| Etrion Corporation公布公司2010年第二季度及上半年财务报告。第二季度公司净利润为-420万美元，每股净利润-0.03美元；而上半年（截至2010年6月30日）公司净利润为-770万美元，每股净利润-0.05美元。 Etrion Corporation today released its interim consolidated financial statements and related management discussion and analysis for the three and six months ended June 30, 2010 and 2009. Second Quarter 2010 Highlights - Closing the acquisition of a portfolio of solar assets in Italy from Deutsche Bank, including 6.4 megawatts ("MW") operational, more than 10 MW permitted for construction in the Puglia region and a development pipeline of more than 150 MW in various stages of permitting. - Recognizing the Company's first solar revenues beginning June 24, 2010, from the operational solar parks in the Deutsche Bank portfolio. - Concluding the permitting process for the 3.5 MW solar park to be built in Borgo Piave, Lazio, Italy (and subsequently contracting Phoenix Solar to begin construction). - Concluding the permitting process for the 1.6 MW solar park to be built in Rio Martino, Lazio, Italy. - Signing a term sheet (and subsequently definitive agreements) for the acquisition of the 33 MW Montalto solar park, the largest in Italy, from SunPower Corp. - Securing a EUR 60 million bridge loan from Etrion's major shareholder, Lundin Petroleum. - Nearing completion on 3 out of 4 MW from the SVE project under construction by SunPower in Puglia, Italy. - Closing the legacy oil and gas office and reducing the related general and administrative expenses. - Early adopting International Financial Reporting Standards ("IFRS"). Management Comments Marco Northland, the Company's CEO, commented, "Etrion made significant progress in the second quarter, and we are on track to become one of the largest solar power producers in Italy. In less than one year, we have gone from a private start-up development company with a few employees and no revenues to a publicly-traded independent solar power producer with more than 20 employees, almost 40 installed megawatts and our first solar revenues in the second quarter, with substantial revenue and cash flow run-rates ahead of us. We plan to continue executing on our large development pipeline in Italy as we assess new markets for future growth." Second Quarter 2010 Results For the three months ended June 30, 2010, the Company reported a net loss of US$4.2 million (loss per share of US$0.03) compared to a net loss of US$1.6 million (loss per share of US$0.01) for the three months ended June 30, 2009. For the six months ended June 30, 2010, the Company reported a net loss of US$7.7 million (loss per share of US$0.05) compared to a net loss of US$3.2 million (loss per share of US$0.02) for the six months ended June 30, 2009. The first and second quarter 2010 results are not comparable to the prior year due to the addition of the renewable energy segment. The Company's MD&A contains a detailed analysis of the periods discussed. Early Adoption of IFRS The Company also announces that its application to early adopt IFRS under National Instrument 52-107 has been approved by the applicable Canadian Securities Administrators (the "CSA"). The Company has chosen to early adopt IFRS and has commenced reporting under these standards for the period beginning January 1, 2010. Comparative periods for fiscal 2009 will also be restated under IFRS. As background, in February 2008, the Canadian Accounting Standards Board confirmed that IFRS will replace Canadian generally accepted accounting principles ("GAAP") for all publicly accountable enterprises for financial periods beginning on and after January 1, 2011, with the option available for enterprises to early adopt upon receipt of approval from the CSA. The Company's first financial statements completed under IFRS are the interim financial statements for the three and six months ending June 30, 2010, which include notes disclosing extensive transitional information and full disclosure of all new IFRS policies. In accordance with the requirements of the ruling issued by the CSA to permit its early adoption of IFRS, the Company has concurrently filed on SEDAR amended and restated financial statements and MD&A for the three months ended March 31, 2010, prepared in accordance with IFRS. |
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