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Filed under: Energy, Infrastructure
MEMC did not issue a warning with the news. Instead it stated, "MEMC is assessing the financial impact of the termination of the supply agreement and will provide further clarification on its third quarter financial results conference call in early November." MEMC called this a mutually beneficial outcome for both parties and it leaves the door open to working with Conergy again, but it is hard to not imagine that this will take one more bite out of forward guidance.
The original deal was signed in October 2007 for a preset pricing over a 10-year period, which was made on a take or pay basis. Conergy had advanced funds as a refundable capacity reservation deposit under the terms. MEMC said that starting back as far as early 2009 when market woes surfaced that obligations under the supply agreement created challenges to finding a mutually beneficial arrangement between the parties. This led to a lower supply agreement in January 2010.
In order to resolve these ongoing challenges, the companies have now agreed to terminate the supply agreement. MEMC will now receive payment of $21.2 million through the irrevocable letter of credit established by Conergy and MEMC will refund the refundable capacity reservation deposit currently held by MEMC in an approximately equal amount. Conergy will also make payments on outstanding payables in the amount of $5.5 million and it has agreed to transfer Conergy's portfolio of operations and maintenance contracts to MEMC covering solar power plants in Germany, Italy and Spain.
Where this may hurt is that it represents up to about 175 megawatts and is subject to MEMC's due diligence over the next 60-90 days. This termination agreement does states that there can be no assurance that the parties will conclude this transfer successfully.
We would definitely expect that this will result in a revenue dip for MEMC, but this is still subject to contractual due diligence. There may at least be some good news in that perhaps this will help margins.
MEMC shares closed down 5% at $2.82 on the day and shares are indicated up about 2% at $2.88 in the after-hours session after the news.
JON C. OGG
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Source: http://www.dailyfinance.com/2012/09/25/memc-terminates-solar-wafer-customer/
Source: http://www.alternative-energy-news.info/press/rethinking-residential-solar-energy/
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Filed under: Energy
By RACHEL D'ORO
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Source: http://www.dailyfinance.com/2012/09/18/alaskans-to-get-878-in-yearly-oil-wealth-payout/
Filed under: Technology, Earnings
H-P has a consensus earnings estimate from Thomson Reuters of $4.06 EPS for 2012 and $4.18 EPS for 2013. Still, that $3.40 to $3.60 target is being viewed as a huge disappointment.
Here is the real issue and this shows why you cannot blast a large corporate turnaround that does not occur overnight. The company says that it "is on track to deliver on its savings targets and complete the restructuring by the end of fiscal 2014."
Meg Whitman's outlook further stated, "By 2016, she expects the company's revenues to be growing in line with gross domestic product, with operating profit growing faster than revenues, industry-leading margins and disciplined capital allocation."
H-P has already been in turnaround mode for a year. What that means is that it will take another two years. or three years start to finish.
To turn a company around to look for revenue growth similar to that of GDP and even then not until 2016… What is the incentive for investors here?
H-P shares are down 7.5% at $15.85 on the day to yet another multi-year low.
JON C. OGG
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Source: http://www.dailyfinance.com/2012/10/03/h-p-lowers-guidance-yet-again/
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Many people are finally taking a long hard look at their financial status and are looking for ways to improve it. They are making a commitment to stop buying things that they can't afford and to live within their means. They also want to start saving more money for their future. Take a look at how an Internet savings account can help you save more money.
First of all, why use an Internet savings account versus your regular bank account? The usual answer is that people think Internet savings accounts offer higher interest rates. You will need to do some comparison shopping to see if this is true.
Interest rates change all the time. When you look online for a savings account you may see that some banks offer an introductory interest rate that is higher than the normal rate. What you want to find out is if this high rate will expire, and if so, when will it expire.
How do they compare with your brick-and-mortar banks? How often will they change?
Do you need to keep a minimum balance in the account at all times?
Can you withdraw money from your online savings account through an ATM?
When using an online-only bank to manage your money it is important to find out if you can apply for a loan from them if you ever need one. This includes a line of credit as well.
Are there any fees associated with using their online savings account? If so, is there any way to avoid those fees?
Are you limited to a specific number of free withdrawals per month or are they unlimited?
To withdraw money from an Internet savings account, you typically need to transfer it to a traditional bank account first and then withdraw from there. When you do your comparison shopping, double check if that is how withdrawals work, and if so, how many days do the transfers take.
How do they offer customer service? Through email or by phone? Phoning a customer service center is far more appealing than waiting for a response to an email, so take that into consideration when making your decision.
You can begin saving money right away by finding the right Internet savings account, especially if you find one that offers better interest rates than your traditional financial institution. Take the time to look online and do some comparison shopping before you setup any new accounts.
Source: http://tacklingourdebt.com/2012/09/26/internet-savings-account-how-choose-right-one/
Source: http://www.canadianpersonalfinance.com/canadian-personal-finance-happy-hour-labour-day-edition.html
Over the last couple years, the folks at Panera have slowly been expanding their pay-what-you-can Panera Cares eateries beyond the initial experiment in Missouri. But the latest Panera Cares, located in Chicago’s Lakeview neighborhood, is drawing some jeers from local residents who say the restaurant is attracting an undesirable element.
“It’s just kind of scary,” one longtime resident in the … [More]
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Although a pork industry group based in the UK warned consumers of a looming worldwide shortage,we’ve got plenty of bacon to go around here in the United States. Which is either a cause for celebration for you pork aficionados or will elicit a shrug from those not worshiping at the bacon altar.
Plans to stockpile your favorite bits of … [More]
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