PowerFilm, Inc Trading Update (8425Z)
11 Febbraio 2014 - 7:00PM
UK Regulatory
TIDMPFLM
RNS Number : 8425Z
PowerFilm, Inc
11 February 2014
PowerFilm, Inc.
Trading Update
11 February 2014, PowerFilm, Inc. (AIM: PFLM), ("PowerFilm" or
the "Company"), the developer and manufacturer of thin flexible
solar panels, today announces a trading update for the year ending
December 31, 2013.
Financial Update
Revenues for the second half increased to $4.9 million compared
to $3.3 million in the first half. As a result, the Directors
expect revenues for the full year 2013 to be $8.2 million (same
period 2012: $10.3 million). The pre-tax net loss for the full year
2013 is expected to be approximately $2.2 million (2012: pre-tax
net loss of $1.2 million).
PowerFilm maintains a strong balance sheet. As at 31 December
2013 the Company had $12.3 million (2012: $12.8 million) of cash
and cash equivalents, restricted cash, and restricted investment
securities.
Debt remains limited to the long-term debt of $3.375 million for
the new manufacturing building and land, and $0.25 million of
corresponding short-term debt.
These financial numbers are preliminary and unaudited.
Operational Update
Sales and Product Development
Although 2013 sales revenue fell short of Company goals,
PowerFilm continued its strong presence in the Military, Custom OEM
(especially Oil and Gas Exploration), and Consumer markets, and
continued to develop and release improved products to strengthen
the Company market position going forward.
For the military market PowerFilm reinforced its lightweight yet
rugged portable solar product leadership with the launch of its
next-generation Military Foldable Solar Charger that reduced the
weight of its 120 Watt product by more than 30%, from 6.2 pounds to
4.1 pounds. This product improvement is closely aligned with the
Department of Defense's emphasis on lightweight portable power for
today's electronics-equipped Soldiers. The lack of clarity in the
US government budget process has added short-term uncertainty to
the timing and relative magnitude of follow-on purchases.
Progress is being made on the previously announced $2.2 million
development contract with the US Army. A full prototype of the
next-generation PowerShade Solar Tent structure has been completed
for testing. Units will be ready for Army program testing this
summer.
In 2013 PowerFilm continued its innovative product development
to provide differentiated custom OEM solar power solutions. Sales
into the Oil and Gas Exploration market remained steady.
For the Consumer market, the Company's strategic relationship
with Bushnell continues, and includes developing additional new
products.
Share Buyback
As was previously announced, PowerFilm, Inc. acquired 245,000
common shares in the Company at an average share price of US$.09
per share. Following this acquisition, these shares are being held
in Treasury. The PowerFilm, Inc. Board of Directors approved the
share repurchase based on the view of the management of the Company
that the current trading prices of the shares of the Company (on
the LSE AIM) were substantially below the inherent value of such
shares.
Along with a strong balance sheet, PowerFilm's relative market
position continues to improve as it outlasts the challenging
industry dynamics that have impacted many competitors, especially
U.S. solar companies.
Additional financial and operational details will be included in
the full year end results announcement which the Company plans to
release on March 24, 2014.
For further information, please contact:
PowerFilm, Inc. +1 (515) 292 7606
Frank Jeffrey
Mike Coon
Oriel Securities Ltd., Nominated Adviser +44 20 7710 7600
Giles Balleny
A copy of this announcement will be available on the PowerFilm
website at http://www.powerfilmsolar.com. The common shares of
PowerFilm, Inc. are traded on the AIM Market of the London Stock
Exchange and are not registered under the US Securities Act 1933,
as amended. Such shares may not be offered or sold to residents of
the United States or to persons acting on their behalf, or to other
persons who are "United States Persons" within the meaning of
Regulation S as promulgated under the Securities Act of 1933,
unless such shares have been registered under the Securities Act or
there is an available exemption from registration.
Forward-looking Statements
This release includes forward-looking statements which are based
on certain assumptions and reflect management's current
expectations as contemplated under the Safe Harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations. Some of these factors
include: uncertainty as to whether our strategies, partnerships and
business plans will yield the expected benefits; general global
economic conditions; general industry and market conditions and
growth rates; increasing competition; the ability to identify,
develop and achieve commercial success for new products, services
and technologies; changes in technology; changes in laws and
regulations, including government incentive programs; intellectual
property rights; our ability to secure and maintain strategic
relationships, including key supply relationships; the availability
and cost of capital; the availability of, and our ability to
retain, key personnel; and the failure of the Company to
effectively integrate acquisitions. Additional factors are
discussed in our public disclosure materials from time to time. We
disclaim any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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