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Suntech to Acquire MSK Corporation

Suntech Power has signed a definitive agreement to acquire MSK Corporation in a two-step cash and stock transaction. In the first step of the acquisition, which is expected to close in the third quarter 2006, Suntech will acquire a two-thirds equity interest in MSK for $107 million through a combination of subscription to new shares and purchase of existing shares. The balance of the consideration is based upon revenue targets for MSK and will be paid in the second step, which is anticipated to close by the end of 2007. “While Japan is the world’s largest single market for PV modules, it is also one of the most difficult markets for foreign players to enter,” said Dr. Zhengrong Shi, Suntech’s Chairman and CEO. ”We anticipate that this acquisition will give Suntech the advantage of MSK’s nationwide sales and marketing platform in Japan, which we expect to leverage to grow our market share in this important market.” MSK Corporation is one of Japan’s largest PV manufacturers and one of the top-ranking companies in the building-integrated photovoltaics (BIPV) space. MSK provides customer-tailored PV products that give aesthetic finish to a building by replacing the conventional building materials. In addition, MSK provides turnkey […]

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Distributed Energy Reports 2Q Results

Distributed Energy Systems Corp. (Nasdaq: DESC), has reported revenues of $9.4 million for the second quarter of 2006. Second-quarter revenues rose from $7.6 million during the first quarter of 2006 but were below record revenues of $12.2 million in the same period last year. Ambrose L. Schwallie, Distributed Energy’s CEO, commented that “We are solidly on the trajectory that we laid out for our shareholders in March. That trajectory envisioned a sluggish first half due to contract delays, followed by rapid growth to record third and fourth quarters and strong momentum going into 2007. The results we are reporting lay the foundation for that strong second half. Specifically, backlog remains solid at $33 million. Several projects where booking is imminent, along with one project on which significant work has already proceeded even though we are not yet recognizing revenues, give added visibility to revenue growth and margin expansion in the months ahead.” Financial Summary For the second quarter ended June 30, 2006, Distributed Energy’s net loss was $6.5 million, or $0.17 per share, on revenues of $9.4 million, compared with last year’s second quarter loss of $4.5 million, or $0.13 per share, on $12.2 million in revenues. Consolidated gross margin […]

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Green Mountain Coffee Reports 3Q Results

Green Mountain Coffee Roasters, Inc., (NASDAQ: GMCR) reported its fiscal third quarter consolidated results for the twelve-week period ended July 1, 2006. Net sales increased 26.5% to $47.8 million from $37.8 million in the fiscal third quarter of 2005. Robert P. Stiller, Chairman, President and CEO, said, “I am pleased with our performance this past quarter. We delivered good sales growth across channels and improved our operating efficiencies, bringing growth to the bottom line. One of the most exciting steps we took this past quarter was to acquire Keurig. We are thrilled to have successfully completed this acquisition, which combines two strong brands. I also believe that our balanced approach to social responsibility is contributing meaningfully to our success.” Included in Green Mountain Coffee’s fiscal third quarter 2006 net sales is approximately $1.9 million of Keurig, Inc.’s (Keurig) net sales after the closing of the acquisition on June 15, 2006. Keurig markets premium single-cup (K-Cup) coffee brewing systems for the office and the home while the Company licenses, manufactures and sells Green Mountain coffee and tea K-Cups for offices, homes and other venues. Gross profit for the consolidated entity in the fiscal third quarter of 2006 increased approximately 29.6%, to […]

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