Justice Sirikah

Mixed First Half Interim Results for Clipper Windpower Plc (PinkSheets: CRPWF); Stalkers Waiting in the Wings to Takeover

by Justice Sirikah September 30, 2009

 crpwf_logo.jpg Presenting its financial statement for the six months to June 30 on Wednesday, U.S wind turbine manufacturer Clipper Windpower Plc (CRPWF.pk, or PinkSheets: CRPWF) reported a narrow net loss on year-over-year basis, with doubled revenues which, in spite of the increase, came short of expectations. On the same occasion the company also said it has, since the beginning of the year, been locked in negotiations with a number of industrial companies and financial investors that are vying for its stake as it sets its sights upon easing the pressure in its coffers.

  According to Clipper, a transaction is likely to take shape before the end of the year, taking advantage of the positive aspects in the business cycle. The PinkSheets company has put up a significant market value year to date, quoted at $225 million.

  “We’re presently in active negotiations with a number of industrial multinational and financial investors intended to result in a significant investment into the company”, reads the company’s prepared statement. “Based on transaction size and structure, the new capital provider could range from owning a substantial minority position to acquiring the entire company”.

  For the first half of the year, Clipper managed to constrict its attributable net loss to $120.20 million ($0.92 per share), against a net loss of $211.18 million ($1.84 per share) in the corresponding period of 2008. Meanwhile, its revenues were more than two-folded at $357.26 million owing to 127 turbines sold over the period. During the same period of the previous year the company had posted total revenues of $156.09 million. Nevertheless, the renewable energy company said revenues of the six months under scrutiny were negatively affected by deferred turbine shipments.

  For the full year, Clipper is anticipating total sales of around 260 turbines worth about $750 million. The value of CRPWF stock remained unchanged on Wednesday, 30 September, at $2.26. 

  Reference:
http://www.clipperwind.com/

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