Ontario-based solar company Arise Technologies (APV.TO) warned on Tuesday that its 4Q08 results would be down from previous forecasts.
The company also said it might have to reduce spending and halt expansion plans due to global economic conditions.
Shares of of the company fell 24% on Wednesday to roughly 30 Canadian cents.
The company expects to report 4Q08 revenue of about $18.5-19.5 million. In November the company projected revenues of $21 million to $24 million.
"It has become increasingly apparent that the global economic downturn is now affecting the solar industry as well. The turn has been fairly sudden and significant. We began to experience the effects in December when our customers started to defer purchasing of PV (photovoltaic) cells in view of the drop in their requirements," said Vern Heinrichs, the company’s recently appointed interim President and CEO.
Former CEO Bart Tichelman resigned in late January.
The company will release official results on March 9. It declined to offer 2009 guidance, citing the unpredictability of current markets.
The company said it is still on track to complete installation of a second production line at its German manufacturing facility in early 2Q09.
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