ARISE Technologies Comments on Preliminary Third-Quarter 2009 Results and Provides Outlook for Fourth Quarter
WATERLOO, ON, Nov. 2 /CNW/ - ARISE Technologies Corporation ("ARISE" or "the Company") (TSX: APV and Frankfurt: A3T), a leader in high-performance, high-quality, cost-effective solar technology, today announced that its shipments of photovoltaic ("PV") cells in the third quarter ended September 30, 2009 were approximately 3.5MW, a 21% increase from the 2.9MW shipped in the second quarter, for a total of approximately 8.7MW shipped through the first nine months of the year.
ARISE also reported that in the first month of the fourth quarter, it shipped 2.3MW of PV cells, bringing its year-to-date shipment total to 11MW. For 2009, ARISE expects its total PV cell shipments to external customers to exceed 15MW, compared to 11.2MW in 2008.
"Our 2009 third-quarter shipments, production output, and PV cell manufacturing metrics were a solid improvement over the second quarter of 2009," said Vern Heinrichs, President and Chief Executive Officer. "We expect fourth quarter shipments to be about 7MW and that our subsidiary, ARISE Technologies Deutschland GmbH, which operates our PV cell factory in Germany will have a positive EBITDA. Preliminary results for October show that the PV cell factory had a positive EBITDA for the month."
Management uses net income (loss) as presented in the consolidated statements of loss and comprehensive loss as well as EBITDA ("Earnings Before Interest, Taxes, Depreciation and Amortization") as measures to access performance of the Company. EBITDA is a non-GAAP financial measure.
www.newswire.ca/en/releases/archive/November2009/02/c4772.html
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