our major areas of focus for the past two years. Our North American sales in Q3 were up 45 percent year over year, and grew 41 percent on a sequential basis vs. the previous quarter. Many factors contributed to this result including: record sales in the SunChoice dealer channel; record Home Depot sales, driven by improved closing ratios in existing stores as well as the ongoing roll-out of new stores; and significant contribution from commercial and off-grid markets,” said Barnett. “For the fourth quarter of 2002, we reiterate our previous guidance of product revenues in the range of US$26 – $30 million,” Barnett said.
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