Key Developments For Zoltek Companies, Inc.
Zoltek Companies, Inc. (ZOLT.O) (Nasdaq)
Zoltek Companies Announces New Wind Energy Development Alliance
Zoltek Companies announced that it has entered into a technology and marketing agreement with Global Blade Technology (GBT), of Utrecht, the Netherlands. Zoltek and GBT are joining forces to accelerate the design and manufacture of advanced wind turbine blades utilizing Zoltek carbon fibers. GBT offers design, engineering, prototype development, testing and manufacturing assistance for new and existing wind turbine and independent turbine blade manufacturers. The Company expect the combination of GBT's expertise as the first fully integrated rotor blade designer, and Zoltek's ability to offer reliable low cost carbon fiber supplies in high volumes, will accelerate adoption of carbon fibers as wind turbine blade lengths continue to increase.
Zoltek Companies Promotes Andrew Whipple To Become Chief Financial Officer
Zoltek Companies announced that it has appointed Andrew W. Whipple as its Chief Financial Officer. Mr. Whipple has served as Zoltek's Chief Accounting Officer since May 2008. Mr. Whipple succeeds Mr. Rumy who had served as Chief Financial Officer on an interim basis since May 2008.
United States Court Rules in Gurit Holding AG’s Favor against Zoltek Companies
Gurit Holding AG announced that The United States Court of Appeals for the Eighth Circuit in St. Louis, Missouri, United States of America, denied on December 2, 2008, Zoltek Companies’ petition for rehearing in its case against Gurit subsidiary Structural Polymer Group Ltd., now Gurit (UK). Zoltek had asked the court to reconsider its earlier decision to affirm the jury verdict in Gurit's favor of over USD 21 million. Gurit has now filed a motion to collect the entire USD 21 million judgment directly from a bond which Zoltek was required to post in order to appeal the verdict rendered in a jury trial in November 2006. Gurit's motion seeks recovery of over USD 23 million from the bondholder, which includes the original jury verdict as well as post-judgment interest dating from December 2006 and court costs. The original suit arose out of the former 10-year supply agreement between Structural Polymer Group and Zoltek for the sale of large filament count carbon fibers, and Zoltek's repeated breach of that contract. Following Gurit's termination of that supply agreement, Zoltek filed a lawsuit against Gurit alleging that the termination was a breach of contract and amounted to fraud. On November 13, 2008, the United States District Court for the Eastern District of Missouri granted Gurit's motion to dismiss this second lawsuit. The court found that Zoltek's claims were without merit and dismissed the case in its entirety.
Zoltek Companies Comments On FY 2009 Sales Outlook
Zoltek Companies announced that for fiscal 2009, it expects reported sales to vary significantly due to currency fluctuations which have experienced extreme volatility over the past year, but sales volume to increase as the Company develop new customers in existing markets and continue to expand its global markets. According to Reuters Estimates, analysts are expecting the Company to report revenue of $255 million for fiscal 2009.
Zoltek Companies Issues Q4, FY 2008 Revenue Outlook; Comments On FY 2011 Revenue Outlook
Zoltek Companies announced that it expects to report revenues of approximately $51 million for the fourth quarter of 2008 and $186 million for fiscal 2008. The Company continues to believe it can achieve a run rate of $500 million of sales by fiscal 2011. According to Reuters Estimates, analysts are expecting the Company to report revenue of $51.9 million for the fourth quarter of 2008 and $186 million for fiscal 2008.
