Hoku Scientific (HOKU) Posts 3rd Quarter Results, Net Loss Increases

Hoku Scientific has posted its 3rd quarter financial results. Although revenue rose tremendously to $1.87 million,  but due to increased expenses,the company’s net loss actually increased slightly. This time last year, the company posted a loss of $1 million dollars, or 6 cents a share. This year, the figure has increased to $1.37 million, or 7 cents a share.

However, Hoku is still making progress on its polysilicon plant in Idaho, and expects to begin delivering polysilicon early in 2009.

Dustin Shindo, Hoku’s chairman, president and CEO, had the following comments about the results:

We believe we remain on track to meet our fiscal year 2009 revenue guidance of $15 million to $18 million, contingent on the successful third-party financing of our purchase-power agreements with the Hawai’i state Department of Transportation, Airports Division and Hawaiian Electric Co."

"Development of our polysilicon production facility remains on track; we continue to stabilize our customer base, and we believe that we can wait until calendar year 2009 to raise additional funds through debt or equity if our customers make their scheduled prepayments on time, which is advantageous under current financial market conditions."

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