RNS update from Clipper:
http://www.stockopedia.com/news/announcement/CWP/090205cwp8344m.htm
Highlights:
- 15 - 20% lower production levels planned for 2009 than 2008. "The current economic and credit conditions in global markets, coupled with lower energy prices, are resulting in reduced capital expenditures by the Company's customers and delays in the timing of turbine deliveries".
- In response, the Company is reducing overall operating expenses, component purchases and working capital balances to align with the lower production levels, including an 11% workforce reduction implemented in January 2009.
- The Company completed the 2008 fiscal year with an estimated cash balance of $214 million, including $5 million in restricted cash.
- Expects to report a loss for the second half of 2008. Clipper Windpower reported a first half net loss of $211.2 million.
