PowerFilm says production delays will reduce full year sales, net income UPDATE |
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Published
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Tue, 11 Dec 2007 09:42
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(Adds details on capacity, facility expansions and future prospects)LONDON (Thomson Financial) - Solar panel maker PowerFilm Inc said delays caused total production volume to be less than intended which will reduce sales to a minimum of 8 mln usd for the full year.The solar panels developer said the production delays will also result in next year's revenue being about 20-25 pct below expectations.Powerfilm said the reduction in sales will have a corresponding impact on this year's full year net income.The company added its growth plans are proceeding fundamentally as planned and it will meet planned production capacity by year-end.The company also reaffirmed its plans to reach 10 mega watt and 24 mega watt installed capacity by the end of 2009 and the end of 2010 respectively.Regarding the expansion of its facility, the company said it has signed a purchase agreement for the land and site development and building construction is planned to begin in the spring.PowerFilm said its prospects remain very positive, with demand for its products and market development both remaining strong.tfn.newsdesk@thomson.comndi/ukn/ejbCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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PowerFilm says production delays will reduce full year sales, net income 