Zoltek reports strong growth in first quarter revenues and earnings
St. Louis, USA - Zoltek Companies, Inc. reported financial results for the first quarter of its 2012 fiscal year.
Zoltek reported net income of $9.7 million ($0.28 per share) in this year's first quarter, compared to a net loss of $1.6 million ($0.05 per share) in the first quarter of fiscal 2011. The Company's operating income was $8.2 million in the first quarter of fiscal 2012, compared to an operating loss of $1.2 million in the previous year's first quarter. Zoltek reported operating income of $1.0 million in the fourth quarter of fiscal 2011.
Zsolt Rumy, Zoltek's Chairman and Chief Executive Officer indicated that this quarter's performance was a step toward achieving Zoltek's goal to reach a $500 million revenue run rate in the next three years. "Wind turbine applications continue to represent the most significant near-term revenue growth potential. Zoltek is by far the leading supplier of carbon fibers used in the most advanced wind turbines - producing up to 5 megawatts of electricity annually," Rumy said. "We estimate that this large turbine segment of wind energy generation will increase at an annual rate of 15-25% for the next decade or more. These positive market fundamentals should enable us to maintain and build upon our leadership position as the primary supplier of carbon fiber to producers of wind turbines."
Zoltek believes that the prospects globally for wind energy will continue to be positive since it is the only clean zero CO2 emission renewable energy source that is cost-competitive with fossil fuels. Moreover, carbon fiber is the only material that delivers the necessary stiffness and strength per pound of weight to ensure the structural integrity of the super-long blades that power these turbines.
Source: IWR Online, 03 Feb 2012
