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REC Signs $880M Wafer Supply Contract

REC, the world’s largest manufacturer of multicrystalline silicon wafers for solar cells, has signed a long-term agreement with Moser Baer Photo Voltaic Ltd. (MBPV) for the supply of wafers. The 8-year agreement is structured as a take-and-pay contract with pre-determined prices and volumes for the entire contract period. The contract has a value of approximately USD 880 million (approximately NOK 5.1 billion). “The significant level of planned and ongoing capacity expansions has given us the flexibility to secure additional sales contracts; this will provide further visibility on future revenues and earnings. The agreement will also enable us to broaden our customer and market base even more”, says Erik Thorsen, President & CEO. Delivery of wafers under the agreement will start in 2008 and increase over time in relation to future planned wafer production capacity increases. Prices and commercial terms are in line with contracts signed in the second half of 2006. Moser Baer India Ltd., the parent of MBPV, is a world leader in the development and manufacturing of CD’s and DVD’s. The company has a strong future strategic focus on solar and is currently involved in both solar cell and solar module production. Moser Bear is listed in India. […]

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Ballard Announces 2Q 2007 Results

Ballard Power Systems (Toronto:BLD.TO)(NasdaqGM:BLDP), a world leader in the development, manufacture and sale of hydrogen fuel cells, announced its operating and financial results for the quarter ended June 30, 2007 today. All amounts are in U.S. dollars, unless otherwise noted. “We continued to grow revenues and reduce cash burn in the second quarter, consistent with our full-year guidance,” said John Sheridan, Ballard’s President and CEO. “Year-to-date revenues were 27% higher than the same period last year. Ballard has shipped a total of 297 fuel cell products in our near term markets so far this year – growth of 52% over the first half of 2006.” Financial Highlights: Second Quarter 2007 o Revenue growth of 15% to $14.3 million (2006Q2: $12.5 million). o Product and service revenue grew 7% to $10.5 million (2006Q2: $9.8 million), driven by higher non-recurring engineering services for backup power and materials handling customers and material products shipments. o Engineering development revenue grew 43% to $3.8 million (2006Q2: $2.7 million). o Reduction in loss from continuing operations to $10.8 million (2006Q2: $13.6 million). This 21% improvement was primarily due to higher engineering development revenues, gross margins and foreign exchange gains, partially offset by increased operating expenses, largely […]

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Interface Reports Q2 2007 Results

Interface, Inc. (Nasdaq: IFSIA), a worldwide floorcoverings company, today announced results for the second quarter ended July 1, 2007. Sales from continuing operations for the second quarter of 2007 increased 18.7% to $265.0 million from sales of $223.2 million in the year ago period. As previously announced, the Company sold its fabrics division to an affiliate of Sun Capital Partners, and therefore the financial statements for the second quarter of 2007 and all other periods presented now reflect the fabrics division as discontinued operations. The fabrics discontinued operations also include the results of the Company’s former European fabrics business, which was sold in the second quarter of 2006. Operating income for the second quarter of 2007 increased 28.2% to $30.9 million, or 11.7% of sales, from $24.1 million, or 10.8% of sales, in the second quarter of last year. Income from continuing operations was $13.3 million, or $0.22 per diluted share, in the 2007 second quarter, compared with income from continuing operations of $8.5 million, or $0.15 per diluted share, in the second quarter of 2006. Including results of discontinued operations, net income was $1.0 million, or $0.02 per diluted share, in the 2007 second quarter, versus net income of […]

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