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Non-Tech : Alternative energy

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To: Jacob Snyder who wrote (10019)	2/17/2011 8:04:01 PM
From: Jacob Snyder	Read Replies (1) of 16955

SPWRA is up today, and way up from its August 2010 low of $9.61. But look at the numbers: comparing 2009 to 2010 results: debt up, from 878M$ to 1021M$ (debt = bank loans + convertibles + "customer advances") cash down, from 616M$ to 605M$ (they claim much higher cash, but their higher number in the press release includes restricted cash) shares up from 93M to 106M Comparing 2010 results and 2011 guidance: sales up from $2.22B to $2.87, but GAAP gross margins decline from 23% to 20% GAAP EPS way down, from $1.75 to $0.80 PE = 17.43/0.80 = 22 (based on today's stock price and 2011 GAAP EPS) They are predicting a loss for 1Q11 of 0.03-0.09 (in GAAP EPS) The business press liked the guidance, as they ignore the GAAP numbers. investors.sunpowercorp.com

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