DESC's CEO to Report Strengthening Order Flow at Annual Shareholders' Meeting Today
biz.yahoo.com
Tuesday June 6, 9:09 am ET
WALLINGFORD, Conn., June 6 /PRNewswire-FirstCall/ -- The chief executive officer of Distributed Energy Systems Corp. (Nasdaq: DESC - News) will tell shareholders today that the company's order backlog continued to strengthen, and he will reaffirm that 2006 is shaping up to be another year of growth and record revenues.
In remarks to be delivered at Distributed Energy's annual meeting in Windsor, CT, later this morning, Ambrose L. Schwallie will announce that the alternative energy company's backlog has grown an additional 10% to almost $33 million, in less than a month. Backlog stood at just under $30 million as of May 9th, when the company reported its 2006 first quarter results.
He will also report that the backlog's growth is up more than 30% from $25 million in early March, and does not yet include additional project commitments where, in Mr. Schwallie's words, "we have received the green light from major companies and await only final paperwork to formally book those commitments as backlog."
Mr. Schwallie will also point out at the shareholders' meeting that, after a slow start during the early part of the year, "the delayed order flow is beginning to catch up as we move toward the second half of 2006. We believe our backlog and new customer commitments will enable us to make up for the shortfalls in the first and second quarters -- and then some -- to achieve another record revenue year."
Distributed Energy accounts for its order backlog as the total of only contractually committed work to be performed during the next 12 months. The current figure includes increased orders for Northern Power's energy systems and services and Proton's commercial hydrogen systems, as well as advanced hydrogen technology back-up power and transportation fueling projects, some of which are funded by government and foundation grants.
The full text of Mr. Schwallie's remarks at the annual meeting is expected to be posted by 12 noon (EDT) on Tuesday, June 6th, at the following Web address: distributed-energy.com |
