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| Share Name | Share Symbol | Market | Stock Type |
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| Sanditon Investment Trust Plc | SIT | London | Ordinary Share |
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| 0.00 | 0.00% | 90.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| 90.00 | 90.00 |
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Posted at 20/10/2009 12:36 by david77 I can't remember now who I phoned but I think that it was one of the investor contacts at the end of this: |
Posted at 09/6/2009 07:23 by auks RNS Number : 5679TSolar 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. 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) |
Posted at 10/7/2008 07:22 by waldron Product Launch (Solar Integratedtech)RNS Number : 7309Y Solar Integrated Technologies Inc 10 July 2008 SOLAR INTEGRATED EXPANDS PRODUCT OFFERING WITH LAUNCH OF METAL ROOFING PRODUCT London, UK and Los Angeles, California, July 10, 2008 - Solar Integrated Technologies, Inc. (AIM: SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofing systems, today announces the launch of its new M2* product specifically designed for metal roofing applications. Solar Integrated has received M2* orders totaling more than US$8 million scheduled for delivery in 2008, including an initial order for US$2.4 million from Fiorini Impianti, a major player in the Italian electric utility industry. The M2* product is made of flexible thin film photovoltaic laminates, the same as are used in Solar Integrated's core BIPV product, which are adhered to lightweight metal substrates for easy and rapid installation directly onto metal roofs, carports and other suitable structures. "Our market strategy is to be the trusted solar roofing partner for our customers by providing solar roofing systems that meet their financial, energy, roofing and environmental objectives across their full portfolio of large scale buildings," stated R. Randall MacEwen, President & CEO of Solar Integrated. "The initial interest shown in our M2* product demonstrates the market need for a 'no compromise' approach to solar roofing systems for metal roofing applications." Fiorini Bassi, President of Fiorini Impianti srl, stated: "Solar Integrated's M2* was chosen as it allows us to install a superior photovoltaic system on a metal roof that qualifies for the premium BIPV Feed-in-Tariff in Italy. The system is also simple to incorporate and, importantly, doesn't compromise the roofing integrity. Solar Integrated's M2* was exactly what we were looking for." (For more information about Fiorini Impianti srl, please visit www.versilsolar.com. Bart van Ouytsel, Vice President Sales & Marketing - Solar Integrated Europe, added: "We are pleased that our innovations to provide the market with high quality integrated solutions have been well accepted by our customers. The Fiorini Impianti project is the first major M2* installation in Italy and there is plenty of potential for additional applications. There is a large addressable market in Europe for our M2* product, particularly in Italy and Spain with an estimated 16 million m² of commercial metal roofs." The typical M2* product configuration will feature two UNI-SOLAR® flexible amorphous silicon photovoltaic laminates with a rated peak output of up to 288 watts adhered to a profiled aluminum-zinc coated steel sheet with a length of 5.6 m, a width of 0.87 m and a sheet thickness of 0.8 mm. With a weight of only 9 kg/m2, the lightweight M2* product is well suited for most metal roofing applications, including new construction, re-roofing and retrofit for flat and contoured roofs, with no additional roofing structural requirements. The M2* is fastened to the metal roof with self-drilling screws and a butyl sealing tape. The M2* product expands Solar Integrated's product portfolio without impacting current production output of the Company's core BIPV product from its Los Angeles manufacturing facility, with initial assembly operations of the M2* at Solar Integrated's European office in Mainz, Germany. UNI-SOLAR® laminates offer superior cost-effective solutions for roofing applications because they are lightweight, durable, flexible, can be integrated directly with building materials, and generate more energy in real world conditions. The laminates are supplied by United Solar Ovonic LLC, a wholly owned subsidiary of Energy Conversion Devices, Inc. (NASDAQ:ENER). 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 electric generation through clean, secure natural sunlight. Our customers include Audi, Carrefour, Coca-Cola Enterprises, Frito-Lay, Honeywell, IKEA, Lidl, Metro, ProLogis, San Diego Unified School District, Tesco, Toyota, Unibail-Rodamco, UPC Energy, UPC Solar, U.S. Air Force, U.S. GSA, U.S. Navy and Westfield. For more information, please visit www.solarintegrated. For more information, please contact: Solar Integrated Investor Contacts: Solar Integrated Technologies, Solar Integrated Technologies, Inc Inc John M. Palumbo R. Randall MacEwen Chief Financial Officer President & Chief Executive Los Angeles, California, USA Officer +1.562.299.0121 Los Angeles, California, USA +1.562.299.0136 KBC Peel Hunt Ltd. Mirabaud Securities Limited Nominated Advisor and Joint-Broker Joint-Broker Peter Krens or Kim Richardson Jonathan Marren or Oliver +44.20.7878.3362 Stratton +44.20.7418.8900 Solar Integrated Media Contacts: Pelham Public Relations Chelsea Hayes or Robert Koh +44. 20.7743.6675 Thinking Integrated. Building Integrated. * * * * * * * * * * * * * * * * * * * * * * * * * * * This information is provided by RNS The company news service from the London Stock Exchange END MSCILFEEDDIAIIT |
Posted at 29/4/2008 17:55 by jarvis4 Also highlighted in the "pick of Aim" column of Growth Investor for May. James Crux says " SIT....is well placed to profit from growing (European) demand. With sales set to double again to $160m and (SIT) trained on 2008 profitability, the 103.5p shares should have further to go" |
Posted at 18/4/2008 08:40 by 3offthet Well the positive story from Investors Chronicle that I forecast in post 2620 has come today. SIT is one of their tips of the week today, so lets hope for a move up. Sorry, I dont have details of their story right now, thanks to our cr@ppy postal system.H |
Posted at 31/3/2008 10:54 by grupo guitarlumber Extract: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. 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. 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. * * * * * * * * * * * * * * * * * * * * * * * * * * * |
Posted at 08/2/2008 11:48 by motoben i was wondering the same thing last night, the new shares representing about 20% more were issued on 28th dec, have they been spread so thinly/ new investors that no 3%+ disclosures were needed. |
Posted at 15/11/2007 07:45 by waldron Solar Integratedtech Largest French Solar RoofRNS Number:7521H Solar Integrated Technologies Inc 15 November 2007 SOLAR INTEGRATED WINS U.S.$6.6 MILLION ORDER FOR LARGEST SOLAR ROOFING PROJECT IN FRANCE London, UK and Los Angeles, California, November 15, 2007 - Solar Integrated Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofing systems, announced today that it has won a U.S.$6.6 million order for a BIPV roofing system to be owned and operated by Akuo Energy, a rewewable energy project developer. The BIPV system will be installed at a logistics facility currently under construction in Southern France. The BIPV project is being managed by Urbasolar, a turn-key PV engineering company based in Montpellier, which is an authorised distributor and partner of Solar Integrated in France. The project, planned for completion in 2008, is expected to be the largest BIPV roofing system in France. "This exciting contract win is further evidence of our strong competitive position in France where there is a premium feed-in tariff of Euro0.55 per kWh for single layer BIPV systems," stated R. Randall MacEwen, President & CEO of Solar Integrated. "Akuo Energy is demonstrating significant leadership in deploying the largest BIPV system in France. We are pleased with the confidence Akuo Energy has invested in selecting our innovative integrated solar roofing product." Eric Scotto, CEO of Akuo Energy, stated: "We are excited to be financing and operating one of the largest solar roofing energy generation projects in Europe. Akuo Energy invests in and operates projects across all areas of renewable energy, but we feel that solar energy in particular represents one of the most promising areas for growth. Hence, we see this project as one of the first in a long series of future successes within the solar energy field in France, and we envision many more throughout Europe in the near future." Stephanie Giraud, CEO of Urbasolar stated: "We continue to partner with Solar Integrated to rapidly sell and deploy BIPV projects in France. We are building an exciting pipeline of additional projects." 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 customers include Audi, Carrefour, Coca-Cola Enterprises, Frito-Lay, Honeywell, 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. About Urbasolar: Urbasolar is specialized in turnkey photovoltaic projects and is a significant actor in the French landscape with more than a decade of renewable energy experience. For more information, please visit www.urbasolar.com. About Akuo Energy : Akuo Energy is a European-based investor, developer and operator of renewable energy plants across Europe, North and South America. Today, Akuo is actively developing several projects across a broad range of renewable energy sectors, including: Solar plants, Wind Farms, Hydro electric plants, Bio Ethanol plants, Biomass energy plants, Wood pellet production plants. 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. Nominated Advisor and Broker Julian Blunt or Oliver Stratton +44.20.7418.8900 Solar Integrated Media Contacts: Gavin Anderson & Company Ken Cronin or Deborah Walter London, UK +44.20.7554.1400 Urbasolar Contact: Urbasolar Stephanie Giraud, CEO Montpellier, France +33 (0) 4 67 13 00 45 This information is provided by RNS The company news service from the London Stock Exchange END MSCQZLFFDFBLFBX |
Posted at 11/9/2007 07:10 by ariane Solar Integratedtech Interim ResultsRNS Number:6187D Solar Integrated Technologies Inc 11 September 2007 SOLAR INTEGRATED REPORTS 2007 FIRST HALF RESULTS London, UK and Los Angeles, California, September 11, 2007 - Solar Integrated Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofing systems, announced today its unaudited financial results for the six months ended June 30, 2007 and highlights of recent corporate activities. Unless otherwise noted, all amounts are reported in U.S. dollars and in accordance with U.S. GAAP. This press release contains some non-GAAP financial information. 2007 First Half Financial Highlights - Revenue up 27.5% to $19.8 million (2006 H1: $15.5 million) - On a GAAP basis, gross margin of 12.8% (2006 H1: 7.5%) - On a non-GAAP basis, gross margin was 17.0% after adjusting for (i) unabsorbed production and other costs, (ii) one European project involving the discounted sale of discontinued product, and (iii) one U.S. project involving the initial launch of a new product - Excluding non-cash stock-based and warrant compensation, SG&A costs down $2.0 million or 20.4% to $7.8 million (2006 H1: $9.8 million) - Non-cash stock-based and warrant compensation expense of $4.5 million, including $3.9 million for warrants granted to UPC Energy in December 2006 - Recovery of impaired receivable of $3.3 million - Adjusted EBITDA improved 42.7% to ($4.7) million (2006 H1: ($8.2) million) - On a GAAP basis, net loss of $12.2 million or $0.17 per share, which includes $3.5 million for non-cash fair value accounting of warrants and $4.5 million for non-cash stock-based and warrant compensation expense, partially offset by a $3.3 million recovery of an impaired receivable, when compared with net loss for 2006 H1 of $7.1 million or $0.20 per share 2007 First Half Operational Highlights - Started second shift for manufacturing operations in May in response to strong order demand - 27 solar projects completed in H1, representing 2.3 MW of installed solar systems - Over 12 MW of installed solar systems since the Company's inception, with over 130 reference sites - Added Carrefour, Tesco, Unibail-Rodamco, UPC Solar and Westfield to customer list - Expanded European sales in Germany, Spain and France and announced initial orders in Italy for 2 MW and initial order in Belgium - Announced world's largest BIPV solar roofing project for Tesco U.S. distribution centre under construction in Riverside, California; total project, including roofing, at $17.4 million - $4.1 million sale of 2 Coca-Cola projects in Southern California marked first two projects with UPC Solar - Launched Solar Carport as product offering, including completion of first installation 2007 Outlook - Maintain 2007 revenue guidance in the range of $60 million to $80 million - Maintain 2007 full year consolidated gross margin guidance in excess of 15% - Revenue and gross margin contribution heavily weighted in 2007 H2 Commenting on the results, R. Randall MacEwen, President & CEO, said: "We are pleased with our progress in the first half of 2007 on improving our financial performance and building our platform for sustainable profitability. We are on track to meet our 2007 revenue and gross margin guidance. We are expecting a solid back half, potentially approaching EBITDA positive, excluding non-cash stock-based and warrant compensation expense and change in the fair value of warrants. We continue to focus on our controllables, and our cash management has improved significantly over the last year. We are now building our order book for 2008 deliveries and are positioning the Company for profitability in 2008. "With the level and quality of our sales activity, we doubled our manufacturing capacity by adding a second shift, and we plan to add a third shift later this year. We continue to capture market share in the attractive commercial BIPV segment." The Company will host a conference call on Tuesday, September 11th, 2007 at 3:00 pm London time/10:00 am ET/7:00 am PT. Investors and analysts can participate in the call by dialing +44 (0)208 974 7900 with access code 164169. 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 customers include Carrefour, Coca-Cola Enterprises, Frito-Lay, Honeywell, ProLogis, San Diego Unified School District, Tesco, Toyota, Unibail-Rodamco, UPC Energy, UPC Solar, U.S. Air Force, U.S. GSA, U.S. Navy, Wal-Mart and Westfield. For more information, please visit www.solarintegrated. 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 Solar Integrated Nominated Adviser: KBC Peel Hunt Ltd. Julian Blunt or Oliver Stratton London, UK +44.20.7418.8900 Solar Integrated Media Contacts: Gavin Anderson & Company Ken Cronin or Deborah Walter London, UK +44.20.7554.1400 * * * * * * * * * * * * * * * * * * * * * * * * * * * 2007 First Half Financial Highlights Consistent with prior periods, the Company expects to book a higher level of revenue and gross profit in 2007 H2 than in 2007 H1. First half revenue is, and typically has been, lower than the second half revenue in large part as a result of the seasonality of the business, including the rainy season in Southern California, the winter season in Germany, 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 lumpiness from period to period. Management reviews revenue and gross margin performance of the business in four market segments: *Europe Solar: The Company manufactures its BIPV roofing panels for projects in Europe where customers purchase the systems for installation by others. *U.S. Direct Solar: The Company manufactures and installs its BIPV roofing systems for projects in the United States where customers purchase the systems on a turnkey basis. *U.S. Financed Solar: The Company manufactures and installs its BIPV roofing systems for projects in the United States where the end customer prefers to purchase solar generated electricity under a long term power purchase agreement rather than purchase, own and operate the solar energy system directly. *Roofing and Maintenance: The Company installs and maintains for select clients energy-efficient roofing systems in Southern California. The Company can install these roofing systems pre-wired for potential future solar retrofit. The Company believes this strategy maintains and strengthens its customer relationships, positions the Company to capture additional business for its BIPV roofing systems, provides additional margin-generating revenue, and provides for smoothing of labor deployment. The Company expects this market segment to decline as a percentage of revenue over time. |
Posted at 03/1/2007 10:08 by asparks Financial Times article> Renewable energy begins to pick up speed as an investment > By Fiona Harvey and Kate Burgess > > Worrying about the environment is not the prerogative of a fringe of > ageing hippies it once was. It has become one of the hot topics of the > capital markets. > More than $70bn (£36bn) of new money was invested globally in clean or > renewable energy or clean technology last year, says Michael Liebreich > at New Energy Finance, a specialist research firm. That was a 43 per > cent increase on the year before, he says. > He reckons there are more than 1,246 private equity funds targeting > environmental projects: "All the biggest private equity houses are > looking at this space." > The latest to launch a fund was Hg Capital, which reported last week > it had raised EUR330m (£222m) for a fund investing in renewable power > in Europe. > Conventional asset managers and hedge fund managers are joining the > fray. According to the UK Social Investment Forum more than EUR780bn > had been invested in socially responsible investments and funds and > the bulk of SRI funds use environmental criteria to pick stocks. > Standard Life Investments and Merrill Lynch Investment Managers have > both highlighted the environment as an important investment theme for > 2007 as environmental issues become more integrated into mainstream > asset management and corporate behaviour. > "Investors are seeing potential for profits, from the trading of > pollution permits to investing in new technologies and approaches > designed to cope with increasing scarcity of resources such as oil and > water," says Standard Life. > As the investment case for renewable energy strengthens, more > companies are being drawn to list on the public markets. > So far 50 companies focused on renewable energy have floated on Aim > and more are expected in the next year or so. > Wind power and ethanol turned out to be the best bets for investors > last year in the burgeoning market for renewable energy. > The highest performing renewable energy stock on Aim, by a large > margin, was Clipper Windpower, the developer of wind farms in the US. > Clipper, whose chairman is the former Conservative minister Lord > Moynihan, more than doubled in value during the year, continuing the > strong performance since the company listed in September 2005. > Shares in Clipper jumped more than 75 per cent in July when the > company announced a deal with BP to develop jointly five wind farms in > the US. > Wind is the most mature of all renewable energy technologies and > companies with good wind sites can make substantial profits as > electricity prices have remained high. > Turbine design has advanced to allow much more power to be generated > than was possible in the past, up to 3MW or even 5MW in the case of > the biggest models. In addition, most developed country governments, > including the UK and the US, offer a subsidy for wind power > generation. > The mixture of government support, high energy prices, carbon trading > and concerns about the security of energy supplies have all combined > in the past two years to make renewable energy an attractive sector. > High energy prices have changed the economics of renewable energy, as > has carbon trading, initiated by the European Union in January 2005, > which puts an extra cost on fossil-fuel power generation, making > renewable energy more economical. > More than £500m of wind turbines were commissioned in the UK in 2006, > according to the British Wind Energy Association. > But investors ought to be wary of the potential problems associated > with wind power. > Shane Woodroffe, director of renewable energy at Fortis Bank, notes > there are estimated to be more wind farms in planning in the UK, or > about 2GW to 4GW of generating capacity, than there are wind farms > already operating. > That reflects the difficulty of gaining planning permission from local > authorities. Companies must also get permission for any additional > networks of large pylons that must be set up to connect remote wind > farms to the electricity grid. > Many of the UK's windiest sites, and those where planning permission > is relatively easy to obtain, have been taken. > Potentially more damaging to investors is that the Department of Trade > and Industry is to review its subsidy regime in 2007 and may reduce > the money available for onshore wind farms. > The Carbon Trust, one of the government's chief advisers, has called > for other less mature technologies, such as offshore wind farms and > tidal and wave energy, to be favoured in future. > Complicating matters further is a global shortage of wind turbines, > caused by greatly increased global demand and high steel prices. > David Fitzsimmons, chief executive of Novera Energy, one of the UK's > biggest pure play renewable companies, says he expects consolidation > to take place this year. "We're taking this forward from being a > cottage industry," he says. "I think the interest will be in > [companies with] existing assets rather than developing new assets." > Ethanol companies such as Renova Energy and GTL Resources also fared > well in 2006. They are cashing in on the ethanol boom in the US. > However, there are potential dangers for these companies too. The crux > of their business model is to exploit the lower price of ethanol > compared with petrol. > Yet those economics are changing as a bad grain harvest in many places > has pushed up the price of their raw materials, while the oil price > has come off its recent highs. > Investors putting their faith in other biofuels will have seen mixed > results. D1 Oils, a company founded and chaired by entrepreneur Karl > Watkin, plans to make biodiesel from the jatropha plant, which it > believes it can grow in countries such as India. > The company's shares have almost halved since April. It said this > summer it was in early discussions about a buy-out but instead is > raising nearly £50m by means of a share placing. > In the meantime, a series of problems at its Teesside factory has > beset the indebted Biofuels Corporation, which warned last month it > would have to seek more funding next April in order to continue as a > going concern. > Emissions trading specialists have sprung up to take advantage of the > new markets in carbon dioxide brought into being by the Kyoto protocol > and the European Union's greenhouse gas emissions trading scheme. > These have also experienced divergent fortunes. Climate Exchange was > one of the best performers of "clean energy" companies on Aim, but > Trading Emissions lost value during the year. Yet the UK is likely to > remain the centre for emissions trading for the foreseeable future, > according to Paul Newman, London managing director at Icap Energy (see > profile below). > One of the renewable energy technologies to have received most hype in > the past few years is the fuel cell. These devices, which generate > electricity from hydrogen or ethanol, have been around for decades. > However, the technology to make them has not yet been proven and it > remains several years from widespread commercial application. > In April this year, the fuel cell specialist ITM Power was one of the > relative heavyweights among renewable energy companies because it had > found a way to make it cheaper to produce some of the important > components in hydrogen fuel cells. > However, as it became clear this technology would take years to come > to market, the company's value fell from £140m to £125m. > Renewable energy in general is poised to receive more investment in > 2007, according to Mr Woodroffe of Fortis. "I'd say this will be one > of the big growth markets, definitely." > Venture capitalists are also taking a keen interest. Mark Kerr, a > director at 3i, which last month invested EUR30m in Electrawinds of > Belgium, says: "The economics of renewable energy are more compelling > than the economics of traditional power generation opportunities from > a venture capital perspective, because traditional power is a mature > industry but renewable has huge opportunities for growing companies." > He said he also expectedto see consolidation in the renewable > industry, whichis characterised by a large number of small companies > and a few big energy companies that dabble in renewable energy. |
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