Updated at 12:18 p.m., Tuesday, July 24, 2007
Hoku swings to loss, reports lower sales
Advertiser Staff
Kapolei-based Hoku Scientific Inc. today posted lower first quarter sales and swung to a loss from the profit it recorded in the same quarter a year-ago.At the same time, the solar energy company announced plans to increase the size of a polysilicon plant being built in Pocatello, Idaho to handle strong order growth. Contracts with Suntech Power Holdings Co., Ltd. and Solar-Fabrik AG, along with an existing deal with Sanyo, could result total payments of up to approximately $1.2 billion over ten years, Hoku said.
During the quarter ended June 30 Hoku generated $1.1 million in revenues from contracts with the U.S. Navy compared to $1.2 million for the same quarter in 2006 , when revenue was comprised principally of contracts with Nissan Motor Co.
The company lost $653,000, or 4 cents a share, compared with a profit of $313,000, or 2 cents a share in the year-ago quarter.
Hoku shares rose 12 cents, or 1 percent to close at $11.27 on the Nasdaq Stock Market.
Hoku also announced it had signed a definitive agreement with Bank of Hawaii to install a PV power system on the bank's Kohala branch, located on the Big Island of Hawaii.
