AstroPower Posts Record Q2 1999 Results

August 04, 1999 by Jeff Shepard

AstroPower Inc. (Newark, DE) reported record revenues for the second quarter ended June 30, 1999, of $7,990,000, up 48.3 percent from $5,387,000 for the same period a year ago. Net income for the quarter was $445,000, or $0.05 per diluted share, compared to $208,000, or $0.02 per diluted share, for the same period last year. Net income before income taxes for the current quarter was $636,000, up 191.7 percent from the year-ago period. Net income for the 1999 quarter was taxed at 30 percent, while net income for the 1998 quarter was taxed at 4.6 percent."We are very pleased with our continuing ability to produce record results, reflecting strong demand in all three of our market segments - telecommunications, remote houses and on-grid - and improved manufacturing productivity," stated President and CEO Allen M. Barnett. "Product revenues increased at a rate higher than our 50 percent growth goal, leading to increased gross profits. In addition, the improvements we made in our manufacturing operations contributed to higher product gross margins, which have trended up over the past two successive quarters."Barnett added that the firm is seeing increased interest in on-grid solar electric power. "Internationally, this increased interest is largely driven by environmental concerns," he commented. "In the US, new opportunities are being created as a result of restructuring of the electric utility industry and newly enacted customer choice programs. In addition, recent blackouts and power shortages in major US metropolitan areas - including New York City - and media coverage of these events have focused attention on securing a reliable flow of electricity, and have provided an awareness of the role of photovoltaics in solving this problem."