Published 10 August 2009
Entech Solar, Inc. with plans to become a leading developer of renewable energy technologies, announced today its financial results for the quarter ended June 30, 2009.Second Quarter Operational Highlights --Completed preliminary design and construction of a module prototype of its next-generation concentrating solar product, ThermaVolt™ II which will be deployed with both ground and roof-mount trackers, and is being designed for low cost, manufacturability, ease of installation and high reliability.--Filed multiple patent applications associated with the ThermaVolt II module to ensure appropriate intellectual property protection. --Recently completed the preliminary design of its patented tubular skylight and announced its intention to commercialize this product. --Business transformation from a flat-plate photovoltaic engineering, procurement and construction company to an advanced technology-based solar solutions developer resulted in significant revenue reduction in the second quarter of 2009. “Entech Solar is pleased to announce meaningful progress in both the development of its concentrating solar module, ThermaVolt II, and its tubular skylight products over the past few months,” said Dr. Frank Smith, Chief Executive Officer. “We expect ThermaVolt II to offer a compelling value proposition to the multi-billion dollar U.S. combined heat and power market with its dual output of electricity and thermal energy, competitive price point and standard installation.“In addition to the concentrating solar modules, we are developing and commercializing a line of tubular skylight products, which we view as an important strategic investment that may enhance the Company’s near-term revenue and market presence. We remain focused and dedicated to completing the development and commercialization of our products as soon as possible, and continue to assess opportunities to accelerate this process.” Financial ResultsAs the Company transitions from the flat-plate solar installation business, revenues for the 2009 second quarter amounted to $150 thousand, compared with $7.6 million reported in the second quarter last year. The Company recorded a gross profit for the quarter ended June 30, 2009 of $11 thousand, versus a gross loss of $2.9 million in the prior-year period. The Company’s net loss attributable to common shareholders for the second quarter of 2009 was $4.3 million, or $(0.02) per share, versus a comparable loss of $24.0 million, or $(0.12) per share, after the $15.5 million preferred stock dividend recorded in the second quarter of 2008. Source: Entech SolarPV industry news is republished free of charge, please send your news to news@enf.cn
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