AstroPower Inc. (Newark, DE) announced its results for the quarter ended June 30, 2002. Total revenues were $20.4 million, an increase of 27.2 percent from the second quarter of 2001. Product revenues for the three months ended June 30, 2002, were $20.1 million, an increase of 31.4 percent from the three months ended June 30, 2001.
For the three months ended June 30, 2002, net income was $365,000, or $0.02 per share, on a diluted basis on 23.6 million weighted average shares outstanding, as compared to $1.7 million, or $0.07 per share, on a diluted basis on 23.4 million weighted average shares in the year-earlier period.
AstroPower President and CEO Allen Barnett commented, "Although we continue to show strong revenue gains year-over-year and remained profitable, we are disappointed with the results for this quarter. There were a number of external and internal factors that contributed to slower growth than planned. For the third quarter of 2002, we expect product revenues to be in the range of $24.0 to $26.0 million. Product gross margin is expected to be in the range of 30 to 33 percent. Operating expenses are expected to be in the range of 21 to 23 percent of the total revenues for the quarter."
