AstroPower Reports Q2 Results
AstroPower Inc. (Newark, DE) recently announced its second quarter financial results. For the quarter ended June 30, 2000, total revenues were a record $11,911,000, an increase of 49.1 percent from the 1999 second quarter. Product revenues for the three months ended June 30, 2000 were a record $11,038,000, an increase of 52.2 percent from the three months ended June 30, 1999. For the three months ended June 30, 2000, net income was $957,000, or $0.08 per share on a diluted basis on 12.5 million weighted average shares outstanding, as compared to $445,000, or $0.05 per share on a diluted basis on 9.7 million weighted average shares in the year-earlier period.For the six months ended June 30, 2000, total revenues were a record $22,314,000, an increase of 47.5 percent from the comparable 1999 period. Product revenues for the six months ended June 30, 2000 were $20,709,000, an increase of 52.8 percent from the six months ended June 30, 1999.
Commenting on the quarter, Dr. Allen Barnett, President and CEO of AstroPower said, "We are pleased to report another record sales quarter, driven once again by 50%+ growth in product revenue. Customer demand for our products has reached unprecedented levels, and our factory is responding by significantly increasing manufacturing capacity to meet this demand. Increased market demand resulting from the German on-grid program continues to be a major factor.
We have also experienced sharply increased levels of demand from other international customers in South Africa and Asia. Domestically, we won two major contracts with municipal utilities, both of which contributed to second quarter revenue. Our residential rooftop direct marketing campaign is now underway in four markets, with over 1,200 leads currently in house and being processed. We are starting to see sales ramping up, and will be expanding this program into two additional markets over the balance of the year."