Sanditon Investment Dividends - SIT

Sanditon Investment Dividends - SIT

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Stock Name Stock Symbol Market Stock Type
Sanditon Investment Trust Plc SIT London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 90.00 01:00:00
Open Price Low Price High Price Close Price Previous Close
90.00 90.00
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Industry Sector
REAL ESTATE INVESTMENT TRUSTS

Sanditon Investment SIT Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount
15/11/2019InterimGBX0.2531/12/201831/12/201921/11/201922/11/201920/12/20190.25

Top Dividend Posts

DateSubject
12/10/2018
06:41
spectoacc: Is going to need a long run like that for that discount to narrow back down again. Only have an incidental holding left in SIT now.
11/10/2018
14:31
spectoacc: Looking forward to seeing if SIT NAV has benefited from this market rout. Wouldn't bet my pension on it!
29/6/2018
14:23
spectoacc: 75k director buy at 80p but marred by drop in NAV caused by revaluation of 20% stake in SAM. Can certainly argue that will work the other way if/when SIT is successful. However, for the time being, it isn't. Reluctantly sold at a 10p NAV discount, though still stuck in some in another a/c so will keep an eye on them.
06/2/2018
13:29
spectoacc: I think they've acknowledged it themselves already but they're basically betting against momentum. That can work at the top/bottom of the market, but who can call those, and how many of them are there? For the rest of the time, they're shorting risers and longing fallers and losing our money hand over fist. As you say - easier to short CLLN, PFG, CPI, DEB etc as they fall, than to short the likes of JE. on the rise. Love that their biggest long - BAB - fell out of the FTSE 100 at the last review to be replaced by their biggest short - JE. Would be interesting to see how their performance compares to a FTSE tracker - my guess is NAV would be nearer 150p than under 90p. But it's the road back that worries me - just not sure how they're going to manage it. (Tho re-reading the above makes me think we're the fools - we should have gone short SIT!).
02/10/2017
06:57
spectoacc: No dividend-while-you-wait though. Trouble with shorts is just how badly wrong they can go - will they still be in when the market eventually turns?
15/9/2017
07:44
spectoacc: To some extent they must suffer the same problem as all the others holding stakes in the management co - when it's going well, the management co is worth more and so is the trust and so is the management co and so on. When it's going poorly, there's the risk that goes into reverse. I doubt SIT is going "poorly" enough just yet, though they won't be looking good in the tables. Not sure how their Unit Trusts are doing. Spoke to them a while ago when I thought about investing and only the premium put me off. Now the performance does. Edit - had to smile at this: "Investment Objective The Company's investment objective is to: deliver absolute returns of at least 2% per annum, compounded annually, above RPIX; and be an asset diversifier for shareholders by targeting low correlation with leading large capitalisation equity indices. " It's certainly low correlation! Markets gone up, SIT gone down.
23/7/2009
10:05
jab118: 3offtheT & david77... I sympathise with both of you, and admire your balls, for holding and not selling at a loss... I tend to imagine that SIT has a future, however, bought in at 25p thinking that was the bottom and now feel rather sick at that. With the takeover I feel this company has something of a future that is worth saving, so will hold, one the for the bottom drawer....:@)
22/7/2009
08:01
masurenguy: 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. http://www.investegate.co.uk/Article.aspx?id=200907220700130680W
09/6/2009
07:23
auks: 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. +1 (562) 299-0136 Juliet Thompson or Chris Golden Nomura Code Securities Limited Nominated Adviser and Joint-Broker +44 20 7776 1200 Peter Krens Mirabaud Securities Limited Joint-Broker +44 20 7878 3362 Media Contact Chelsea Hayes or Robert Koh Pelham Public Relations +44 207 337 1523 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)
31/3/2008
10:54
grupo guitarlumber: Extract: http://www.advfn.com/p.php?pid=nmona&article=25517565&epic=SIT Final Results RNS Number:1111R Solar Integrated Technologies Inc 31 March 2008 SOLAR INTEGRATED TECHNOLOGIES INC SOLAR INTEGRATED REPORTS 2007 AUDITED FINANCIAL RESULTS AND PROVIDES 2008 GUIDANCE - Revenues more than double in 2007 and transition to adjusted EBITDA positive - - Expecting continued strong growth in 2008 and transition to profitability - London, UK and Los Angeles, California, March 31, 2008 - Solar Integrated Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofing systems, today announces its audited financial results for the twelve months ended December 31, 2007, highlights of recent corporate activities, and financial guidance for 2008. Unless otherwise noted, all amounts are reported in U.S. dollars. This press release contains both U.S. GAAP ("GAAP") and non-GAAP financial information, including non-GAAP adjusted EBITDA financial information. 2007 Full Year Financial Highlights * Revenue of $81.1 million, up 112% from $38.2 million in 2006 * Gross margin of 17.8%, up 144% from 7.3% in 2006 * Gross margin of $14.4 million, up $11.6 million or 414% from $2.8 million in 2006 * Excluding non-cash stock-based warrant and option compensation and depreciation, SG&A costs down $0.7 million or 4.1% to $16.3 million (2006: $17.0 million) and down to 20.1% of revenue as compared to 44.5% of revenue in 2006 * Adjusted EBITDA (which adjusts earnings before interest, tax, depreciation, amortization by also excluding the effects of stock-based warrant and option expense, change in fair value of warrants, recovery of impaired accounts receivable and loss on debt conversion) of $0.1 million, compared to $(15.6) million in 2006 * On a GAAP basis, net loss of $24.7 million or $0.35 per share, which includes $13.9 million for non-cash stock-based warrant and option compensation, $4.8 million for a non-cash loss on the conversion of convertible notes, and $0.9 million for the fair value accounting of certain warrants, partially offset by a $3.3 million recovery of an impaired receivable, when compared with net loss for 2006 of $22.9 million or $0.62 per share * Closed placement of 16,470,588 common shares for aggregate gross proceeds of $28 million in December 2007 * Repositioned $31.1 million of convertible notes with reduction of $23.1 million of debt through retirement of $16.2 million of notes and conversion of $6.9 million of notes into equity, along with amendment of remaining $8.0 million * Cash balance of $11.3 million as of December 31, 2007, as compared to $1.8 million as of June 30, 2007 and $7.0 million as of December 31, 2006 2007 Second Half (H2) Financial Highlights * 2007 H2 revenue of $61.2 million, up $38.5 million or 170% from 2006 H2 revenue of $22.7 million * 2007 H2 gross margin of 19.4%, up 177% compared to 7.0% in 2006 H2 * 2007 H2 gross margin of $11.9 million, up $10.3 million or 644% from $1.6 million in 2006 H2 * Excluding non-cash stock-based warrant and option compensation and depreciation, 2007 H2 SG&A costs of $8.6 million (up 18% from 2006 H2 cash SG&A costs of $7.3 million) down to 14.1% of revenue as compared to 32.2% of revenue in 2006 H2 * 2007 H2 adjusted EBITDA of $4.8 million, a $12.1 million improvement compared to 2006 H2 adjusted EBITDA of $(7.3) million 2007 Sales and Operations Highlights * 76 solar projects completed in 2007, representing 9.1 MW of installed solar systems (2006: 40 projects representing 4.2 MW) o Completed 57 projects in Europe representing 5.5 MW of installed solar systems o Completed 19 turn-key projects in the U.S. representing 3.6 MW of installed solar systems * Expanded penetration into key solar markets with a total of more than 180 projects completed representing 19.3 MW of installed solar systems since Company's inception * Expanded customer list and signed new business for projects with each of Audi, Carrefour, Metro, Tesco, Unibail-Rodamco, UPC Solar and Westfield * Signed $70 million contract to supply solar roofing systems on multiple large buildings in Italy in 2008 and 2009 * Expanded product application to two new market opportunities o Signed initial contracts totaling $10 million including a flexible ground-mount system for installation at the Malagrotta Landfill site outside of Rome, Italy o Signed initial contracts for solar carports that provide shaded parking for vehicles while generating clear solar energy * In response to strong order demand, second and third shifts were added to manufacturing operations in May and October, respectively * Increased production throughput by more than 100% over 2006 production * Achieved certification by the California Energy Commission for performance monitoring and metering of the Company's Renewable Energy Management (REM) software system; 46 REM systems now installed, monitoring over 8 MW of installed solar systems * Won Sika Sarnafil's "2007 U.S. Sustainability Project of the Year" for Tesco's Fresh & Easy Markets 663,000 sq. ft. distribution centre in Riverside, California, believed to be the world's largest BIPV solar roofing project 2007 Corporate Platform Highlights * Strengthened sales, product development and manufacturing teams with key management appointments: o Bart Van Ouytsel as Vice President, Sales & Marketing - Europe o John Snelling as Vice President, Sales & Marketing - Americas o David Gralnik as Vice President, Strategic Accounts & Alliances o Arthur Rudin as Vice President, Product Development o Dr. -Ing Claas Helmke as Director, Product Development - Europe o Peter Douglas as Director, Manufacturing * Appointed Ernst & Young as new independent auditor * In March 2008, granted a U.S. patent for proprietary "no compromise" BIPV roofing product 2008 Outlook * 2008 revenue guidance in the range of $140 million to $160 million, representing up to 100% growth over 2007 revenue * 2008 full year consolidated gross margin guidance for core BIPV products in excess of 18% (excludes non-core BIPV products and roofing) * Revenue and gross margin contribution weighted in 2008 H2 o Revenue guidance of $40 million for 2008 H1 * Expect to more than double production throughput in 2008 compared to 2007 * Evaluating option of opening a European manufacturing facility * Achieve profitability on a full-year consolidated basis, excluding the effect of any non-cash fair value accounting Commenting on the results, R. Randall MacEwen, President & CEO, said: "We had an extraordinary turn-around in 2007 and exited the year firing on all cylinders. While successfully managing triple-digit growth, we significantly improved our financial performance through gross margin expansion and disciplined management of our overhead costs and working capital. After transitioning to EBITDA positive in 2007, our line of sight is now on profitability in 2008. With a growing order book of profitable business, we are now positioned as a compelling growth story in the attractive commercial solar roofing market." John M. Palumbo, Chief Financial Officer, added: "In addition to improved operational performance, we made important progress in 2007 on strengthening our balance sheet. Our equity capital raise in December facilitated the elimination of $23.1 million of convertible debt, reducing our related annual cash interest costs from $2.6 million to $0.5 million. This will support our goal of profitability in 2008. In addition, our improved financial condition enables us to invest in the business at a time when new attractive solar markets are developing with premium feed-in tariffs for BIPV products." The Company will host a conference call today (Monday, March 31, 2008) at 3:00 pm London time/10:00 am ET/7:00 am PT. Investors and analysts can participate in the call by dialing 719-325-4858 with code 2043089. The event will be webcast and can be accessed from Solar Integrated's website at www.solarintegrated.com. 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 non-residential, low-slope rooftops. We are a leader in the development of an innovative and proprietary BIPV roofing system that combines flexible thin-film solar modules with a single-ply roofing membrane for large-scale commercial and industrial applications. Our BIPV roofing system enables our customers to transform a traditional rooftop into a value-generating asset. Our proprietary 'no compromise' approach for solar roofing is fundamental to our vision of BIPV solutions. Unlike typical after-market solar panel providers, we provide an integrated BIPV roofing system that meets the customer's energy, environmental and roofing requirements. Our lightweight, flexible and durable product typically forms the top layer of the customer's roof with no additional roofing penetrations, thereby preserving the roof's structural integrity and aesthetics, while also delivering the full benefits from electricity generation through clean, secure natural sunlight. Our customers include Audi, Carrefour, Coca-Cola Enterprises, Frito-Lay, Honeywell, IKEA, Metro, ProLogis, San Diego Unified School District, Tesco, Toyota, Unibail-Rodamco, UPC Solar, U.S. Air Force, U.S. GSA, U.S. Navy, Wal-Mart and Westfield. For more information, please visit www.solarintegrated.com. For more information, please contact: Solar Integrated Investor Contacts: Solar Integrated Technologies, Inc Solar Integrated Technologies, Inc R. Randall MacEwen John M. Palumbo President & Chief Executive Officer Chief Financial Officer Los Angeles, California, USA Los Angeles, California, USA +1.562.299.0136 +1.562.299.0121 KBC Peel Hunt Ltd. Mirabaud Securities Limited Nominated Advisor and Joint-Broker Joint-Broker Jonathan Marren or Oliver Stratton Peter Krens or Kim Richardson +44.20.7418.8900 +44.20.7878.3362 Solar Integrated Media Contacts: Pelham Public Relations Chelsea Hayes / Robert Koh London, UK +44 207 743 6675 Thinking Integrated. Building Integrated. * * * * * * * * * * * * * * * * * * * * * * * * * * *
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