TIDMPFLM
RNS Number : 9777C
PowerFilm, Inc
24 March 2014
PowerFilm, Inc.
PowerFilm Announces Results for the Year Ended 31 December
2013
24 March 2014, LONDON, UK and AMES, IOWA - PowerFilm, Inc. (AIM:
PFLM) ('the Company' or 'PowerFilm'), the developer and
manufacturer of thin flexible solar panels, today announces its
results for the year ended 31 December 2013.
Highlights for the Full Year 2013
-- Revenue of $8.2 million for the year ended 31 December 2013 (2012: $10.3 million).
-- Net Loss Before Tax of $2.1 million for the year ended 31
December 2013 (2012: $1.2 million).
-- Net cash provided by operating activities was $29,676 in 2013
(2012: net cash used in operating activities ($539,239)).
-- As at 31 December 2013, the Company had $12.3 million in cash
and cash equivalents, certificates of deposit, and investment
securities (2012: $12.8 million). Net of debt the Company has $8.4
million cash resources.
-- Gross margin for the year ended 31 December 2013 was 10.6%
(2012: 27.0%). This was driven largely by a fall in revenue against
fixed costs.
-- Development contract revenue was slightly higher at $1.3
million in 2013 versus $1.0 million the prior year.
-- The lower level of revenue in 2013 was the result of lower
military sales (in part because of sequester delays) and reduced
sales in the Australian market.
-- As previously announced, PowerFilm discontinued its building
integrated photovoltaics (BIPV) program. The Company is now
focusing on the Military, Custom OEM, and select Consumer
markets.
Frank Jeffrey, Co-Founder and CEO of PowerFilm, commented, "In
2013 we made important advancements to our products--especially to
those for the military--to help us maintain our product and market
lead in target applications. Our overall financial results were
unacceptable and we are addressing needed changes."
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
Juliet Thompson
A copy of the Full Report and Accounts 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.
Chairman and CEO's Statement
In 2013 we achieved important product improvement advances for
our rugged, lightweight foldable solar charger products for the
military market, as well as made progress with the next generation
of our PowerShade solar field shelter.
The financial results for the year were a loss which is
unacceptable to us.
We maintain a strong balance sheet with limited cash burn. Our
only debt is the long-term bond for the manufacturing facility and
land, and it is being reduced annually. This continued relatively
strong financial position gives us a foundation of strength from
which to build new revenue streams, which is our current focus.
The past year's further reduction of solar companies
headquartered in the US provides PowerFilm with opportunities for
market share gains in those markets in which domestic energy
security matters.
The purchase of a number of US and European thin film companies
by Chinese companies (with Chinese government support) creates a
potential threat to some parts of our business. We are cognizant of
this and are taking this into consideration as we select our
product focus. This will influence our strategy.
We remain committed to achieving profitability and to having the
share price reflect the full value of the Company. PowerFilm's
previously announced share buyback at the beginning of 2014 is one
aspect of that plan.
Rick Brimeyer
Chairman
Frank R. Jeffrey
CEO
Operational Review
Competitive Landscape and Position
The turbulence and uncertainly in the solar market globally
continued throughout 2013 but PowerFilm has continued to push
forward. Price pressures continue as most solar companies focus on
market share instead of profitability. However, the market now
appears to be acknowledging that long-term variability of product
quality represents a significant risk. PowerFilm continues to
believe that its positioning as a developer, manufacturer, and
supplier of high-quality solar panels custom engineered to solve
customer power problems is a sustainable differentiated proposition
in the market.
Sales and Marketing
PowerFilm develops, manufactures, markets, and sells a full and
diversified line of solar products for the military, custom OEM,
and select consumer markets. The Company sells both modules to
other businesses, as well as finished solar products ready
out-of-the-box for end-users.
Although 2013 sales revenue fell short of the 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.
Custom Engineering
PowerFilm custom engineers products for customers with diverse
power needs in a variety of application markets. The custom
engineering takes many forms, ranging from variation of form factor
to encapsulation, to fastening, to electrical termination and
connection. In some cases the PowerFilm engineering group works
with customers to optimize the overall power system: solar panel
power generation, power storage, and application power use. As a
result, the Company is able to provide customers with
differentiated optimized solutions that are not generically
available in the market.
In addition to our capability of customizing OEM solar panels,
we also engineer total power systems which is a growing area of
emphasis for the Company. This is an area where PowerFilm has a
competitive edge versus other companies including the Chinese solar
companies.
Military and Government
For 2013 the military market was the most important market for
PowerFilm product sales. The Company has been developing ruggedized
lightweight "Made in USA" solar products for the military for more
than a decade.
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.
Military Sales are still relatively strong but are below
expectations. They have been impacted by delayed acquisition
schedules caused by the sequester and uncertainties that existed in
where the congressional budget would be finalized.
Bushnell Outdoor Products
As was previously announced in May, PowerFilm's strategic
partner Bushnell Outdoors launched its new line of POWERSYNC(TM)
custom solar products. After two years of intensive development by
both companies, five products integrating custom PowerFilm solar
panels are now available for sale from Bushnell.
The five Bushnell products incorporate PowerFilm's ultra thin,
ultra durable solar material, and are sufficiently rugged to
withstand wear and tear in an outdoor environment. One of the solar
products being released by Bushnell is also being incorporated into
Bushnell's Bear Grylls product line collection.
These products are being sold on the Bushnell website under
their PowerSync line of products as well as being distributed
nationally through major outdoor retail chains such as LL Bean and
REI, and through major retailers such as Cabela's, Academy, Dick's
Sporting Goods, and Gander Mountain. The products have received
significant media interest from outdoor magazines as well as
mainstream media. Bushnell continues to place follow-on product
orders to PowerFilm for the re-stocking of the sales pipeline to
replenish store inventories given strong customer uptake. The
products are already available in retail stores in Canada and
further international sales distribution is planned.
Building Integrated
As was previously announced, market conditions, costs, and
technical factor led PowerFilm to discontinue its Building
Integrated Photovoltaics (BIPV) program. The impact of low-cost
crystalline modules from China and the large oversupply of panels
worldwide have caused price disruptions in the BIPV sector which
has put all players at extreme risk. PowerFilm concluded that it is
better to focus its resources on more specialized markets where the
specific advantages of low weight, flexibility, and durability are
most important.
As part of the change, PowerFilm has discontinued all BIPV
related market efforts, demo projects, and certification efforts.
PowerFilm is continuing technology development of related modules
to the extent that they have applications in other markets and
offer these modules into the OEM market if they fit a specific
customer's needs. In particular, there appear to be applications
for the modules developed under these programs in the
transportation sector.
PowerFilm Brand Foldable and Rollable Solar Chargers
PowerFilm offers a full line of ready-to-use USB+AA solar
chargers, as well as foldable solar chargers and rollable solar
chargers that can be used to recharge and power consumer
electronics and other devices. The newest products, the 90 Watt and
120 Watt foldable solar chargers, are experiencing strong market
demand. These products are commercially available through major US
outdoor retailers such as West Marine.
Sales to our distributor in Australia in 2013 were measurably
reduced versus 2012, largely driven by a reduction in sales for RV
applications.
Original Equipment Manufacturer (OEM) Custom Panels
The Company engineers and supplies custom solar panels optimized
to meet the specific power needs of diverse OEM customers in a wide
array of applications. In the first half of 2013 we redesigned the
custom panel for one of our largest OEM customers.
The core OEM products are available in a variety of voltage and
current configurations and form factors. The core solar panels are
encapsulated in different materials depending upon the application
need. The encapsulated solar panels are bonded to and integrated
with a broad range of materials and power systems. PowerFilm's
ability to custom engineer integrated products and total power
solutions is a strong source of competitive advantage in the
industry. Each prospective custom product inquiry is evaluated for
market and technical viability, volume, margin, and total value to
the Company.
2013 continued to be a good year for sales to the oil and gas
exploration market, for recharging remote data collection
systems.
The golf cart market has not evolved as planned and, as a
result, sales revenues from this market did not materialize.
Other diverse applications using custom solar panels are being
developed with established partners in their respective
markets.
Research and Development
The Company is making good progress on the previously announced
$2.2 million development contract with the US Army. This contract
had a balance of $880,000 at the end of 2013. The development
contract is for research and development to reduce the cost and to
increase the power output from PowerFilm's PowerShade(TM) solar
field shelter. A new module design and a significant modification
of the PowerShade design have been completed which should allow us
to provide nearly twice the power delivered by the tent. Progress
is also being made on automation for reducing manufacturing cost
and technology advancements which will increase device
performance.
A full prototype of the next-generation PowerShade has been
completed for testing. Units will be ready for Army program testing
this summer.
Roll to Roll Flexible Electronics Update: Phicot, Inc.
Subsidiary
In the Company's 2012 Annual Report it was noted that although
the flexible electronics process using the self aligned imprint
lithography system showed great promise, there were still major
technological barriers to commercial implementation and PowerFilm
did not have the resources to pursue this independently and our
partner in development, HP, was dropping their program. As was
previously announced in the Company's 2013 first half result
announcement, PowerFilm has now stopped its roll to roll flexible
electronics development program.
Other opportunities in flexible electronics are evaluated on an
ongoing basis.
Share Buyback
As was previously announced, PowerFilm, Inc. acquired 245,000
common shares in the Company at an average share price of US$.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.
PowerFilm and PowerShade are trademarks of PowerFilm, Inc.
Bushnell and PowerSync are trademarks of Bushnell Outdoor
Products.
Financial Review
Financial Results
Revenue of $8,226,199 was realized for the year ended 31
December 2013, compared with $10,333,926 for the year ended 31
December 2012; a 20.4% decrease. The decrease in 2013 over 2012 was
attributable to a $2,340,837 (25.1%) decrease in product sales.
There was a $233,110 (22.6%) increase in development contract
revenue.
Gross Margin for the year ended 31 December 2013 was 10.6%,
compared with 27.0% for the year ended 31 December 2012. The net
loss was $(2,838,625) for the year ended 31 December 2013, compared
with a net loss of $(698,036) for the year ended 31 December 2012.
Cost containment measures were enacted which reduced SG&A
expenses and R&D expenses in 2013 compared to 2012, due to a
thorough, across-the-board analysis and trimming of expenses. Cost
of revenues decreased only slightly even though revenues are lower
due to fixed costs of production.
Additionally, a valuation allowance recorded on deferred tax
assets contributed to a 2013 tax expense of $727,000 compared to a
2012 tax benefit of $(452,000). Every year, PowerFilm evaluates tax
treatments to comply with U.S. tax code and U.S. GAAP. In recent
years, tax treatments have had a net positive impact on the after
tax line. This year, after careful consideration, the Company
concluded a valuation allowance was necessary which resulted in a
negative impact on the after tax line.
The Company's balance sheet remains strong as at 31 December
2013 it includes cash and cash equivalents of $4,190,373 and
certificates of deposit with original maturities greater than six
months of $7,090,136, and securities held-to-maturity of
$1,000,000. These accounts total $12,280,509 at 31 December 2013,
compared to a total of $12,831,924 at 31 December 2012. The
securities held-to-maturity consists entirely of one United States
Government agency-backed debt security. In 2013, the restriction
placed by the bank that issued the letter of credit on the
industrial revenue was amended to remove the compensating balance
requirement and instead add a covenant requiring the Company to
maintain $3.5 million in liquid unrestricted assets.
The Company had an increase in 2013 of development contracts in
place which led to a decreased amount of internally funded research
and development. Internal research and development for 2013 was
$1,049,520, compared to $1,565,916 for 2012. Selling, general and
administrative expenses were $1,845,524 in 2013, compared to
$2,356,316 for 2012 reflecting cost reductions achieved during the
year.
Interest and dividend income for the year ended 31 December 2013
was $101,146, compared to $157,967 for the previous year. The
Company's policy is to place its cash and certificates of deposit
with high credit quality financial institutions in order to limit
the amount of credit exposure. Although, globally interest rates
still are at a very low level, the Company seeks investments in
higher yielding certificates of deposit and US agency-backed debt
securities held-to-maturity to get the maximum yields for highly
secure investments.
Related Party Transactions
As was disclosed at the time of the initial public offering in
the AIM Admission document, PowerFilm's Co-Founder and CEO Frank
Jeffrey, a related party, leases his industrial building to
PowerFilm, Inc. The 2013 annual lease amount was $90,000. The lease
currently extends to December 31, 2014, with a renewal option.
Richard Brimeyer, non-executive director, received 2013
compensation as an independent consultant in the amount of $ 9,600
in addition to his director's compensation as listed below.
2013 Board of Directors Remuneration
The 2013 remuneration for the PowerFilm, Inc. Board of Directors
is presented in the table below.
Director Name 2013 Compensation in USD
Richard Brimeyer $ 22,667
Derrick Grimmer $ 22,667
David Lindop $ 22,667
Frank Jeffrey * $ 123,818
* Frank Jeffrey received no board compensation beyond his
compensation of $123,818.14 as CEO.
Shown below are the Company's employee costs.
2013 2012
Total Wages and Salaries $ 3,260,724 $ 4,015,300
Total Health Insurance Expense $ 286,484 $ 315,256
Average monthly number of employees during the year 72 84
Accounts Audited
The financial information in this announcement is from the
Company's audited accounts for the years ended 31 December 2013 and
2012. The Company's complete financial statements and footnotes
will be included in the Company's annual report and will be posted
on PowerFilm's website, www.powerfilmsolar.com. A hard copy will be
sent to shareholders, with additional copies available upon
request.
The information presented herein has been prepared on the basis
of current accounting principles generally accepted in the United
States of America (US GAAP).
Financial Statements
PowerFilm, Inc. and Subsidiary
Consolidated Statements of Operations
Years Ended December 31, 2013 and 2012
12 Months 12 Months
Ended Ended
31-Dec-13 31-Dec-12
------------------------------------------------------------ -------------------- ----------------------------------
Operating revenues:
Sales $ 6,960,215 $ 9,301,052
Development contracts 1,265,984 1,032,874
-------------------- ----------------------------------
8,226,199 10,333,926
Cost of revenues 7,354,324 7,543,605
-------------------- ----------------------------------
Gross profit 871,875 2,790,321
-------------------- ----------------------------------
Operating expenses:
Research and development 1,049,520 1,565,916
Selling, general and administrative 1,845,524 2,356,316
-------------------- ----------------------------------
2,895,044 3,922,232
-------------------- ----------------------------------
Operating (loss) (2,023,169) (1,131,911)
-------------------- ----------------------------------
Other income (expense):
Interest and dividend income 101,146 157,967
Interest (expense) (194,382) (206,753)
Other income 4,780 26,895
-------------------- ----------------------------------
(88,456) (21,891)
-------------------- ----------------------------------
(Loss) before income tax expense (benefit) (2,111,625) (1,153,802)
Income tax expense (benefit) 727,000 (452,000)
-------------------- ----------------------------------
Net (loss) (2,838,625) (701,802)
Less: Net loss attributable to the noncontrolling
interest - 3,766
-------------------- ----------------------------------
Net (loss) attributable to PowerFilm, Inc.
and Subsidiary $ (2,838,625) $ (698,036)
==================== ==================================
Basic and diluted (loss) per share $ (0.08) $ (0.02)
==================== ==================================
PowerFilm, Inc. and Subsidiary
Consolidated Statements of Comprehensive
(Loss)
Years Ended December 31, 2013 and 2012
12 Months 12 Months
Ended Ended
31-Dec-13 31-Dec-12
------------------------------------------------------------ -------------------- ----------------------------------
Net (loss) $ (2,838,625) $ (701,802)
Other comprehensive income, unrealized derivative
gain,
net of tax 183,251 12,825
-------------------- ----------------------------------
Comprehensive (loss) (2,655,374) (688,977)
Comprehensive loss attributable to the noncontrolling
interest - 3,766
-------------------- ----------------------------------
Comprehensive (loss) attributable to
PowerFilm, Inc. and Subsidiary $ (2,655,374) $ (685,211)
==================== ==================================
PowerFilm, Inc. and Subsidiary
Consolidated Balance Sheets
December 31, 2013 and 2012
31-Dec-13 31-Dec-12
------------------------------------------------- -------------------- --------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents, net of restricted
cash $ 4,190,373 $ 3,414,343
Short-term certificates of deposit 5,336,013 2,040,717
Accounts receivable, less allowance for
doubtful accounts
2013 $26,915; 2012 $41,567 2,125,819 2,503,942
Inventories 3,426,339 3,814,483
Prepaid expenses and other assets 134,445 365,742
Income tax receivable 8,000 41,087
Deferred income taxes - 182,000
-------------------- ----------------------------------
Total current assets 15,220,989 12,362,314
-------------------- ----------------------------------
RESTRICTED ASSETS
Securities held-to-maturity - 1,000,000
Cash - 1,093,159
Certificates of Deposit - 4,000,000
-------------------- ----------------------------------
- 6,093,159
LONG-TERM CERTIFICATES OF DEPOSIT 1,754,123 1,283,705
-------------------- ----------------------------------
SECURITIES HELD-TO- MATURITY 1,000,000 -
-------------------- ----------------------------------
PROPERTY AND EQUIPMENT
Land 972,432 972,432
Building and improvements 5,059,825 5,059,825
Machinery and equipment 12,305,034 12,251,119
Leasehold improvements 272,276 272,276
Construction in progress 3,404,293 3,346,248
-------------------- ----------------------------------
22,013,860 21,901,900
Less accumulated depreciation (7,216,357) (6,093,528)
-------------------- ----------------------------------
14,797,503 15,808,372
-------------------- ----------------------------------
OTHER ASSETS 130,482 133,958
-------------------- ----------------------------------
DEFFERRED INCOME TAXES - 648,000
-------------------- ----------------------------------
$ 32,903,097 $ 36,329,508
==================== ==================================
PowerFilm, Inc. and Subsidiary
Consolidated Balance Sheets (Continued)
December 31, 2013 and 2012
31-Dec-13 31-Dec-12
---------------------------------------------------- ---------------------- ----------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt $ 250,000 $ 250,000
Trade accounts payable 101,692 74,669
Other payables and accrued expenses 353,436 616,834
Total current liabilities 705,128 941,503
---------------------- ----------------------------------
LONG-TERM LIABILITIES
Revenue bonds payable, less current maturities 3,375,000 3,625,000
Derivative financial instrument, interest
rate swap 429,616 707,867
---------------------- ----------------------------------
Total long-term liabilities 3,804,616 4,332,867
---------------------- ----------------------------------
COMMITMENTS
STOCKHOLDERS' EQUITY
Common stock 381,639 381,518
Additional paid-in capital 32,718,910 32,709,962
Retained earnings (deficit) (3,954,695) (1,116,070)
Treasury stock, at cost (468,300) (452,820)
Accumulated other comprehensive (loss) (284,201) (467,452)
---------------------- ----------------------------------
Total stockholders' equity 28,393,353 31,055,138
---------------------- ----------------------------------
$ 32,903,097 $ 36,329,508
====================== ==================================
PowerFilm, Inc. and Subsidiary
Consolidated Statements of Cash Flows
Years Ended December 31, 2013 and 2012
12 Months 12 Months
Ended Ended
31-Dec-13 31-Dec-12
------------------------------------------ ---------------------- -------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net (Loss) $ (2,838,625) $ (701,802)
Adjustments to reconcile net (loss) to
net
cash provided by (used in)
operating activities:
Depreciation and amortization 1,331,733 1,061,268
Provision for doubtful accounts (14,652) (23,145)
Deferred income taxes 735,000 (405,000)
Stock-based compensation expense 7,292 28,057
Changes in working capital
components:
Accounts receivable 392,775 540,569
Inventories 388,144 (753,224)
Prepaid expenses and
other assets 231,297 (97,727)
Income tax receivable 33,087 4,673
Trade accounts payable 27,023 (187,217)
Other payables and accrued
expenses (263,398) (5,691)
Net cash provided by
(used in) operating
activities 29,676 (539,239)
---------------------- -------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment (311,960) (439,867)
Purchase of restricted securities
held-to-maturity - (2,000,000)
Proceeds from calls of restricted
securities
held-to-maturity - 6,000,000
Purchase of restricted certificates
of
deposit (7,000,000) (4,000,000)
Proceeds from maturities of
restricted
certificates of deposits 7,000,000 -
Redemption of certificates of deposit 234,286 (3,324,422)
Decrease in cash and short-term
investments
held for property
and equipment construction - 6,850,000
(Increase) decrease in restricted cash 1,093,159 (67,848)
(Increase)decrease in other assets (5,428) 37,206
---------------------- -------------------------------------
Net cash provided by
investing activities 1,010,057 3,055,069
---------------------- -------------------------------------
PowerFilm, Inc. and Subsidiary
Consolidated Statements of Cash Flows
(Continued)
Years Ended December 31, 2013 and 2012
12 Months 12 Months
Ended Ended
31-Dec-13 31-Dec-12
------------------------------------------ ---------------------- -------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on long-term debt (250,000) (250,000)
Repurchase of common stock (14,703) -
Proceeds from issuance of common 1,000 -
stock,
net
---------------------- -------------------------------------
Net cash (used in)
financing activities (263,703) (250,000)
---------------------- -------------------------------------
Net increase in
cash and cash
equivalents 776,030 2,265,830
CASH AND CASH EQUIVALENTS
Beginning 3,414,343 1,148,513
Ending $ 4,190,373 $ 3,414,343
====================== =====================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments (receipts) for:
Interest, net of capitalized $ 210,373 $ 218,315
=========== ==================
Income taxes $ (41,000) $ (52,000)
=========== ==================
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING
AND FINANCING ACTIVITIES
Gain on interest rate swap agreement $ 183,251 $ 12,825
=========== ==================
Restricted shares awarded from treasury shares,
net of forfeitures $ 777 $ 9,793
=========== ==================
Outlook
The outlook for 2014 is for progress especially with PowerFilm's
products and sales volume into the military market. The testing of
the next-generation PowerShade solar field shelter is to be
completed during the year and expected to be ready for shipment in
the second half of the year. This, along with the advances made to
the foldable solar chargers provides the Company with a broad
product range to provide to the military. Additional product sales
volumes are expected as follow-on to the multiple years of product
testing with the US Army and other branches.
Ongoing federal budget discussions and dynamics, and the fact
that 2014 is an election year, make it difficult to determine the
magnitude of military product sales and the probability of
additional development contracts for military products.
Close attention is being given to evaluation of the Company's
overall product volumes and the associated optimal approach to
achieve profitability.
Along with a strong balance sheet, PowerFilm's relative market
position has the potential to continue to improve as it outlasts
the challenging industry dynamics that have impacted many
competitors, especially US solar companies. The outcome will be
impacted by the competing product-market choices of the Chinese
solar companies.
As with the overall economy, the solar market appears to be
stabilizing, yet still with a wide range of potential divergent
scenarios.
PowerFilm remains on solid ground to outlast the volatility, and
to be positioned to seize the subsequent market opportunities.
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 US 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.
Notes on PowerFilm Technology
The thorough technology evaluation and choices that PowerFilm
made in the early days of the Company are withstanding the test of
time. PowerFilm's technology choices-highlighted in the table
below-enable both differentiated low-cost mass customization of
products and low-cost industrial scale manufacturing.
Criteria PowerFilm Selection
--------------------------- -------------------------- -------------------------------
Core Manufacturing Industrial scale low-cost Roll-to-Roll Manufacturing
Process manufacturing process (not batch processing)
--------------------------- -------------------------- -------------------------------
Semiconductor Absorber Abundant supply Amorphous Silicon
Layer (After extensive evaluation,
Positive environmental PowerFilm eliminated
profile the Copper Indium Gallium
Selenide (CIGS) semiconductor
absorber layer option
out of concerns regarding
the economic viability
of CIGS technology
at industrial scale,
given the limited world
supply of Indium and
competition for that
supply from the flat
panel display industry.
The materials costs
for CIGS solar panels
are currently high
and potentially going
to become extremely
high cost. CIGS has
some manufacturing
wastes that are negative
from an environmental
standpoint.
--------------------------- -------------------------- -------------------------------
Cell Connection Technology Low cost and durable Printed Interconnect
cell connection process
--------------------------- -------------------------- -------------------------------
Substrate To work with printed Flexible Plastic Substrate
interconnect and to
be lightweight and
flexible
--------------------------- -------------------------- -------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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