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First Solar Files For 9.65M Share Offering

First Solar, Inc. has filed a registration statement with the Securities and Exchange Commission for a proposed offering of up to 9,650,000 shares of its common stock. The 9,650,000 shares to be registered include 5,650,000 shares owned by certain stockholders of the Company. First Solar estimates that it will receive net proceeds, after deducting underwriting discounts and commissions and estimated offering expenses payable, of approximately $423.2 million from the proposed offering. The company intends to use the net proceeds to build a second four line production plant at its Malaysia manufacturing center, to fund the associated production start-up and ramp-up costs and for working capital and other general corporate purposes, including to fund possible future capacity expansions. The company will not receive any of the proceeds from the sale of common stock by the selling stockholders. As a result, the company is now planning to expand its annual manufacturing capacity from 90MW in the second half of 2006 to 450MW by the first half of 2009. In August 2006, First Solar expanded its Ohio plant from one to three production lines, increasing annual manufacturing capacity to 90MW. In April 2007, the company started initial production at a 120MW manufacturing facility […]

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Sunpower Reports Q2 Results

SunPower Corporation today announced financial results for the 2007 second quarter ended July 1, 2007. On a GAAP basis, SunPower reported revenue for the second quarter of $173.8 million, gross margin of 17.1 percent, an operating loss of $13.2 million and a net loss of $5.3 million resulting in a loss of $0.07 per share. These figures include operating expenses for impairment of acquired intangible assets of $14.1 million related to brand unification, amortization of purchase accounting intangible assets of $7.6 million and non-cash, stock-based compensation of $13.2 million. On a non-GAAP basis, which excludes non-cash purchase accounting revenue adjustments, revenue for the second quarter was $174.1 million, a 22 percent increase from the prior quarter’s revenue of $143.2 million. The Systems business segment accounted for $104.3 million of the second quarter revenue, while the Components business segment accounted for $69.7 million. For purposes of this segmentation, the Systems segment generally represents products and services sold directly to the system owner, while the Components segment includes products sold to installers and resellers. Revenue associated with SunPower solar panels sold through the Systems segment is recorded in the Systems segment. On a non-GAAP basis, adjusted to exclude non-cash charges for amortization […]

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Badger Meter Reports Record Q2 Results

Badger Meter, Inc. (AMEX:BMI) today reported record sales and record earnings for the second quarter ended June 30, 2007. Second Quarter Highlights Net sales from continuing operations were a record $62,173,000 for the second quarter of 2007, a 5.7% increase from sales of $58,841,000 for the same period in 2006. Earnings from continuing operations were a record $5,720,000 or $0.39 per diluted share for the second quarter of 2007, a 13.1% increase from earnings from continuing operations of $5,058,000 or $0.35 per diluted share for the second quarter of 2006. Earnings from continuing operations exclude the results of the company’s French subsidiary, which has been classified as a discontinued operation in accordance with current accounting standards. Net earnings were a record $5,468,000 for the second quarter of 2007, a 35.0% increase from net earnings of $4,049,000 for the same period in the prior year. Diluted earnings per share were a record $0.38 for the second quarter of 2007, a 35.7% increase from earnings of $0.28 per diluted share for the second quarter of 2006. Management has revised its estimate for the final cumulative charges for the liquidation of the French subsidiary and now believes it will not exceed $6.2 million, […]

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Report Shows Benefits of Plug-In Hybrid Electric Vehicles

The Electric Power Research Institute (EPRI) and the Natural Resources Defense Council (NRDC) has released a comprehensive assessment that found that widespread use of plug-in hybrid electric vehicles (PHEVs) in the United States could reduce greenhouse gas (GHG) emissions and potentially improve ambient air quality. The research measures the impact of increasing numbers of PHEVs between 2010 and 2050, including the nationwide environmental impact of potentially large fleets that would use electricity from the grid as their primary fuel source. Among study’s key findings: – Widespread adoption of PHEVs can reduce GHG emissions from vehicles by more than 450 million metric tons annually in 2050 — the equivalent to removing 82.5 million passenger cars from the road – There is an abundant supply of electricity for transportation; a 60 percent U.S. market share for PHEVs would use 7 percent to 8 percent of grid-supplied electricity in 2050 – PHEVs can improve nationwide air quality and reduce petroleum consumption by 3 million to 4 million barrels per day in 2050 This analysis is the first to combine detailed models of the U.S. electric system and transportation sector with sophisticated atmospheric air quality models – accounting for the future evolution of both […]

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