QUICK NEWS, August 6: SUNTECH VICTIM OF FRAUD?; THE YEAR IN FUEL CELLS; AMSC BOUNCES BACK WITH WIND, GRID SOLUTIONS
SUNTECH VICTIM OF FRAUD? Suntech Shareholders Launching Investigation Into Potential Fraud
31 July 2012 (Solar Industry)
“After Suntech's announcement…that it may have been the victim of fraud, a law firm now says it is investigating potential claims against the company concerning possible violations of federal securities laws.
“The investigation, led by the Law Offices of Howard G. Smith, focuses on allegations that certain statements issued by the company between August 18, 2010 and July 30, 2012, regarding Suntech's business, operations and financial condition were false and misleading.”
“…[T]he investigation relates to Suntech's July 30, 2012, disclosure that the company is conducting an investigation into a security interest it received in connection with its investment in Global Solar Fund SCA., Sicar.
"…[T]he security interest - totaling 560 million euros - may not actually exist…Suntech's stock declined $0.23 per share, or 14.65%, to close on July 30 at $1.34 per share, on unusually heavy volume…”
THE YEAR IN FUEL CELLS Fuel Cells Annual Report 2012; Market Development for Fuel Cells in the Stationary, Portable, and Transport Sectors
Kerry-Ann Adamson and Lisa Jerram, 3Q 2012 (Pike Research/Navigant)
“…The fuel cell industry saw shipments break the 20,000 barrier for the first time in 2011 thanks to a 2009 to 2011 compound annual growth rate (CAGR) of 83%. However, this aggregate figure hides the fact that the fuel cell industry has continued to exhibit a growth/contraction pattern…During 2011, for example, system shipments in the portable fuel cell sector contracted by 16% on a year-over-year basis. In the process, the sector lost a large number of companies.
“The stationary sector posted the highest growth in 2011, primarily driven by the surge of interest in residential combined heat and power (resCHP) systems in Japan following the meltdown of the Fukushima Daiichi nuclear power plant. Meanwhile, companies such as FuelCell Energy ramped up production. As a result, system shipments in the global stationary sector in 2011 grew by 75% over 2010 and posted a 2009 to 2011 CAGR of 63%.”
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“…[G]rowth was countered somewhat by a dip in the number of megawatts shipped. In 2011, California shifted its subsidies from a capital expenditures (CAPEX) system to a performance-based system…[and shipments declined] due to the time required for recertification of their systems…The impact of shifting that policy – in one state, in one country – on the global picture does highlight that the fuel cell industry is still far from robust…
“Looking out to 2017, Pike Research forecasts that the fuel cell industry, including all applications in the stationary, portable, and transport sectors, will reach $15.7 billion. Due to a jump in orders in 1Q 2012, the industry is on target to surpass the billion-dollar mark by the end of 2012. The period 2014/2015 remains critical in terms of transitioning from a niche industry to starting to move into the mainstream…[A]ll commercially available electrolytes saw shipments in 2011. Yet, only solid oxide fuel cells (SOFCs) and direct methanol fuel cells (DMFCs) posted growth…”
AMSC BOUNCES BACK WITH WIND, GRID SOLUTIONS AMSC Reports First Quarter Financial Results; Company Exceeds Financial Guidance and Posts Solid Year-Over-Year Growth
August 2, 2012 (Globe Newswire via AMSC)
“…[Wind and grid solutions provider AMSC (Nasdaq:AMSC)] reported financial results for its first quarter of fiscal year 2012 ended June 30, 2012…Revenues for the first quarter of fiscal 2012 were $28.7 million, which compares with $9.1 million for the first quarter of fiscal 2011. The year-over-year increase was driven by strong growth in the company's Wind and Grid reporting segments.
“For the first quarter of fiscal 2012, AMSC reported a net loss of $10.3 million, or $0.20 per share. This figure includes a noncash benefit of approximately $7.3 million for the settlement of adverse purchase commitments with certain vendors as well as a $2.4 million non-cash "mark-to-market" charge driven by the re-valuation of the derivative liability and warrants associated with the company's recently completed debt financings. For the first quarter of fiscal 2011, AMSC's net loss was $37.7 million, or $0.74 per share…”
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“AMSC's cash, cash equivalents, marketable securities and restricted cash at June 30, 2012 totaled $87.1 million. This compares with $66.2 million as of March 31, 2012. The increase in cash, cash equivalents, marketable securities and restricted cash was driven by the financings that were completed and announced in the first quarter of fiscal 2012…The company's total backlog as of June 30, 2012 was approximately $269 million. This compares with approximately $291 million as of March 31, 2012 and $225 million as of June 30, 2011…
“For the quarter ending September 30, 2012, AMSC expects that its revenues will exceed $20 million. AMSC expects that its net loss for the second quarter of fiscal 2012 will be less than $22 million, or $0.43 per share. This guidance assumes no impact from mark-to-market adjustments related to the derivative liability and warrants…AMSC estimates that it will have more than $70 million in cash, cash equivalents, marketable securities and restricted cash on September 30, 2012…”
posted by Herman K. Trabish @ 5:17 AM
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