news digest ♦ Solar
establish West Texas as a center for renewable energy,” Pecos County Judge Joe Shuster comments. “We are not resting on our legacy of leadership in oil and gas. We welcome solar as the next new component in our portfolio of energy resources.”
“Industry diversification is critical to this community’s growth,” notes Doug May, Director of the Fort Stockton Economic Development Corporation. “We’ve got the power and transportation infrastructure in place. This opportunity to harvest the ample solar resources of the region will encourage and support further development.”
Eventually, according to Rebhorn, First Solar would consider selling the Barilla Solar Project to a long-term owner.
IQE provides trading update
Revenues for 2013 is expected to be at least £126 million, an increase of over 43 percent compared with 2012
IQE has provided a trading update for the year ended 31st December 2013.
Trading in H2 2013 is expected to show sequential growth, despite weak guidance for Q4 2013 and Q1 2014 from a number of IQE’s wireless customers, and a significantly strengthening sterling/dollar exchange rate.
As a result, revenue for full year 2013 is expected to be at least £126 million (2012: £88 million), representing a new record and an increase of over 43 percent compared with the prior year.
Strong sales growth and improved operational efficiencies are expected to deliver a record EBITDA of at least £24.5 million (2012: £16.4 million).
Adjusted fully diluted EPS is therefore expected to be approximately 2p (2012: 1.51p), an increase of over 32 percent compared with 2012.
The Group’s conversion of operating profit into cash is expected to reduce net debt to below £35 million at year end (June 2013: £37.7 million), even after the payment of approximately £14 million during 2013 in deferred consideration relating to prior acquisitions. The amount of deferred consideration payable in 2014 is expected to reduce from this level.
Towards the end of 2013, in addition to successfully renewing its existing contractual relationships with key wireless customers, IQE also extended its contractual share of future business. The group continues to diversify
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www.compoundsemiconductor.net January / February 2014 its business across non-wireless applications.
The board remains confident that the group can continue to deliver increased free cash flow over the coming year and beyond, as the business continues to diversify, and cost synergies from recent acquisitions are realised.
Drew Nelson, CEO and President of IQE plc, says, “I am very pleased to announce that we expect to report a record level of revenue and earnings for 2013 as a result of IQE’s increasingly strong position within the Compound Semiconductor Industry, and our rapidly strengthening product portfolio. As a result of strong cash flows we have also successfully reduced net debt and the deferred consideration owing on prior acquisitions.”
“We look forward to further increasing cash flows and earnings during the current year and beyond as we maintain our strong position in wireless and continue to leverage opportunities to exploit our products in other high-growth markets.”
Obama announces IQE as key partner in clean energy
IQE is to play a key part in a consortium of high tech businesses and academia in a major Clean Energy Initiative announced in North Carolina by the U.S. President
President Obama announced the formation of the Clean Energy Manufacturing Innovation Institute during a visit to North Carolina State University on Wednesday 15th January.
The establishment of the institute will be led by North Carolina State University and industry partners include ABB, APEI, Avogy, Cree, Delphi, Delta Products, DfR Solutions, Gridbridge, Hesse Mechantronics, II-VI, IQE, John Deere, Monolith Semiconductor, RF Micro Devices, Toshiba International, Transphorm, USCi, and Vacon.
The formation of the Institute is part of the U.S. Government’s National Network for Manufacturing Innovation Initiatives (NNMI) announced by The White House in February 2013 to bolster the competitiveness of U.S. manufacturing.
IQE has been selected as supplier of epitaxial materials to the consortium for the development of a 150mm GaN- on-silicon power electronics capability for high voltage (600V to 1200V) applications, an award which is worth up to $4 million over the next five years.
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