AstroPower Reports Third-Quarter Revenue
AstroPower Inc. (Newark, DE) reported third-quarter results for 2001. For the quarter ended September 30, 2001, total revenues increased 37.4 percent to a record $18,411,000, compared to $13,403,000 for the prior year's third quarter. Product revenues for the three months ended September 30, 2001, were a record $17,823,000, an increase of 42 percent, compared to $12,555,000 for the three months ended September 30, 2000.
Net income for the third quarter of 2001 was $1,497,000, or $0.10 per share, on a diluted basis on 15.6 million weighted average shares, compared to $630,000, or $0.05 per share, on a diluted basis on 13-million weighted average shares in the year-earlier period.
For the nine months ended September 30, 2001, total revenues were a record $48,782,000, an increase of 36.6 percent, compared to $35,717,000 for the comparable 2000 period. Product revenues for the nine months ended September 30, 2001, increased 40.4 percent to $46,699,000, compared to $33,264,000 for the nine months ended September 30, 2000.
Allen Barnett, president and CEO of AstroPower, said, "We are pleased to report another record quarter for product revenues. We continue to increase our manufacturing capacity, and we are on target to end 2001 with 65MW of equipment in place. We are reconfiguring the new manufacturing lines to further reduce costs and bring capacity on more rapidly. The solar-electric power market continues to demand more product than we are able to deliver. Key to accelerating our growth will be bringing this capacity on-line at a faster rate."