Sanditon Investment Share Discussion Threads

[grupo guitarlumber] 23/7/2009 08:56

wouldn't it be nice to know the Aim statistics
regarding successful companies,these going bust,
being sold out or name changed.

perhaps i've missed some important criteria.

personal experience tends towards being shafted

[david77] 23/7/2009 08:48

3offtheT - I paid over £1 for mine - but there are winners and losers in all walks of life and we picked a loser. I was impressed with SIT's contracts to cover the roofs of some very large buildings, but I guess that others had better technology, or lower costs which undermined SIT's position. We have to spread our bets around and hope that we get more winners than losers.

[stegrego] 22/7/2009 13:00

Maybe they will finally reinstate the silent H from their EPIC now, as its clearly been missing for years....

Good riddence, bunch of yankie no hopers.

[3offthet] 22/7/2009 09:42

fft
You're right it is a take-over. They are only calling it a merger to justify the very low premium. It seems to me that we're getting a right royal rogering here, but then I fear the alternative was to go bust. What a shower of incompetents we have running this company.
H

[fft] 22/7/2009 08:05

Merger ? maybe the meaning has changed since i was younger :-)

"a leading provider of building integrated photovoltaic (BIPV) roofing systems, today announced that they have signed a definitive agreement pursuant to which ECD will acquire SIT. Under the terms of the agreement, ECD will pay 6.75 pence in cash"

Sounds like a takeover to me ! at 6.75p a share.

[masurenguy] 22/7/2009 08:01

RNS Number : 0680W
Solar Integrated Technologies Inc
22 July 2009

Energy Conversion Devices AND SOLAR INTEGRATED TECHNOLOGIES sign definitive MERGER agreement.

Rochester Hills, Mich., Los Angeles, Calif., and London, UK - July 22, 2009 - Energy Conversion Devices, Inc. (ECD) (NASDAQ: ENER), the leading global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, and Solar Integrated Technologies, Inc. (SIT) (AIM: SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofing systems, today announced that they have signed a definitive agreement pursuant to which ECD will acquire SIT. Under the terms of the agreement, ECD will pay 6.75 pence in cash (or approximately $0.11) for each share of SIT (the 'Merger Consideration') or approximately $11.2 million. Including the assumption of SIT's net debt obligations, the purchase price will be approximately $16.3 million. ECD plans to finance the acquisition from existing corporate funds.

[jab118] 12/7/2009 10:34

A glimmer of hope.

Just in from the beeb:

People paid for supplying power
Households that contribute electricity to the National Grid are to receive payments under a new government scheme.

Towns and villages will be encouraged to generate their own power with wind, water and solar energies, and then be paid for how much they produce.

Called clean energy cash-back, schemes already operate in 19 European countries including Germany.

But critics warn that small-scale production is expensive and projects may require government subsidy.

'Feed-in tariffs'

At present, anyone in the UK who feeds electricity into the National Grid can get a reduction on their fuel bills through smart meters.

But ministers hope that the promise of cash in people's pockets will encourage them to seek new ways of generating their own power.

In Germany, whole towns have grouped together to buy wind turbines, build biomass plants and erect solar panels on all private houses.

They are then paid a guaranteed fixed price for every kilowatt of energy they produce - a higher sum than for electricity made from fossil fuels in traditional power stations.

Three wind turbines can make £15,000 a year for a single village.

Since so-called "feed-in tariffs" were introduced in Germany, some 400,000 homes, particularly in the sunnier south of the country, have installed solar panels.

But the government has had to subsidise such projects in order to keep them viable.

At present, only about 2% of Britain's energy comes from renewable sources, but the government has pledged to increase that to 15% within the next 12 years.

[rikclay] 22/6/2009 07:06

is this company almost bust ? how much cash left and whats the burn rate? saw losses fell by 40% last results but is that enough if it continues

[auks] 09/6/2009 07:27

sorry 4 the length of post 2767........not available 2 me anyway on advfn...so pasted from elsewhere.....could have been worse but clearly no funding....no business no more...

[auks] 09/6/2009 07:23

RNS Number : 5679T
Solar Integrated Technologies Inc
09 June 2009

SOLAR INTEGRATED REPORTS PRELIMINARY

UNAUDITED 2008 FINANCIAL RESULTS

London, UK and Los Angeles, California, June 9, 2009 - Solar Integrated Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated photovoltaic ("BIPV") roofing systems, today announces its unaudited financial results for the year ended December 31, 2008, including record annual revenue of $95.3 million, an increase of 18% over 2007, and a net loss of $13.1 million, a 47% improvement over 2007.

Unless otherwise noted, all amounts are reported in US dollars. This press release contains both US GAAP ("GAAP") and non-GAAP financial information, including certain non-GAAP gross margin metrics and non-GAAP adjusted EBITDA financial information.




2008 Full Year Financial Highlights

Revenue of $95.3 million, an increase of 18% from $81.1 million in 2007.
European solar and distribution revenue totaled $60.6 million, an increase of 118% from $27.8 million in 2007. Revenue from Europe represented 64% of total 2008 revenue and 34% of total 2007 revenue.
US solar revenue was $20.3 million, a decrease of 45% from $37.1 million in 2007.
US roofing revenue was $14.4 million, a decrease of 11% from $16.2 million in 2007.
Gross profit of $11.0 million, a decrease of 24% from $14.4 million in 2007.
Reported gross margin of 11.5%, a decrease from 17.8% in 2007.
Core gross margin was 17.9%. Core gross margin equals reported gross margin less unabsorbed manufacturing costs of $3.3 million, inventory reserves of $1.6 million and additional warranty reserves of $1.2 million.
Core solar gross margin was 21.1%. Core solar gross margin equals core gross margin less distribution and roofing gross margins.
SG&A costs of $21.3 million, a decrease of 31% from $30.7 million in 2007.
Excluding non-cash items of warrant- and stock-based compensation and depreciation, SG&A costs were $19.4 million, an increase of 19% from $16.3 million in 2007.
Adjusted EBITDA of ($8.1) million, compared to $0.1 million in 2007.
Net loss of $13.1 million or $0.14 per share, compared with net loss of $24.7 million or $0.35 per share in 2007.
Cash balance of $5.8 million as of December 31, 2008, compared to $3.7 million as of June 30, 2008 and $11.3 million as of December 31, 2007.



2008 Second Half (H2) Financial Highlights

Revenue of $52.5 million, a decrease of 14% from $61.3 million in 2007 H2.
Gross profit of $3.8 million, a decrease of 66% from $11.1 million in 2007 H2.
Reported gross margin of 7.2%, a decrease from 19.4% in 2007 H2.
Core gross margin was 16.6%. Core gross margin equals reported gross margin less unabsorbed manufacturing costs of $2.1 million, inventory reserves of $1.6 million and additional warranty reserves of $1.2 million.
Core solar gross margin was 20.1%. Core solar gross margin equals core gross margin less distribution and roofing gross margins.
SG&A costs of $11.0 million, a decrease of 40% from $18.4 million in 2007.
Adjusted EBITDA of ($8.2) million compared to $4.8 million in 2007 H2.



2008 Sales and Operations Highlights

A total of 173 solar projects completed in 2008, representing 13.4 MWp of installed solar systems, compared to 76 solar projects completed in 2007, representing 9.1 MWp.
Continued market penetration and diversification of geographic and customer distribution.
A total of 157 projects were completed in 14 European countries representing 10.7 MWp of installed solar systems.
A total of 16 turn-key projects were completed in the US representing 2.7 MWp of installed solar systems.
A total of more than 350 projects completed since the Company's inception representing more than 32 MWp of installed solar systems.
2008 production throughput of 12.8 MWp, an increase of 45% over 2007 production.



2008 Industry Context and 2009 Outlook

Although Solar Integrated and the photovoltaic ("PV") market continued to grow in 2008, the industry was impacted by a number of factors beginning mid-year. These factors have led to sluggish demand and increased pricing pressure. There remains a highly uncertain near-term outlook for companies throughout the PV industry value chain. These challenging market conditions and uncertainty have been caused in part by the following factors:

The global economic downturn and credit crisis. Construction has slowed, capital spending decisions and projects have been deferred or canceled, capital availability has been reduced and the cost of capital has increased. Collectively, these factors have adversely affected solar customers and project economics, and contributed to project delays and cancellations.

The US Investment Tax Credit ("ITC"). The impending expiration of the US ITC for renewable energy projects on December 31, 2008 contributed to delays and cancellations of solar projects in the second half of 2008. The ITC was eventually renewed in October 2008.

Currency fluctuations. In the second half of 2008, the Euro significantly weakened against the US dollar, putting further margin pressure on Euro-denominated sales of products made with significant US dollar-denominated costs. Currency exchange rates continue to be highly volatile.
During the second half of 2008, these factors contributed to PV inventory build-ups, production overcapacity and a sharp decline in average selling prices across the PV value chain. This industry dynamic has continued in the first half of 2009.

Despite these near-term challenges, the Company believes the long-term outlook for the PV industry remains positive. Declining module prices are making PV power more cost-competitive with the grid, which should lead to increased demand in the long-term. In addition, strong government incentives remain in place in key markets:

In Europe, attractive feed-in tariffs remain in place in several countries, with increased incentives for BIPV and PV rooftop applications in certain markets.

In the United States, the ITC was extended through 2016, and the 30% tax credit it provides is now allowed for utility-scale projects. Further, the American Recovery and Reinvestment Act of 2009 makes cash grants available in lieu of the ITC for certain projects placed into service or commenced in 2009 and 2010. We believe that strong political support also exists for the adoption of a national renewable portfolio standard, which would obligate utilities to produce more electricity from renewable sources and thereby increase support for solar projects at a state level.




Company Priorities

Commenting on the 2008 results and the 2009 outlook, R. Randall MacEwen, President & CEO, said:

"For Solar Integrated, as for many others, 2008 was a challenging year. The year was dominated by a global financial and banking crisis that impacted almost all businesses. There is no doubt that the global credit crunch, the abrupt collapse of the construction boom and volatile foreign exchange rates significantly impacted our 2008 results. The turmoil worsened as the year wore on and sent the global economy into a recessionary tailspin that gained further momentum in the new year. And yet, Solar Integrated achieved record revenues in 2008.

"However, it remains unclear as to precisely when the economic deterioration will subside and a recovery will begin. Given this market uncertainty, we expect 2009 to be a challenging year as well. The credit crisis has led to demand destruction and module oversupply, which has been exacerbated by significant capacity expansion. Module oversupply has led to a precipitous decline in average selling prices throughout the value chain. In this context, PV companies throughout the value chain have had to reconsider their business models. Focus has shifted from the upstream end of the value chain to the downstream end. In today's market, success is critically tied to project ownership, customer relationships, access to project finance and corporate balance sheet strength.

"And while we believe the US stimulus package will be a powerful catalyst for the US solar market in 2010 and beyond, we expect it will have limited impact in 2009."

Given the macro-economic and PV industry backdrop, the Company identified certain areas in its business that needed to be addressed in order to remain competitive in this rapidly changing and challenging environment. These included cost reductions, cash flow enhancements and strengthening of the balance sheet.

Cost Reductions. The Company has undertaken a cost reduction program which is expected to reduce SG&A expenses in 2009 by at least $3 million. Additional cost reductions will be considered as the Company continues to evaluate future market conditions. In addition, we took a further opportunity during the seasonal first-half slowdown in business activity to reduce our manufacturing output in order to better manage our inventories and cash flow and to align production with expected demand.

Cash Flow Enhancements. As part of our continued review of the Company's business model, including our working capital model, the Company is contining to negotiate improved terms with certain suppliers and customers to better align cash payments to our suppliers with cash receipts from our customers.

Strengthening of the Balance Sheet. The Company has an asset-based revolving line of credit (the "GE facility") for working capital purposes for up to $20 million with an affiliate of GE Energy Financial Services ("GE"). The GE facility was put into place in 2005 when the Company had limited European business activities, and it does not provide for borrowings against non-US receivables or inventory. Since 2005, the Company has successfully grown its European business. In 2008, Europe contributed 64% of the Company's revenue. In early 2008, the Company began discussions with various potential lenders to replace the GE facility with a credit facility that would allow the Company to borrow against both US and non-US receivables and inventory. With the deterioration in the credit markets, the time required to attract a new credit facility has been protracted. The term of the GE facility was originally scheduled to expire on June 30, 2008. The Company has negotiated several extensions and it is currently set to expire on July 3, 2009. As partial consideration for the extensions, the Company has re-priced a warrant to purchase 2,617,353 common shares previously issued to an affiliate of GE, from an exercise price of £0.30 per share to £0.12 per share, and has extended the term of the warrant from December 31, 2010 to December 31, 2013.

Between August 2008 and March 2009, the Company entered into non-binding term sheets with a leading US commercial lender relating to a new asset-based revolving line of credit for up to $25 million. This proposed credit facility was expected to replace the GE facility.

In May 2009, in an unexpected development, the Company was advised that the commercial lender was no longer prepared to proceed with the proposed new line of credit. The Company then determined to review all strategic alternatives, including a possible sale of the Company. On May 5, 2009, the Company announced that it had discontinued its discussions with the commercial lender relating to the proposed new revolving line of credit, and that the Company had extended the term of its existing loan and security agreement with GE to July 3, 2009.

The Company also announced on May 5, 2009, that it had retained Thomas Weisel Partners LLC ("TWP") as its financial advisor. TWP is assisting the Company's board of directors and management in evaluating strategic alternatives to enhance shareholder value including, but not limited to, a possible sale of the Company and various financing alternatives. The board of directors and management cautioned the Company's shareholders and others considering trading in its securities that there is no assurance that the Company will be successful in further extending the GE facility, or in otherwise securing financing or a buyer for the Company.

The Company anticipates releasing audited 2008 financial statements by June 30, 2009. Because of the continued uncertainty that appropriate levels of financing can be achieved, the Company anticipates that the auditor's report accompanying the audited statements will include a going concern emphasis paragraph relating to, among other things, the Company's liquidity challenges and the importance of obtaining additional financing.

Mr. MacEwen concluded, "In a year when the solar industry experienced dramatic changes, Solar Integrated made significant progress in a number of key areas. We continued to win new and repeat business; we penetrated new solar markets; we diversified our product offering; and we recorded record revenue. We are responding to continued challenging market conditions by taking steps to control our manufacturing and operating costs and to improve our working capital model, while retaining the ability to respond quickly as markets improve. We will continue to work hard to reduce our costs, improve our cash flow and strengthen our balance sheet. Despite the Company's current financing challenges, we believe that the expected long-term growth of the solar industry, our strategic position in target growth segments and our organizational capabilities to sell and execute in these markets will enable the Company to successfully implement a sale or alternative financing and maximize shareholder value."




About Solar Integrated

Solar Integrated Technologies, Inc. (SIT: AIM.LN) is a Los Angeles-based company that manufactures, designs and installs building integrated photovoltaic ("BIPV") roofing systems for commercial rooftops. Our BIPV roofing systems enable our customers to transform a rooftop into a value-generating asset. Our customers include Audi, Carrefour, Coca-Cola Enterprises, Frito-Lay, Honeywell, IKEA, Johnson Controls, Metro, Portland General Electric, ProLogis, San Diego Unified School District, Tesco, Toyota, Unibail-Rodamco, US Air Force, US GSA, US Navy and Westfield.

For more information, please visit www.solarintegrated.com or contact:

Investor Contacts

R. Randall MacEwen

President & Chief Executive Officer

Solar Integrated Technologies, Inc.

[phone]



Juliet Thompson or Chris Golden

Nomura Code Securities Limited

Nominated Adviser and Joint-Broker

[phone]



Peter Krens

Mirabaud Securities Limited

Joint-Broker

[phone]









Media Contact

Chelsea Hayes or Robert Koh

Pelham Public Relations

[phone]



Thinking Integrated. Building Integrated.

* * * * * * * * * * * * * * * * * * * * * * * * * * *

2008 Financial Highlights

Revenue

Revenue for 2008 was $95.3 million, an increase of 18% from $81.1 million in 2007, primarily due to growth in solar markets in the first half of 2008, new market penetration, new customer penetration and repeat business.

Consistent with prior years, the Company booked a higher level of revenue in 2008 H2 than in 2008 H1, although the difference between 2008 H2 and 2008 H1 was less pronounced than in prior years, due to the late renewal of the US Investment Tax Credit and the global economic slowdown in the second half of 2008. First half revenue has typically been, and is expected to continue to be in 2009, lower than second half revenue in large part as a result of the seasonality of the business and the budget and construction cycles of the Company's target customers. As the Company is involved in a construction project-based business, the Company may experience revenue and financial performance lumpiness from period to period.

Revenue for 2008 H2 was $52.5 million, a decrease of 14% from $61.3 million in 2007 H2. The decrease in revenue was primarily due to project delays and cancellations due to the uncertainty around the pending expiry of the ITC, as well as the global economic slowdown and the reduced availability of credit and tax equity. Although the ITC was eventually renewed in October 2008, the uncertainty of its renewal adversely impacted our US solar revenue in 2008 H2.




Gross Margin

The Company achieved gross profit of $11.0 million in 2008, a decrease of $3.4 million or 24% from gross profit of $14.4 million in 2007. In 2008 H2, gross profit was $3.8 million, a decrease of $7.3 million or 66% from $11.1 million in 2007 H2.

For 2008, the Company's gross margin fell to 11.5% of revenue, compared to 17.8% of revenue in 2007. For 2008 H2, the Company achieved gross margin of 7.2% of revenue, compared to 19.4% of revenue for 2007 H2.

The decreases in the Company's gross margin performance in 2008 full year and 2008 H2 were due to increased competition and lower average selling prices which resulted from an over-supply of solar modules in the industry. In addition, project delays and cancellations contributed to an under-utilization of the Company's manufacturing operations, resulting in unabsorbed manufacturing costs of $3.3 million during 2008, and $2.1 million during 2008 H2. During 2008 H2, the Company also incurred inventory and additional warranty reserves totaling $2.8 million. The Company's core gross margin, which excludes these charges, was $17.1 million, or 17.9% of revenue in 2008, and $8.7 million, or 16.6% of revenue in 2008 H2.

European solar gross margin in 2008 H2 was adversely impacted by the strengthening of the US dollar against the Euro, increased competitive pressures, weaker average selling prices and different product mix. The Company's material, labor and manufacturing costs for its products are almost entirely incurred in US dollar denominated costs, while its revenues from European customers are almost entirely denominated in Euros. As a result, the relative weakening of the Euro against the US dollar resulted in lower US dollar revenues upon conversion from Euros and lower gross margins.

US solar gross margin was adversely impacted by more challenging customer economics, increased competitive pressures, weaker average selling prices, different product mix and different geographic revenue mix in the US market.




SG&A

Selling, general and administrative expenses for 2008 were $21.3 million, including $1.7 million in non-cash stock-based compensation and $0.2 million in non-cash depreciation. Excluding all non-cash compensation and depreciation, SG&A costs were $19.4 million in 2008, an increase of 19% from $16.3 million in 2007. Excluding the same items, SG&A costs as a percentage of revenue were 20.3% in 2008 compared to 20.1% in 2007.




Adjusted EBITDA

On a non-GAAP basis, adjusted EBITDA was ($8.1) million in 2008, compared to $0.1 million in 2007. The following is a reconciliation of GAAP net loss to non-GAAP adjusted EBITDA for 2008 and 2007.

(In Millions)

[this_is_me] 21/5/2009 14:34

No results by the end of the month and it is bust. Unless there has been excellent progress in revenue, profit and cash flow in the second half it is bust. No credit by July 3rd and it is bust.

On the other hand if results and recent trading are good, profitable and generating cash then credit will not be a problem and prospects will be excellent.

[jab118] 21/5/2009 12:21

looking very popular at these prices.

[jab118] 21/5/2009 09:04

what's your recon, Landereo?

high risk or what?

[landereo] 21/5/2009 08:52

From 5th May Review RNS

The Company also announced that it has discontinued its discussions with a
commercial lender relating to an asset-based revolving line of credit of up to
$25 million. This credit facility was expected to replace the Company's existing
facility with an affiliate of GE Energy Financial Services (GE). The Company
also announced that it has extended the term of its loan and security agreement
with GE Energy Financial Services until July 3, 2009.

[jab118] 20/5/2009 11:25

Don't think the Yanks will pull the plug on this, as it will be going against their green future policy.

I,m in here and like most disappointed, but very optimistic :@)

[auks] 20/5/2009 11:20

cheers volsung. learnt lesson...thats spooky!

[volsung] 20/5/2009 10:48

Well good luck with it auks. Sometimes the turn can be dramatic on these shares

[auks] 20/5/2009 10:44

volsung, far too honest for the yanks: prayin 4 a miracle with this one now: but hard 2 see why any purchaser would buy it when with time....not much....it will have sunk

[nfranks] 19/5/2009 10:34

31 March 2009

?
UPDATE ON CREDIT FACILITY
London, UK and Los Angeles, California, March 31, 2009 - Solar Integrated
Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated
photovoltaic (BIPV) roofing systems, announces today that the Company has
extended the term of its loan and security agreement with an affiliate of GE
Energy Financial Services (GE) until May 15, 2009.

It's now 19th May so what's happen to this credit facility????

When are the final results due?

TIA

[powwow] 05/5/2009 15:21

this seems to have so much potential.... yet its at this price.. I guess it's priced to fail?