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SunPower Reports Q1 Results

SunPower Corp. (Nasdaq: SPWR) reported financial results for the first quarter of 2007 ended March 31, 2007 – the first quarterly report of SunPower’s combined operations since the acquisition of PowerLight Corp., which closed on January 10, 2007. Revenue was $142.3 million with gross margins of 22.8%, an operating loss of $2.5 million and net income of $1.2 million resulting in fully diluted income of $0.02 per share. These figures include operating expenses for acquired in-process research and development of $9.6 million, amortization of purchase accounting intangible assets of $6.9 million and non-cash stock-based compensation of $10.6 million “SunPower had tremendous success during our first quarter as a combined company with PowerLight” said Tom Werner, SunPower’s CEO. “In the first quarter we closed our acquisition of PowerLight, raised a $200 million offering of senior convertible debentures, and executed against our financial and operational targets. Much of our effort during the quarter was focused on a smooth and efficient combination of SunPower’s and PowerLight’s operations. We are already validating that the combination of SunPower’s high-efficiency solar cell technology with PowerLight’s systems expertise is key to achieving our goal of reducing installed solar system cost by 50 percent by 2012.” “We recently […]

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Interface Reports Q1 Results

Interface, Inc. (Nasdaq: IFSIA), a sustainable business leader in the worldwide floorcoverings industry, reported results for the first quarter ended April 1, 2007. Sales increased 19.7% to $279.3 million from $233.3 million in Q1 06. Operating income increased 24% to $24.2 million, or 8.7% of sales. “We had a great start to 2007, even though the first quarter seasonally has been our slowest time of the year,” said Daniel Hendrix, President and CEO. “Our improving sales performance reflects the success we are experiencing across our primary market segments, as growth in our non-office commercial segments, and particularly in hospitality and education facilities, outpaced the growth of the recovering corporate office market. Perhaps the most exciting news, though, is that orders received during the quarter were up 21.5% to $288 million, which is the highest mark reached in more than six years.” Patrick Lynch, Senior Vice President and Chief Financial Officer, commented, “Our modular carpet business was the principal driver of our growth, with sales increasing 24% and orders increasing 26% compared with the same period last year. Sales of modular carpet increased across all key regions, with the Americas and Europe leading the way, as we built upon our leadership […]

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Siemens Receives Order for UK 108MW Offshore Wind Farm

The Siemens Power Generation Group has been chosen to supply 30 turbines for a 108 MW wind farm off the east coast of England. The Gunfleet Sands project is the third offshore wind farm for the UK. It will utilize Siemens 3.6 MW turbines. Danish DONG Energy A/S is investing Euro 270 million [US$366 million] in the offshore wind farm. “With the latest order from the UK we are consolidating our leading position in the rapidly expanding offshore market,” said Andreas Nauen, head of the PG Wind Power division. “We are particularly pleased that, following the Nysted project in Denmark and Burbo Banks in Britain, DONG has for the third time chosen Siemens as supplier for one of its offshore wind farm projects.” Construction is scheduled to begin in 2009. Next year Siemens’ turbines will be used for even larger offshore wind farms in the UK, Lynn and Inner Dowsing, which will have a capacity of 180 MW.

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Alaska Moves Closer to Tidal Power

Ocean Renewable Power Alaska, LLC has received preliminary permits from the Federal Energy Regulatory Commission (FERC) to develop tidal energy projects in Cook Inlet and Resurrection Bay. ORPC Alaska is in discussions on an innovative public/private partnership whereby the company would locate its operations center at Port MacKenzie, which provides excellent access to ORPC Alaska’s Cook Inlet site. The partnership is designed to encourage the development of tidal energy and ensure that ORPC Alaska works closely with local community interests and businesses to maximize the economic benefits available to the area. ORPC Alaska, wholly owned by Ocean Renewable Power Company, LLC, plans to develop the tidal energy projects in Alaska using its proprietary Ocean Current Generation (OCGen”) technology. ORPC Alaska received the preliminary permits on April 18, 2007 from the Federal Energy Regulatory Commission (FERC) for the 2 sites, which are now subject to strict review of development progress, any potential environmental effects, and ongoing regulatory oversight. ORPC Alaska’s development plans include initially building and installing a 1/3-scale prototype of its OCGen” turbine-generator unit (TGU) in Knik Arm in the spring of 2008 and testing the TGU for a period of 4 to 6 weeks. Following this initial test, a […]

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