Today's Solar Rocket Ride

• Report this Comment On August 31, 2010, at 4:05 PM, ecdfan wrote:

  Toby, I think you should learn to how to read 10Ks. If you had done that, you would have noticed the adverse opinion by the auditors.

  Here is what the auditors had to say:

  "... Our audit was based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated August 31, 2010 expressed an ADVERSE OPINION [my caps]... The Company utilizes a standard cost model to record inventory movements and periodically adjusts its inventory to actual costs. The control ensuring the accuracy of the adjustment to value inventory at actual cost in the financial statements did not operate effectively. The failure of this control results in a REASONABLE POSSIBILITY [my caps] that a MATERIAL MISSTATEMENT [my caps] of the annual or interim financial statements will not be prevented or detected."

  Diminished expectations are a powerful thing, especially if nobody bothers to read those 10Ks.

  And, yeah, your "bargain hunter" better learn how to read 10Ks as well. Forget the nonexistent "competitive offering" (6.3%-6.7% efficient modules with ASP of $2.12 cannot and will not sell, when 13%-14% efficient crystalline modules sell at less than $1.70 per Watt). What a bargain hunter needs to explain is why ENER's bonds are trading at junk levels (over 20% yield), and how the company's unprofitable "assets" could be enough to cover the $293 million debt due 2013.

• Report this Comment On September 01, 2010, at 10:34 AM, XMFSmashy wrote:

  ecdfan,

  As always, appreciate your insights into this company, if not your tone. If you're short the stock from considerably higher levels, you should be breathing easy. Lighten up.

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