Energy Conversion Devices to Extend Filing Date Of its Annual Report on Form 10-K
ROCHESTER HILLS, Mich., Sept. 29 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD) (Nasdaq: ENER) announced that it is filing a
Form 12b-25, Notification of Late Filing, with the Securities and Exchange
Commission. The filing of the Form 12b-25 extends the due date for the filing
of ECD's Annual Report on Form 10-K for a period of 15 calendar days.
ECD's completion of its annual financial statements and the audit of such
consolidated financial statements by its independent auditors, Deloitte &
Touche LLP, are being delayed pending the completion and accounting analyses
of ECD's purchase accounting for the May 2003 transaction in which ECD
acquired from N.V. Bekaert S.A. and its related companies (Bekaert) the
interests previously owned by Bekaert in United Solar Ovonic Corp. and United
Solar Ovonic LLC.
Within the next 15 calendar days, ECD management expects the accounting
analyses to be concluded and to complete its consolidated financial statements
for the fiscal year ended June 30, 2003, receive the report of its independent
auditors with respect to ECD's consolidated financial statements, and file
with the Securities and Exchange Commission its Annual Report on Form 10-K.
As previously disclosed in ECD's Form 10-Q for the quarter ended March 31,
2003, ECD's recent purchases of its former partners' interests in the
photovoltaic and fuel cell ventures have both near-term and long-term impacts
on its capital resources. ECD is attempting to obtain additional sources of
cash required to sustain its operations and is in the process of a number of
negotiations and discussions with third parties to fund its operations,
including securing the working capital required through additional debt and/or
equity financings, the refinancing of the 30-megawatt photovoltaic
manufacturing equipment, and discussions with potential new partners to form
new strategic alliances to fund and grow its photovoltaic and other
businesses. ECD expects that funds from debt and/or equity financings, the
refinancing of the photovoltaic equipment, funds generated from operations,
new business agreements, new government contracts, together with existing cash
and cash equivalents, will be adequate to support its operations for the
coming year. No assurances, however, can be given as to the success of the
aforementioned plans, negotiations, discussions and programs.
If ECD is unable to raise the required funding prior to the filing of its
Form 10-K for the fiscal year ended June 30, 2003, and while its independent
auditors have not completed their audit and have not rendered their opinion
with respect to ECD's consolidated financial statements, ECD management
believes that the independent auditors will issue a standard report on ECD's
consolidated financial statements which will include an explanatory paragraph
concerning ECD's ability to continue as a going concern for a reasonable
period of time.
ECD expects to report that revenues for the year ended June 30, 2003 are
approximately $66 million compared to $91.7 million in the prior year,
primarily due to lower equipment sales to Rare Earth Ovonic in China because
of the near completion of the first phase of that project and lower revenues
from product development agreements because of reduced funding from
ChevronTexaco Corp. Net loss for the year ended June 30, 2003 will be
significantly higher than the $20.9 million in the prior year. The final
results may be affected by the completion of ECD's analyses of the matters
discussed above.
A conference call will be scheduled after ECD has filed its Form 10-K for
the fiscal year ended June 30, 2003 with the Securities and Exchange
Commission. |
