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Plug Power 1Q Results

Plug Power Inc. (Nasdaq: PLUG), a fuel cell developer, announced it reduced losses in the first quarter by 3 percent, even though revenue slipped 29 percent. Plug Power posted a loss of $12.1 million, or 14 cents per share, reduced from a loss $12.5 million, or 17 cents per share, last year. Revenue fell to $2.3 million, from $3.2 million last year. The company continues to defer product and service revenue, a component of total revenue, at the time of sale and amortize that revenue over the period of the underlying service and other contractual obligations. Deferred revenue was $3.3 million at March 31, 2006. “Our progress in the first quarter was highlighted by major business developments, including the agreement by the principal Interros investors and Norilsk Nickel to invest $217 million in Plug Power, the recasting of the company’s relationship with GE and the execution of follow-on agreements with Honda R&D,” said Roger Saillant, Plug Power’s president and CEO. “These transactions are not only significant to the continued development of our technology and to delivering our fuel cells to our target markets, but also strengthen our financial profile and create a strategic framework to keep us on the path […]

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Interface Reports Q1 Results

Interface, Inc. (Nasdaq: IFSIA), a recognized leader in sustainable floorcoverings, announced first quarter results. Sales rose 6.8% to $250.6 million from $234.7 million in the year ago period, but currency exchange rates adversely impacted sales by 3%, compared with the prior year period. As announced earlier this week, the Company sold its European fabrics division, and in conjunction with the sale recorded a pre-tax, non- cash write-down for the impairment of goodwill of $20.7 million, or $0.39 per share, in the first quarter of 2006. As also previously announced, the Company is reducing operating costs in its North American fabrics business by closing its East Douglas, Massachusetts manufacturing facility and integrating those operations into the Company’s Elkin, North Carolina manufacturing facility. As a result, the Company recorded a non-recurring pre-tax restructuring charge of $3.3 million, or $0.04 per share, in the 2006 first quarter. These two developments led to the Company’s operating loss of $3.3 million in the 2006 first quarter, compared with operating income of $17.2 million in the first quarter of 2005. Excluding the one-time goodwill impairment and restructuring charges, operating income in the first quarter of 2006 was $20.7 million, an increase of 20.4% over the 2005 […]

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Caraustar Industries Reports Q1 Results

Caraustar Industries, Inc. (Nasdaq: CSAR), a recycled packaging company, announced that sales for the first quarter were $234.3 million, an increase of 6.4 percent over sales of $220.2 million for the same quarter in 2005. Income from continuing operations for the first quarter of 2006 was $85.3 million, or $2.95 per share, compared to 2005 first quarter income from continuing operations of $2.1 million, or $0.07 per share. The first quarter 2006 included a gain of $135.2 million pre-tax, or approximately $3.03 per share, on the sale of the company’s 50-percent partnership interest in its Standard Gypsum L.P. joint venture. Negatively impacting first quarter 2006 income from continuing operations were accelerated depreciation of $1.2 million ($0.03 per share) related to the closure of the company’s Birmingham, Alabama folding carton plant as well as a $1.2 million ($0.03 per share) litigation settlement related to a patent infringement lawsuit in the company’s Industrial & Consumer Products Group (ICPG). Michael J. Keough, president and chief executive officer of Caraustar, commented, “While volumes continued reasonably strong and fiber costs were lower in the first quarter, we are still challenged by high fuel and energy costs. The recently announced $40 per ton price increase on […]

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Magnetek Expands into Europe

Magnetek, Inc. (NYSE:MAG) has secured distribution agreements for its Aurora(TM) solar photovoltaic (PV) power inverters with channel partners in Italy and Spain valued at more than $3 million in sales during calendar 2006, subject to demand and availability. Italy and Spain each have adopted aggressive incentive programs aimed at installing up to 100-megawatts (MW) of new solar capacity, thus emerging as the fourth and fifth largest potential solar power markets in the world. In Italy, where Magnetek’s European operations are headquartered, the Company has assembled a geographically diverse network of distributors and system integrators, including: DEA, Enerpoint, Fedi Impainti, Leitner, and Tecnolario. In Spain, Magnetek is working with Solener and Ibersolar. Magnetek’s transformerless 2.0 and 3.6 kilowatt Aurora photovoltaic (PV) inverters recently passed compliance tests qualifying them for connectivity to the utility power grid in Germany and Italy. Indoor as well as outdoor versions of both inverter models passed VDEW and VDE0126 (Germany) and DK5950 (Italy) requirements, expanding the power range of Aurora inverters available for grid-interface installation in Europe. Website: http://www.magnetek.com     

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Trex Announces 1Q 2006 Results

Trex Company, Inc. (NYSE: TWP) has announced financial results for the first quarter ended March 31, 2006. Net sales for the first quarter of 2006 totaled $105.3 million, compared to net sales of $89.9 million for the first quarter of 2005, which represented a 17.1% increase. The Company reported net income for the 2006 first quarter of $4.2 million, or $0.29 per diluted share, compared to net income of $8.4 million, or $0.56 per diluted share, for the 2005 first quarter. Chairman and Chief Executive Officer Anthony J. Cavanna commented, “The success of our ‘early buy’ program – designed to sell Trex products into distribution before the deck-building season moves into high gear each spring – got 2006 off to a good start for Trex. The combination of strong product demand and low inventory levels at our plants led to increased manufacturing utilization throughout the period. “We made progress with the series of initiatives we implemented in the fourth quarter of 2005 to enhance product quality and packaging and to improve manufacturing efficiencies. However, our profitability in the first quarter of 2006 was negatively affected by the increased cost of plastic raw materials due to our use of resin to […]

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UN, Institutional Investors Launch Principles for Responsible Investment at Wall St.

In a historic development for global financial markets, United Nations Secretary-General Kofi Annan was today joined by a group of the world’s largest institutional investors at the international launch of the Principles for Responsible Investment. The heads of leading institutions from 16 countries, representing more than $2 trillion in assets owned, officially signed the Principles at a special launch event at the New York Stock Exchange. The Principles were developed during a nearly year-long process convened by the UN Secretary-General and coordinated by the UN Environment Programme Finance Initiative (UNEP FI) and the UN Global Compact. “These Principles grew out of the understanding that while finance fuels the global economy, investment decision-making does not sufficiently reflect environmental, social and corporate governance considerations – or put another way, the tenets of sustainable development,” the Secretary-General said. He added: “Developed by leading institutional investors, the Principles provide a framework for achieving better long-term investment returns and more sustainable markets. I invite institutional investors and their financial partners everywhere to adopt these Principles.” In joining with institutional investors to develop the Principles, the United Nations collaborated with some of the world’s most influential institutions – many of them public pension funds – involved […]

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