Cassius Clay
12 years ago
Zoltek Reports Strong Growth In First Quarter Revenues And Earnings
ST. LOUIS, MISSOURI - February 2, 2012 - Zoltek Companies, Inc. (Nasdaq: ZOLT) today reported financial results for the first quarter of its 2012 fiscal year.
Zoltek's net revenues for the quarter ended December 31, 2011, totaled $47.0 million, compared to $32.9 million in the first quarter of fiscal 2011, an increase of 43.2%. On a sequential quarter basis, net sales for the latest quarter increased $3.9 million, or 9.1%, from the fourth quarter of fiscal 2011.
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.
"We are pleased to report strong gains on both the top and bottom lines in the first quarter and continuation of the momentum we experienced in the fourth quarter of fiscal 2011," said Zsolt Rumy, Zoltek's Chairman and Chief Executive Officer. "Our performance resulted from several internal and external factors. Our net revenues were up almost a third, despite the drag on our reported sales from the decline in the value of the Euro during the quarter, reflecting our expanded customer base in the wind energy business and increased sales of composite intermediate products. Our margins were positively impacted by a more profitable product mix, higher utilization of our production capacity, better operational performance, lower raw material costs and the decline in the values of the Hungarian Forint and Mexican Peso. We believe our first quarter results evidence that our carbon fiber business is on a path to increase significantly this year."
Rumy 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.
Zoltek's Annual Shareholders Meeting will be held at the Hilton St. Louis Frontenac Hotel at 10:00am-CT on Friday, February 3rd. Zoltek will host a conference call to review its first quarter results and answer questions on Monday, February 6, 2012 at 10:00 am CT. The conference dial-in number is (800) 753-9188. The confirmation code is 7446504. Individuals who wish to participate should dial in 5 to 10 minutes prior to the scheduled start time. This conference call will also be webcast on Zoltek's website - www.zoltek.com - under "Investor Relations." The webcast replay will be available on the website several hours after the call.
For further information contact:
Zsolt Rumy, Chairman and CEO
3101 McKelvey Road
St. Louis, MO 63044
(314) 291-5110
This press release contains certain statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "expect," "believe," "goal," "plan," "intend," "estimate," and similar expressions and variations thereof are intended to specifically identify forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of us, our directors and officers with respect to, among other things: (1) our financial prospects; (2) our growth strategy and operating strategy, including our focus on facilitating acceleration of the introduction and development of mass market applications for carbon fibers; and (3) our current and expected future revenue.
This press release also contains statements that are based on the current expectations of our company. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. The factors that might cause such differences include, among others, our ability to: (1) successfully adapt to recessionary conditions in the global economy and substantial volatility in order rates from our wind energy customers; (2) penetrate existing, identified and emerging markets, including entering into new supply agreements with large volume customers; (3) continue to improve efficiency at our manufacturing facilities on a timely and cost-effective basis to meet current order levels of carbon fibers; (4) successfully add new planned capacity for the production of carbon fiber, prepregs and precursor raw materials and meet our obligations under long-term supply agreements; (5) operate profitably; (6) increase or maintain our borrowing at acceptable costs; (7) manage changes in customers' forecasted requirements for our products; (8) continue investing in application and market development for a range of applications; (9) manufacture low-cost carbon fibers and profitably market them despite fluctuations in raw material and energy costs; (10) successfully operate our Mexican facility to produce acrylic fiber precursor and carbon fibers; (11) successfully continue operations at our Hungarian facility if natural gas supply disruptions occur; (12) successfully prosecute patent litigation; (13) successfully facilitate adoption of our carbon fibers by the auto industry for use in high-volume applications; (14) establish prepreg capacity; and (15) manage the risks identified under "Risk Factors" in our filings with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements.
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Zoltek Companies, Inc. via Thomson Reuters ONE
HUG#1582289
Q1-2012 Summary Financials - http://hugin.info/147962/R/1582289/494367.pdf
Cassius Clay
12 years ago
Automotive evolution or real revolution?
Ws we went to press in mid-December with this issue of HPC, Tokyo-based fiber manufacturer Teijin Ltd. and automaker General Motors (GM, Detroit, Mich.), announced an agreement under which the two companies will codevelop a Teijin high-speed process for the manufacture of carbon fiber-reinforced thermoplastic structures for use in a production vehicle.
Teijin said it will build a new technical center somewhere in northern North America (location to be announced early this month) where GM and Teijin will test and fine-tune Teijin’s high-speed thermoplastic composites manufacturing process.
We caught wind of Teijin’s new process just before the JEC Composites 2011 show last year. The company was not fully forthcoming about details of the process, but did report that it is a press-forming system, and that the fiber is prepregged and could be used with almost any thermoplastic matrix, including polypropylene and polyamide. This past spring, developed material forms included unidirectional intermediate-modulus fabric, isotropic intermediate-modulus fabric and long-fiber thermoplastic pellet. And Teijin reported that its press-forming process features a cycle time of just 60 seconds. This is important because the automotive world’s part-per-minute cycle time has long been considered one of the enduring standards composites must meet before automakers will embrace them as a structural materials.
GM’s Jim Hentschel, executive director and global functional leader for Body, Exterior and Dimensional Engineering, told HPC the carmaker has a particular resin and fiber combination in mind but would not identify them. The carmaker also was reluctant to commit to a timeline for development, but Hentschel did say that GM is excited and eager to move forward and help reduce weight on its vehicles. “We moved very quickly on this,” he said, “and it shows that GM is very open to new and emerging technology.”
What remains to be seen is how extensively GM will integrate these thermoplastic composite structures in a new vehicle. Greg Hagy, director of business development at GM, told us that the company plans to “engineer from the ground up” to optimize composites use in next-generation vehicles. They’re not, we report with some relief, expecting “black aluminum.”
GM’s announcement comes on the heels of three others:
Over the past 18 months, BMW (with the help of carbon fiber maker SGL Group) has worked to develop carbon fiber composites for its all-electric i3 and the hybrid-electric i8.
In November 2011, carbon fiber manufacturer Zoltek launched prepreg operations for automotive applications, following the 2010 launch of Zoltek Automotive Inc., to focus on high-volume applications for carbon fiber composites in cars and trucks.
In Japan, in late 2010, carbon fiber supplier Toray and Toyota announced a joint effort to develop carbon composites and processes for body panels on some Lexus models.
Taken together, these announcements make one wonder — hopefully — if these carmakers are only the first of many that will take the bold step of integrating carbon fiber composites into production vehicles. As 2012 begins, it will be interesting to see what other automakers do to meet the challenge these carmakers present. And to see what sort of challenge it is. Do these announcements signal that we are on the cusp of a paradigm shift in automotive manufacturing? Or are we witnessing a few intriguing, but isolated, outside-the-box experiments with advanced materials that might forever remain outside the production mainstream? Only time will tell, but it’s the difference between automotive evolution and a real revolution.
Author: Jeff Sloan , Editor-in-Chief |
11
| Posted on: 1/2/2012
http://www.compositesworld.com/columns/automotive-evolution-or-real-revolution
Cassius Clay
12 years ago
Zoltek Receives Award from Missouri Governor
ST. CHARLES, Mo. – A St. Charles-based business that has hired four military veterans in the past year under the Show-Me Heroes program is the recipient of the”Flag of Freedom” award from Gov. Jay Nixon. The Governor presented the designation to Zoltek Companies Inc. at a ceremony today.
“I am proud to award the Flag of Freedom award to a business that has made hiring veterans a priority,” Gov. Nixon said. “Missouri’s military veterans have served honorably, are well trained, and make excellent employees, and I applaud Zoltek for hiring four of these quality individuals. Show-Me Heroes is a great way to acknowledge the sacrifices made by the men and women of our armed services, and help our veterans transition back to civilian life when they return home. Especially during this holiday season, I encourage more Missouri employers to join the ranks of those who have hired a veteran through the Show-Me Heroes program.”
The Show-Me Heroes program, announced by the Governor in January 2010, is designed to connect military veterans with job opportunities when they return home from service. Administered by the Missouri Division of Workforce Development, Show-Me Heroes is a campaign to showcase Missouri businesses that are willing and eager to hire veterans. Employers participating in the Show-Me Heroes program sign a pledge to ramp up efforts to reach out to, recruit and interview veterans for job openings at their businesses.
So far, 1,702 Missouri employers have taken the Show-Me Heroes pledge and 989 veterans have been hired. The Governor was joined today by the director of the Show-Me Heroes program, Lt. Col. Alan Rohlfing of the Missouri National Guard, and by Julie Gibson, director of the Division of Workforce Development.
The award itself is a plaque featuring an American flag patch from the combat uniform of a member of the Missouri National Guard worn while that Citizen-Soldier or Airman was deployed in Iraq or Afghanistan.
Employers who wish to participate in Show-Me Heroes can visit the state’s Web site, MO.gov, to register and take the pledge. Once a company has done so, it is listed prominently in an online database that highlights veteran-friendly employers across Missouri. The database includes contact information for the businesses and links to their Web sites. Employers receive a special certificate, signed by the Governor, and a decal to display at their location. Beyond the employer directory, the Show-Me Heroes Web site also includes resources for job-seeking veterans, including links to employment openings in state government and a link to Missouri Career Source, a statewide one-stop-shop for Missourians looking for work.
“My administration remains committed to helping our veterans find jobs when they return home,” Gov. Nixon said. “I ask every employer in Missouri to visit MO.gov today to take the Show-Me Heroes pledge so we can express our gratitude to Missouri’s service men and women, while continuing to move our economy forward.”
Show-Me Heroes is one of several measures the state has taken under Gov. Nixon to encourage veterans to live, work, and retire here in Missouri. In 2009, for example, the Governor signed legislation gradually phasing out the state tax on military retirement income. Under the new law, by 2016, military veterans will not pay any state taxes on military pensions.
http://zoltek.com/zoltek-receives-award-from-missouri-governor/
Cassius Clay
12 years ago
ZOLTEK OPENING PREPREG OPERATIONS AND TECH CENTER IN ST. LOUIS, MO
11/17/11
Carbon fiber manufacturer, Zoltek Corporation (ZOLT), has taken a major step toward growing its carbon fiber prepreg capabilities by expanding into a new 135,000 sqft. facility just outside of St. Louis, MO. The new facility will house Zoltek’s prepreg manufacturing and new Technical Center.
The company is making the move in response to the growing demand of a low-cost carbon fiber prepreg supply in wind energy and other applications. “Our strategy has been to commercialize carbon fiber and broaden its use in industrial applications through low-cost and supply availability”, says CEO Zsolt Rumy. “Unfortunately, the current carbon fiber prepreg supply is fragmented and geared towards aerospace markets rather than industrial use. We are addressing this shortfall by consolidating the supply chain and forward integrating into prepreg manufacturing for select industrial applications.”
St. Louis is home to Zoltek’s headquarters as well as one of their four carbon fiber manufacturing facilities. In addition to manufacturing prepreg carbon fiber, the new location will also serve as a technical center for carbon fiber applications, specifically targeting wind energy and automotive applications.
Wind energy is a leading application for Zoltek’s prepreg carbon fiber due to its unique and inherent characteristics (high-stiffness, high-strength, lightweight). Recent trends in wind energy have spurred wind blade manufactures to create longer turbine blades which generate more energy. Carbon fiber composites have proven ideal for wind blade turbine reinforcement, enabling longer blades to capture more wind energy, even at lower wind speeds, and convert it to electricity.
Automotive is a growing application for carbon fibers, where the strength-to-weight ratio of carbon fibers enables vehicles to be lighter weight and therefore more fuel-efficient. Other applications include offshore drilling, infrastructure repair, marine, and other applications requiring a high strength and light-weight material.
In addition to the two production facilities in St. Louis, Zoltek has carbon fiber manufacturing facilities in Hungary, Mexico, and Texas.
makesumgravy
15 years ago
Thursday, 14 May 2009
Lightning Round: Dow Chemical, Panera Bread, Emerson Electric and More
Topics:Stock Picks | Stock Market
Companies:Badger Meter Inc | Owens Corning Inc | Zoltek Companies Inc | Dow Chemical Co | Panera Bread Company | Ingersoll-Rand Co Ltd | Emerson Electric Co
Ingersoll-Rand [IR 20.23 -0.02 (-0.1%) ]: Cramer won’t recommend buying IR higher than $17-$18, he said.
Panera Bread [PNRA 53.24 0.59 (+1.12%) ]: Cramer is bullish on Panera.
Badger Meter [BMI 40.62 1.11 (+2.81%) ]: Emerson Electric [EMR 32.09 -0.13 (-0.4%) ] is a better pick, Cramer said.
Dow Chemical [DOW 17.68 0.81 (+4.8%) ]: “I think Dow’s OK here,” Cramer said. This stock is a buy.
Zoltek [ZOLT 9.90 0.50 (+5.32%) ]: Sell ZOLT. “I don’t like that company,” Cramer said. Investors who want to be in the composite business, of which Cramer's not a fan right now, should go with Owens Corning instead.
Cramer's charitable trust owns Emerson Electric.
Call Cramer: 1-800-743-CBNC
Questions for Cramer? madmoney@cnbc.com
makesumgravy
15 years ago
Zoltek Reports Second Quarter Results
On Monday May 11, 2009, 7:03 pm EDT
Buzz up! Print Related:Zoltek Companies Inc.
ST. LOUIS, May 11, 2009 (GLOBE NEWSWIRE) -- Zoltek Companies, Inc. (NasdaqGS:ZOLT - News) today reported results for the second quarter and first half of its 2009 fiscal year.
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ZOLT 9.90 +0.50
Zoltek's net sales for the second quarter of fiscal 2009, ended March 31, totaled $36.0 million, compared to $49.6 million in the second quarter of fiscal 2008, a decrease of 27%. Operating income in fiscal 2009's second quarter was $2.1 million, compared to $8.3 million in the second quarter of fiscal 2008, a decrease of 75%. Zoltek's net income for the latest quarter was $0.5 million, compared to $4.3 million in the second quarter of fiscal 2008.
For the first half of fiscal 2009, Zoltek's net sales were $74.6 million, compared to $89.7 million in the first half of fiscal 2008, a decrease of 17%. Operating income was $5.5 million for the first half of fiscal 2009, compared to $13.1 million in the first half of fiscal 2008, a decrease of 58%. Zoltek reported net income of $1.0 million for the first half of fiscal 2009, compared to net income of $6.9 million in the first half of fiscal 2008.
``After four years of strong consistent growth in revenues and profitability, we are disappointed with Zoltek's performance through the first six months of 2009,' said Zsolt Rumy, Zoltek's Chairman and Chief Executive Officer. ``It is unfortunate that the global economic downturn has affected our industry and interrupted the momentum of our revenue growth just when we took a quantum leap in increasing our ability to serve the needs of the current and potential new users of commercial carbon fibers with the addition of our Mexican facility for precursor and carbon fiber production. However, we firmly believe this situation is no more than temporary - and by no means represents a permanent change in our business prospect or our outlook.'
Based on Zoltek's marketing activities, including recent participation in two global conferences - on wind energy and advanced composites - Rumy added, ``As bad as this year has been so far, there is a strong consensus within the industry that the fundamentals for resumption of historical growth trends as soon as next year are as strong as ever - given carbon fiber's position as the key enabling material in reaching new levels of performance in wind energy, automobiles, deep-sea drilling and other application areas. In the case of wind power, which we believe offers the most imminent potential for additional growth, the uncertainty of the financial support by the U.S. government has negatively affected the industry. New wind farm activity has slowed as developers, wind turbine equipment manufacturers and their financing sources are waiting to see what government benefits can be expected. Although project cancellations are very uncommon, a number of them are on hold until the economic uncertainties are cleared up.'
Rumy noted that as a part of the global economic situation Zoltek's revenues in the first half of the year were adversely affected by the Euro's decline against the dollar and by falling energy and raw material costs that were passed along to customers as price reductions. The costs associated with the start-up of Zoltek's recently acquired Mexican facility were also a factor in causing the company's gross profit to decline to $9.1 million in the second quarter of fiscal 2009 from $14.0 million in the second quarter of fiscal 2008.
``Even in this unexpected global downturn that we are experiencing today, Zoltek continues to be profitable, reduce our long-term debt and produce positive cash flow from operations,' Rumy said. ``We have the ability to ride out the current storm as we continue to actively pursue new orders and prepare for the strong growth that we believe is sure to follow.
``We have the confidence of knowing that governments and public utilities around the world are united in wanting to make wind energy a much bigger part of the overall energy mix. Wind energy is the only renewable energy, particularly the large turbines which are using carbon fiber-reinforced blades, that economically competes with fossil fuels in generating electricity. We also have every confidence that growth in existing markets and developments in automotive field and deep sea drilling will generate huge new demands for our carbon fibers. The revolution in building materials based on carbon fibers is real and it will continue not just for years, but for decades.
makesumgravy
15 years ago
Zoltek Companies, Inc. Appoints New Independent Director
On Thursday May 7, 2009, 4:15 pm EDT
Buzz up! Print Related:Zoltek Companies Inc.
ST. LOUIS, May 7, 2009 (GLOBE NEWSWIRE) -- Zoltek Companies, Inc. (NasdaqGS:ZOLT - News) today reported that at its regular quarterly meeting held May 2, 2009, the Board of Directors appointed Pedro Reynoso as a director for a term expiring at the 2010 annual meeting of shareholders. Mr. Reynoso succeeds James Betts who retired from the Board effective with Mr. Reynoso's appointment.
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ZOLT 9.90 +0.50
Mr. Reynoso, age 64, is President and CEO of Planfin, S.A. de C.V., a Mexican consulting firm he founded in 1982, and also serves as Director of Operations for the textile and packaging divisions of Cydsa, S.A. de C.V., a publicly traded Mexican company that operates in the chemical and textile markets, a position Mr. Reynoso has held since 2002. Before joining Cydsa, Mr. Reynoso served in various executive and operating positions in manufacturing and financial services businesses. He also has served on the Boards of Directors of various publicly traded and privately owned Mexican companies active in a range of industries, including mining, real estate, textiles, electronics and energy. Mr. Reynoso is a Mexican national who spent his elementary and high school years studying at St. Joseph's Academy in Brownsville, Texas, and then studied at Instituto Tecnologico y de Estudios Superiores de Monterrey in Monterrey, Mexico, where he earned a Bachelor's degree, with honors, in Public Accounting. The Company has determined that Mr. Reynoso is an independent director under Nasdaq rules.
Zsolt Rumy, Zoltek's Chairman and CEO, commented, ``We are delighted that we were able to recruit Pedro to join the Zoltek Board. With the successful acquisition and retrofit of our facility in Guadalajara, our Mexican operations will be a key element in our future growth strategy and we expect Pedro will be an invaluable asset for us in that area. We have worked with Pedro in his role on behalf of Cydsa and came to respect his professionalism and expertise.'
Mr. Rumy added, ``On behalf of all Zoltek's shareholders, I also want to recognize Jim Betts for his many contributions as a Board member since our IPO in 1982. Jim has always been there for us, and we sincerely appreciate his friendship and willingness to generously share his background and experience as a respected chemical industry executive. We wish Jim all the best in his retirement.'
makesumgravy
15 years ago
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS.
(c) On April 23, 2009, the Registrant announced that it had appointed Andrew W. Whipple as the Registrant's Chief Financial Officer. Mr.
Whipple, age 45, has served as the Registrant's Chief Accounting Officer since May 2008. Prior to joining the Registrant, from 1998 to 2003 Mr. Whipple served as Controller and later Chief Financial Officer of Digital Teleport, Inc., a telecommunications company. After Digital Teleport was acquired by CenturyTel in 2003, Mr. Whipple became Vice President of Operational Support CenturyTel, a telecommunications company, from 2003 to 2007. In 2007, Mr.
Whipple joined E3 BioFuels, a biofuels company, where he served as its Chief Financial Officer until May 2008.
A copy of a press release issued by the Registrant on April 23, 2009 is filed as Exhibit 99.1 to this Current Report on Form 8-
makesumgravy
15 years ago
Our energy future
By T Boone Pickens
November 16, 2008
Three critical issues face the Obama administration in 2009: first, the collapsing U.S. economy; second, our national security; and, finally, our escalating and costly dependence on foreign oil.
Addressing our perilous dependence on foreign oil is a sure way to solve the economic and security threats. We cannot be complacent and buy into the notion that collapsing oil and gasoline prices have solved the problem. They have added to it. Though prices have dropped, we continue to import nearly 70 percent of the oil we use. The longer we fail to develop a national will and a national energy plan, the worse our national economic and security threats will become.
The recent decline in oil prices is temporary. They will rise as the world’s economies improve and demand cranks up again. Add to that this statement from a study by the International Energy Agency: “Output from the world’s oil fields is declining faster than previously thought … annual output will decline by 8.6 percent.”
Higher demand. Lower supply. Spiking prices.
As an economic issue, the Obama administration will try to jump-start the U.S. economy before the 2010 midterm elections.
It will have to look long and hard at creating new jobs and reducing the amount of money sent overseas for oil—which, at $70 per barrel, will total more than $350 billion this year, even though oil prices have dropped. That number will likely be more than $700 billion over the next two years.
Our energy problem can be solved by focusing on two abundant domestic resources: wind and natural gas. They are the cornerstones of the Pickens Plan.
We produce about 22 percent of our electricity using natural gas. The Department of Energy estimates we can replace almost all of that natural gas with clean, renewable wind power. A commitment to build out wind power capacity from Texas to the Canadian border—the “Wind Corridor”—would add 138,000 jobs in the first year alone and upward of 3.5 million jobs over a 10-year period.
New wind power would free up natural gas to replace diesel fuel and gasoline in transportation, establishing a 20-to-30-year bridge while we develop the next generation of batteries and fuel cells. Incoming White House Chief of Staff Rahm Emanuel is a strong advocate for using natural gas as a transportation fuel.
Seventy percent of the oil used in the United States is for transportation, and a large percentage of that is used in moving goods via 18-wheelers on interstate highways. If major trucking companies were to replace vehicles using (foreign) diesel with trucks using (domestic) liquefied natural gas, it would provide an immediate and dramatic impact on America’s oil imports.
In fact, any fleet—municipal vehicles, buses, express delivery, garbage trucks, regional hub operations—that goes to the same barn every night could easily be upgraded to natural gas with a relatively minuscule investment in fueling infrastructure.
Natural gas is cleaner, cheaper, abundant, available now, and completely domestic.
The Obama administration can show leadership by ordering that all new U.S. government vehicles must use natural gas instead of gasoline or diesel. Such a move would send a clear signal to major manufacturers of cars and trucks that Washington is serious about natural gas and reducing the threat of foreign oil.
A new renewable energy infrastructure including wind energy will create millions of new jobs while freeing up natural gas for use in transportation.
Natural gas is the only fuel that can reduce our oil dependence by 30 to 50 percent within 10 years and keep hundreds of billions of dollars here in the United States, saving more than enough money to pay for our investment in wind power.
Taken separately, these steps are each good ideas. But together they are an energy plan, and that’s what we need right now.
It won’t be easy. Washington lobbyists will work hard to protect the interests of their clients—the big oil companies, the big chemical companies and the big car companies—by preserving the status quo.
For more than four decades low gas prices, failed leadership and a lack of accountability haven’t solved the problem. But with the abundance of domestic natural gas, this is the greatest opportunity we’ve ever had. It’s time to end our addiction to foreign oil.
T. Boone Pickens is founder and chairman of BP Capital.
makesumgravy
15 years ago
Zoltek Comments On Favorable Ruling in Carbon Fibers Patent Litigation
Thursday January 29, 2009, 5:15 pm EST
Yahoo! Buzz Print Related:Zoltek Companies Inc.
ST. LOUIS, Jan. 29, 2009 (GLOBE NEWSWIRE) -- Zoltek Companies, Inc. (NasdaqGS:ZOLT - News) today reported on developments in long-running patent litigation filed in the U. S. Court of Federal Claims by its Zoltek Corporation subsidiary against the U.S. Government. The Court recently granted Zoltek's motion for leave to amend its complaint to assert certain claims against U.S. Government contractor, Lockheed Martin Corporation, with respect to the F-22 Fighter Plane, and to transfer that portion of the lawsuit to the Federal District Court in Atlanta. The transfer results from an earlier ruling of the U.S. Court of Appeals holding that the government was not liable to Zoltek for patent infringement relating the F-22. Consequently, Zoltek will amend its complaint and continue to prosecute patent claims against Lockheed in Federal District Court in Atlanta. The Claims Court's order to transfer the F-22 Fighter portion of the case is the first time that a court has permitted a patent holder to sue a U.S. Government contractor for patent infringement for work performed at the direction of the U.S. Government.
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{"s" : "zolt","k" : "c10,l10,p20,t10","o" : "","j" : ""} In the litigation, which has been pending for almost 13 years, Zoltek alleges the U.S. Government infringed Zoltek's patent rights by incorporating carbon fibers manufactured by a process covered by Zoltek's patent into certain stealth aircraft, specifically including the B-2 Bomber and the F-22. In earlier rulings, the government prevailed on its defense that, under applicable patent law, it was not liable for patent infringement by virtue of the fact that certain manufacturing steps were performed outside the United States.
In its opinion, the Court of Federal Claims stated, ``Contrary to the government's assertion that no court has jurisdiction over Zoltek's claim, this Court is of the opinion that Zoltek is entitled, as should be all plaintiffs, to have its day in court.''
Zsolt Rumy, Zoltek's Chairman and CEO, commented, ``We are pleased that the Court of Federal Claims ruled in our favor and cleared the way for continued prosecution of this lawsuit to vindicate our patent rights. Despite several setbacks that have caused this litigation to drag on for many years, we are as committed as ever to obtaining fair compensation for our proprietary carbon fiber technology utilized in these aircraft. Nonetheless, it appears that any recovery must await further proceedings and this case will not provide us any short-term financial benefit.''
For further information contact:
Zsolt Rumy, CEO
3101 McKelvey Road
St. Louis, MO 63044
(314) 291-5110
makesumgravy
15 years ago
Zoltek Reports First Quarter Results
Monday February 9, 2009, 4:31 pm EST
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ST. LOUIS, Feb. 9, 2009 (GLOBE NEWSWIRE) -- Zoltek Companies, Inc. (NasdaqGS:ZOLT - News) today reported the financial results for the first quarter of its 2009 fiscal year.
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Zoltek's net sales for the quarter ended December 31, 2008, totaled $38.6 million, compared to $40.1 million in the first quarter of fiscal 2008, a decrease of 3.6%.
Operating income from continuing operations totaled $3.5 million in the first quarter of fiscal year 2009, compared to $4.8 million in the first quarter of fiscal 2008. Zoltek's net income was $0.5 million in the first quarter of fiscal 2009, which compared to net income of $2.6 million reported for the first quarter of fiscal 2008.
``We normally expect to be impacted by customers' year-end production curtailment and seasonal inventory adjustments in the last quarter of each calendar year -- the first quarter of our fiscal year. This year our results were further affected by customer reaction to increasingly serious global economic uncertainties. Customers in the computer and automotive markets, along with one of our wind turbine customers, postponed or cancelled some orders. While this is certainly disappointing, we believe it represents a temporary lull in the strong growth profile that Zoltek has established in recent years,' said Zsolt Rumy, Zoltek's Chairman and Chief Executive Officer. ``Although our business is not immune to the global economic turndown, as well as the effects of currency fluctuations and extreme variations in cost of energy and raw materials, there is no evidence of change in the long-term demand from commercial applications for low-cost carbon fibers or the outlook for our business.'
Zoltek reported that the most significant reduction in its first quarter sales came from the shut-down of Gamesa's manufacturing facilities in December and the reduction in their inventory. Currently, Gamesa is Zoltek's second largest wind turbine customer. In commenting on the decrease in sales to Gamesa, the Company noted its belief that it did not evidence a long-term decline in demand for wind turbines, but rather that Gamesa's customers have been adversely affected by difficult capital markets in financing installation of new wind energy generation. Due mainly to the postponement or cancellation in sales orders, Zoltek's inventories increased from $45.7 million on September 30, 2008, to $53.2 million on December 31, 2008. The primary increase in inventory was in finished goods waiting to be shipped.
However, Rumy noted that the fundamentals of the wind energy sector remain strong -- with clear potential of continuing 20-to-25% annual growth. He cited continued growth in demand from, and deliveries to Vestas Wind Systems, the world's largest manufacturer of advanced wind turbines and Zoltek's biggest customer. He added: ``We are optimistic about the prospects of future growth in demand from current wind energy customers and prospective customers. Overall wind turbine demand grew just as fast when oil prices were less than $30 per barrel, and a number of wind turbine manufacturers are again actively looking at the high performance carbon fiber-reinforced blade designs. Despite the uncertainties in the current environment, we believe that Zoltek's long-term growth objectives are still attainable and with our efforts in developing new customers, new applications and new markets, it is entirely possible that fiscal 2009 as a whole will wind up being another year of strong growth for Zoltek.'
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