It’s a busy afternoon for Hoku Scientific (HOKU). The company announced a revised agreement with Suntech Power (STP) which excludes Suntech from having to prepay $30 million for future shipments of polysilicon, but potentially allows Hoku to keep the $2 million already paid which will be credited to future shipments. The terms have also been shorted to one year and Hoku isn’t obligated to ship polysilicon until next June.
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Hoku Scientific (HOKU) Reports Mixed Results, Needs More Financing, Shares Down 10%
Hoku Scientific (HOKU) reported earnings results after the bell and traders aren’t impressed. While the company matched analyst estimates with a .03/share loss, they missed badly on revenues reporting just $776K vs the analyst estimate of $1.4 million. Granted, it’s a big improvement over the 112K they reported in the year ago quarter, but when you miss that badly, the stock will get hit. It’s off about 10% in after hours trading.
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Hoku (HOKU) Begins Producing Polysilicon At Idaho Facility
Hoku Materials just announced that it has actually started producing polysilicon at its Pocatello, Idaho facility. The plant is currently in a testing phase that it expected to last about 3 weeks.
In a press release, Scott Paul, president and chief executive officer of Hoku Corporation, commented on the news:
“This is a significant milestone for Hoku Materials. Commencement of this pilot production run marks the beginning of our plant ramp-up and is the result … Read the rest
Hoku Scientific (HOKU) Spiking AH On News It’s Received Rest Of Tianwei Loan
Hoku Scientific (HOKU) is up nearly 12% in after hours trading on news it has finally received the rest of the loan from Tianwei New Energy in order to keep the company running. This loan is the final $30 million of the total $50 million loan it has now received from Tianwei. The loan was supposed to be paid last month, but got held up in Chinese government red tape.
The cash will go to … Read the rest
Diagnostic Laboratory Services’ Commissions Hoku Solar (HOKU) To Install 339 KW System
Hoku Solar just announced that it has been selected by Diagnostic Laboratory Services to design, engineer and install a PV solar system. The 339-kilowatt, turnkey PV system will be installed in Diagnostic Laboratory Services’ new headquaters in the old Panasonic warehouse in Oahu, Hawaii. Hoku Solar will work on the project with Allied Builders System.
In a press release, Dustin Shindo, chairman and chief executive officer of Hoku Scientific, commented on the news:
“Hoku is … Read the rest
Dustin Shindo Steps Down As Hoku (HOKU) CEO
Hoku just announced that effective March 31, Dustin Shindo will step down as Hoku chairman, president and CEO, although he will continue to serve the company in advisory position as a consultant. Shindo advised that he was stepping down for “personal reasons.”
Mr. Wei Xia, a member of Hoku’s board of directors and vice general manager of Baoding Tianwei Group, will be taking over the role of chairman of the board. Scott Paul, Hoku’s chief … Read the rest
Hoku Materials (HOKU) Amends Supply Deal With Shanghai Alex New Energy
Hoku Materials just announced that it has amended a polysilicon supply contract with Shanghai Alex New Energy. Under the amended agreement, polysilcon amounts and financial details will stay the same, but the due date for delivery of the first shipment will be moved from the first quarter of 2010 to the third quarter of 2010.
In a press release, Dustin Shindo, chairman and chief executive officer of Hoku Scientific, commented on the new agreement:
“This … Read the rest
Hoku Scientific (HOKU) Soars As Solarfun (SOLF) Finally Pays Up
I’ll keep this post short because the details are well.. detailed and aren’t worth repeating here. You can get all the financial details in a post here. In a nutshell, Solarfun (SOLF) owed Hoku Scientific (HOKU) millions in payments for supplying them with solar modules that they were behind on and put their agreement in jeopardy. It’s being announced this morning that Solarfun just paid $8 of the $13 million owed and will being … Read the rest
Piper Jaffray Maintains Underweight/Lowers Price Target On HOKU Despite Tianwei Rescue
Piper Jaffray is out maintaining its Underweight rating on Hoku Scientific (HOKU) and lowering the price target despite the Tianwei life preserver thrown last night. The firm notes that while the company gains a strong partner and a new lease on life, the deal dilutes existing shareholders and doesn’t complete eliminate the risks. The Piper comment isn’t hurting shares this morning with the stock still up about 60%.… Read the rest
Hoku Scientific (HOKU) Gets A Chinese Bailout, Shares Soar
Hoku Scientific (HOKU) has been thrown a big Chinese life preserver and shares are soaring in after hours trading. China’s Tianwei New Energy Holdings announced a definitive agreement after the bell today to convert $50 million in prepayments to Hoku into common stock and related warrants (giving the company 60% ownership), another $50 million in debt financing and a commitment to help Hoku obtain additional financing if needed. Financing will be provided by Tianwei and … Read the rest