VivoPower International PLC Reports Unaudited Financial Results For the Six Months Ended September 30, 2018
12 Novembro 2018 - 7:38PM
VivoPower International PLC (Nasdaq: VVPR) (“VivoPower” or the
“Company”), an international solar power company, today announced
its results for the six months ended September 30, 2018.
Highlights
- Total revenue for the six months
ended September 30, 2018 was $18.5 million, an increase of 14.0%,
as compared to $16.2 million for the six months ended September 30,
2017.
- Revenue from the Company’s power
services businesses for the six months ended September 30, 2018 was
$17.4 million, an increase of 20.5% over the prior year reflecting
the strong market dynamics in the industrial regions of Australia,
as well as the Company’s aggressive push into new geographies
within Australia and solar engineering, procurement, and
construction (“EPC”) markets.
- Gross profit attributable to power
services was $2.5 million for the six months ended September 30,
2018, which represents a gross margin of 14.6%, up from 13.6% for
the full year ended March 31, 2018, and 14.0% for the six months
ended September 30, 2017.
- Unrestricted cash resources
increased to $3.1 million as at September 30, 2018, compared to
$1.9 million as at March 31, 2018.
- Total debt as at September 30,
2018, was $20.9 million, down from $22.3 million as at March 31,
2018.
- On July 3, 2018, the Company
successfully completed the sale of its minority equity interests in
its two North Carolina solar investments, NC-31 and NC-47
(together, the “NC Projects”) for net proceeds of $11.5 million.
- Net assets of our joint venture
with Innovative Solar Systems, LLC, (“ISS Joint Venture”) of $12.9
million has been reclassified to assets held for sale as the
Company aggressively pursues its strategic review, which has
resulted in multiple prospective investors submitting proposals to
acquire all or a portion of the joint venture.
- Power services subsidiary, Kenshaw
Electrical Pty Limited (“Kenshaw”) has significantly expanded its
power services activities with one of Australia’s leading data
center groups, Canberra Data Centres (“CDC”). Kenshaw’s strong
track record with CDC for the supply and installation of power
generators has resulted in a record volume of new contracts worth
US$24.2 million. As a result of this increased business, Kenshaw
has also announced the opening of a new office in Canberra to
support CDC, as well other customers and emerging business
opportunities in the region. The superior reliability and
resilience of onsite power generators and recycled water, provided
in part, by the power generators supplied by Kenshaw, and has
helped CDC to become the largest provider of data storage to the
Australian government.
- Power services subsidiary, J.A.
Martin Electrical Pty Limited, was successful in securing a
high-visibility EPC contract for the 3.6 megawatts (“MW”)
Cubbie Solar Project in Queensland, Australia, which will
produce electricity to the largest irrigation property in the
southern hemisphere. The project is the first phase of a
longer-term plan to expand to 7.2 MW and will also include battery
storage.
- We made excellent progress with the
50 MW development portfolio of utility-scale solar projects in New
South Wales, Australia, and have completed the development
milestones for the first 15 MW phase, which we expect to commence
construction by the end of June 2019.
- In light of the potential sale of
the ISS Joint Venture, the Company has recommitted to its strategic
focus on the strong growth profile of the solar power generation
market in the United States, particularly the higher margin profile
of small utility and commercial and industrial (“C&I”) sectors,
consistent with the Company’s current solar development activities
in Australia. This shift may be accomplished through organic growth
or consolidation of smaller players in the highly fractured C&I
market within North America.
Conference Call Information
The Company will hold a conference call 5 p.m.
EST time on Monday, November 12, 2018, to discuss the Company’s
first half 2018 results and business outlook. The dial-in phone
number for the live audio call is:
United Kingdom:
+44 (0)330 336 9411United
States:
+1 929 477 0402Australia:
+61
(0)2 9193 3761
Conference Code:
5586416
A live webcast of the conference call will be
available at https://edge.media-server.com/m6/p/dpwy4jet and on the
investor relations section of the VivoPower website at
www.vivopower.com.
A replay of the webcast will be available two
hours after the conclusion of the call until November 12, 2019. The
webcast replay will also be available on the VivoPower website at
www.vivopower.com.
About VivoPower International
PLC
VivoPower is an international solar power
producer that develops, owns and operates PV solar projects in a
capital efficient manner. VivoPower partners with long-term
investors, suppliers and developers to accelerate the growth of its
portfolio of solar projects. In addition, the Company provides
critical energy infrastructure solutions to commercial and
industrial customers throughout Australia.
Forward-Looking Statements
This communication includes certain statements
that may constitute “forward-looking statements” for purposes of
the U.S. federal securities laws. Forward-looking statements
include, but are not limited to, statements that refer to
projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions. The
words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intends,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “would” and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements may include, for
example, statements about the benefits of the events or
transactions described in this communication and the expected
returns therefrom. These statements are based on VivoPower’s
management’s current expectations or beliefs and are subject to
risk, uncertainty and changes in circumstances. Actual results may
vary materially from those expressed or implied by the statements
herein due to changes in economic, business, competitive and/or
regulatory factors, and other risks and uncertainties affecting the
operation of VivoPower’s business. These risks, uncertainties and
contingencies include changes in business conditions, fluctuations
in customer demand, changes in accounting interpretations,
management of rapid growth, intensity of competition from other
providers of products and services, changes in general economic
conditions, geopolitical events and regulatory changes and other
factors set forth in VivoPower’s filings with the United States
Securities and Exchange Commission. The information set forth
herein should be read in light of such risks. VivoPower is under no
obligation to, and expressly disclaims any obligation to, update or
alter its forward-looking statements whether as a result of new
information, future events, changes in assumptions or
otherwise.
Contact:
Julie-Anne Byrne
Investor Relations
shareholders@vivopower.com
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