AstroPower Reports Fourth Quarter and Full-Year Results
AstroPower Inc. (Newark, DE) reported revenues and earnings for the fourth quarter and the full year ended December 31, 1999. For the quarter ended December 31, 1999, total revenues were $10,160,000, an increase of 52 percent from the 1998 fourth quarter. Product revenues for the three months ended December 31, 1999, were $9,294,000, an increase of 53.3 percent from the three months ended December 31, 1998. For the three months ended December 31, 1999, net income was $894,000, or $0.08 per share, on a diluted basis on 11.6 million weighted average shares outstanding, as compared to 1998's results of $1.5 million, or $0.16 per share, on 9.1 million weighted average shares in 1998.
For the year ended December 31, 1999, product sales were $31,428,000, an increase of 55.5 percent from the year ended December 31, 1998. Total revenues were $34,644,00, an increase of 49.6 percent from the year ended December 31, 1998. Net income for the year was $2.3 million, or $0.22 per share, on a diluted basis on 10.1 million weighted average shares outstanding, as compared with $2.4 million, or $0.28 per share, on a diluted basis on 9.6 million weighted average shares outstanding in 1998.
Commenting on the results, Allen M. Barnett, president and CEO of AstroPower, said, "We are pleased to announce yet another record quarter and record year, fueled by continued increases in manufacturing capacity and strong customer demand. This is the third consecutive year that product revenues have increased by more than 50 percent and pretax earnings have increased by more than 100 percent. Our manufacturing performance continues to improve, as a result of the efforts of the manufacturing team. While the financial performance continues to meet our targets, it is important to note that AstroPower has made significant progress in preparing the business for continued rapid growth."