Solar Thin Films Earns First Revenue Since Acquisition of QRT

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Solar Thin Films publishes its results for the third quarter of 2013. The firm reports revenues of $950,000, its first revenues since the acquisition of Quality Resource Technologies on April 30, 2013. The firm’s quarterly profit totaled $549,992, which equates to earnings of $0.01 per share.

 

 

Solar Thin Films (OTC: SLTZ) has announced its financial results for the third quarter of 2013.

The company reported Q3 revenues of $950,000, the first revenues it has recorded since the acquisition of Quality Resource Technologies on April 30, 2013. The firm’s quarterly profit totaled $549,992, which equates to earnings of $0.01 per share. Revenues and income in the first nine months of 2013 were $950,000 and $286,147, respectively. 

Significant events during the quarter included:

  • The signing of a contract to construct three solar fields in West Virginia. This contract is expected to produce revenues for the company over the next 24 months of approximately $140 million. A deposit of roughly $5.6 million is expected to be received prior to the end of 2013.
  • The acquisition of KLC Green Energy, a solar tracking systems manufacturer. The acquisition was completed in October, 2013.
  • The sale of the firm’s subsidiary Kraft, resulting in a reduction of consolidated debt and liabilities of of $3,217,285.
  • Agreement in principle to design, supply, and construct a school and clinic based on its eco-housing, fiber-reinforced plastics, and solar technologies. Revenues from the project are estimated to be about $10 million.
  • A contract to construct the company’s first eco-house in the Hurricane Sandy ravaged area of Long Island, New York. The firm is currently awaiting finalization of construction permits and is also negotiating contracts to construct two additional eco-houses.

Solar Thin Films CEO James Solano commented: “We have made significant strides this quarter. We believe that we are extremely well positioned to continue to show progress in the coming months. I would personally like to thank our shareholders for the support shown since the acquisition of QRT on April 30 of this year. I truly believe the best is yet to come for Solar Thin Technologies.”