Hoku Scientific, Inc. reports third quarter fiscal year 2008 results

Hoku Scientific reports earnings, with a mention of the new polysilicon facility with Solarfun: Hoku Scientific, Inc. (NASDAQ: HOKU), a materials science company focused on clean energy technologies, today announced its financial results for its third quarter ended December 31, 2007 and provided a general update on its business.

Revenue for the quarter ended December 31, 2007 was $1.3 million compared to $1.1 million for the quarter ended December 31, 2006. Revenue for the nine months ended December 31, 2007 was $2.6 million compared to $4.2 million for the nine months ended December 31, 2006. The decrease in revenue for the nine months ended December 31, 2007 compared to the same period in 2006 was primarily due to the completion of the Nissan Motor Co., Ltd. contracts in 2006 and no similar contracts in 2007. The decrease was offset by the recognition of revenue from photovoltaic, or PV, systems installations during the three months ended December 31, 2007. Deferred revenue of $355,000 at December 31, 2007 was attributable to contracts related to PV systems installations while deferred revenue of $990,000 at March 31, 2007 was attributable to contracts with the U.S. Navy, which were completed in August 2007.

… “Although we have increased the size our polysilicon facility, we expect to deliver polysilicon in the first half of calendar year 2009. However, due to our additional contract with Solarfun, we now believe our annualized revenue based on our existing supply agreements and polysilicon that is available for sale when we are running at our full 3,500 metric ton capacity will be in the range of $180 million to $200 million per year. Our gross margins are still expected to be in the range of 45% to 55%.”….

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