Information  X 
Enter a valid email address

PowerFilm, Inc (PFLM)

  Print      Mail a friend

Tuesday 11 February, 2014

PowerFilm, Inc

Trading Update

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
 
 
TSTGGURWPUPCGMG

a d v e r t i s e m e n t