Hoku says loss widens to $2M for quarter ending March 31
Hoku Corp. said its net loss widened to $2 million during the first three months of the year from $904,000 in the same period a year ago.
The Honolulu-based clean energy company also announced that it secured a $20 million line of credit to help pay for the polysilicon construction plant it is building in Idaho.
For the fiscal year ending March 31 Hoku reported a $5.4 million loss, up from a $3 million loss in fiscal 2009.
The wider loss was due primarily to preparations for a recently completed test run at the polysilicon plant and payments to Idaho Power for reserve power capacity in advance of the launch of production at the plant, Hoku President and CEO Scott Paul said in a news release.
Hoku shares closed down 12 cents, or 3.8 percent, at $3.05 on the Nasdaq Stock Market.