Solar products maker Hoku Scientific Inc. on Tuesday forecast revenue for its fiscal 2009 first quarter, which ends in June, of $2.2 million to $2.7 million, more than double last year's revenue of $1.1 million.
Hoku also forecast revenue for the 12 months ending March 31, 2009, of $15 million to $18 million. In the year-earlier period Hoku had revenue of $5.3 million.
Boosting capacity will remain a focus.
"The company expects that it will need to increase its efforts in supporting a polysilicon manufacturing and (photovoltaic) systems installation service business, develop its products and expand its corporate infrastructure," Hoku said in a statement. "As a result the company expects its costs to continue to increase significantly and expects to continue to incur losses for the foreseeable future."
Shares fell 47 cents, or 5.3 percent, to $7.81 in midday trading.
Also Tuesday, Hoku said that for the three months ended March 31 it 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.
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