Shares of Hoku Scientific Inc. fell nearly 4 percent Tuesday after the solar products maker reported a fiscal fourth-quarter loss and the end of a financing deal with Merrill Lynch.
For the three months ended March 31 the company lost $2.1 million, or 12 cents per share, slightly less than the loss of $2.1 million, or 13 cents per share, of the year-earlier quarter.
Analysts polled by Thomson Financial expected, on average, a loss of 16 cents per share.
Revenue tumbled to $621,000 from $1.1 million. Analysts expected higher revenue of $920,000.
Chief Executive Dustin Shindo said in a statement that the company "expected to see losses as we increased our efforts in supporting a polysilicon manufacturing and (photovoltaic) systems installation service business. While we expect to incur continued losses during the polysilicon plant construction phase, we are excited about our solar revenue prospects."
Total operating expenses fell to $2.4 million compared with $2.6 million in the year-earlier quarter. Hoku's selling, general and administrative expenses fell 63 percent in the recent quarter.
The company also said it ended a fundraising deal with Merril Lynch that would have helped finance a $390 million Idaho polysilicon plant. Instead, Hoku will seek the financing through an offering of securities.
For the fiscal year ended March 31, Hoku lost $4.3 million, or 26 cents per share, compared with $2.8 million, or 17 cents per share, in the previous 12-month period.
Shares fell 41 cents, or 5.2 percent, to $7.82 in midday trading.
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