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Arise sunny about future
by MIN Administrator - 4 days ago
Arise Technologies Corp. remains optimistic about the year despite a first quarter that saw sales evaporate 61.9 per cent from the previous quarter.
Business was battered in the first quarter by the recession, which led customers of Arise's solar cell factory in Germany to defer purchases, Vern Heinrichs, chair and interim chief executive officer, told analysts on a conference call yesterday.
But things are looking up not only for the solar cell business, but also for the company's Waterloo-based solar-systems division and early-stage silicon refining operations.
Efficiency is improving at the German plant, and its second production line is ready when business picks back up, Heinrichs said.
"Although our customers have deferred purchases in the first quarter, they have assured us they will honour their long-term contracts," he said. "This is an indication that our shipments will ramp up in the future as their business improves."
The systems business is due for a boost from Ontario's proposed Green Energy Act, which is likely to lead to the province paying top dollar for solar electricity. Only about five per cent of Arise's revenue comes from the systems division now, but that should change once the Green Energy Act becomes law, Heinrichs said.
"The Green Energy Act will unlock a surge of solar projects in this province. We already have established a funnel of potential projects," he said. "We believe that Arise is very well-positioned to gain a significant share of this market."
The company's proposed silicon refinery in Kitchener remains on hold to conserve funds.
But Arise has "been carrying out serious discussions with several potential partners" to help bring the project to fruition, Heinrichs said.
Arise lost $14.7 million, or 12 cents per share, in the three months that ended March 31.
Most of that was due to asset writedowns on raw materials, finished goods inventory and prepayments made on silicon wafer purchases.
The company, which is operating with a working capital deficit, had $6.3 million in cash as of April 28, down from $21.1 million at the beginning of the year, said chief financial officer Dave Chornaby.
Arise will have sufficient funds to keep operating into the latter part of the year assuming its lender, Commerzbank AG, agrees to extend the maturity dates of credit facilities that will mature over the next two months. Chornaby said he does not think that will be a problem.
With so much going on, Arise has put off its search for a new chief executive officer, Heinrichs said.
Former boss Bart Tichelman resigned in January over unspecified differences of opinion with the board of directors.
AUTHOR: Matt Walcoff
May 1st, 2009
SOURCE: The Record |
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