SOEN.OB (Solarpower)

[la-onda]

fyi 

SOEN: Short Interest UP 1304.7% to 862.7K in Apr 2007
Tuesday , April 24, 2007 18:13ET

According to new short interest data from OTCBB.com, short interest for Solar Enertech Corp (OTCBB: SOEN) INCREASED 1304.7% to 862,681 shares for the month ended mid-April, 2007.

SYMBOL        MARCH           APRIL          CHANGE       %CHANGE  DAYS/COVER
--------   -------------   -------------   -------------  ------------  ----------
SOEN              61,414         862,681        +801,267     +1304.70%           2

Based on SOEN's 20-day average daily share volume of 845,600, it would require approximately 2 day(s) of buying to cover this short interest.

[cumulina]

The people who shorted SOEN.OB might be reconsidering their positions today!



Up 15.33% today on good volume.

[cumulina]

When SOEN moves, she MOVES! 

Fun day....

My average price is 1.3796 (From 1.38 - 1.752) so I'm all right with this.

[cumulina]

Hello, everyone!!!



News from little SOEN causing the stock to go up 8% today (so far):



April 30, 2007 - 9:00 AM EDT           

close Email this News Article 
Your Name   
Your Email   
Friend's Name   
Friend's Email   
Receive Copy: yes                 
 
SOEN 1.74   0.12 
Today 5d 1m 3m 1y 5y 10y



Solar EnerTech's Production Increases to Meet Demand
Solar EnerTech Corp. (OTCBB: SOEN) (the "Company") is pleased to announce that during the month of April, it received six new purchase orders from Spain, Malaysia, Turkey and South Africa, as well as from domestic buyers.

The Company is accelerating its manufacturing capacity, to meet this demand by formally launching a two-shift work schedule for its 25Mw solar cell production line. The recent orders consist of 65% foreign buyers and 35% domestic buyers, and the delivery deadlines vary from as early as May through to October. These new orders coupled with existing contracts currently in production, are a major reason behind the Company's decision to adopt two-shift production scheduling slated to commence right after the Mayday holidays in China.

The pace at Solar EnerTech's manufacturing facility reflects the Company's rapid development. With automated equipment processing silicon wafers at a steady pre-programmed speed, the pace of ancillary operations has been increased: to accommodate the upturn of in-plant traffic. Overall, the rise in activity has led to staffing increases to manage logistics, including doubling the size of the examination team required for silicon wafer pre-processing as well as increases to the numbers of quality control personnel between the solar cell production line and solar modules manufacturing stage. This phase of test management encompasses 170-watt and 280-watt solar modules as they are inspected by large assimilation test equipment in order to verify each panel's output wattage. Subsequent trials for durability are completed prior to packaging and readying for shipment.

Utilizing the upcoming long weekend during China's Mayday holidays, the Company opted to hold a training camp inviting its 20 above mid-level managers to a retreat about 100 miles away from its manufacturing facility near Hang Zhou. At the camp, managers will receive complimentary medical check-ups, along with a corporate team building and management training session led by Company CEO Leo S. Young. The Company hopes to use this three-day retreat to prepare its core team for even greater challenges after the holidays.

About Solar EnerTech Corp. (OTCBB: SOEN):

Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated 42,000-square-foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. This facility is capable of producing 25Mw of solar cells from its current production line and 50Mw upon completion of the second 25 Mw line which the Company anticipates will be fully-operational in the fourth quarter of this year. Solar EnerTech has also established a Joint R&D Lab at Shanghai University to research and develop higher efficiency cells and to put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company's R&D program will work to bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California's Silicon Valley.

[la-onda]

fyi:
Solar EnerTech Announces 2007 Fourth Quarter and Fiscal Year Financial Results
Friday , December 28, 2007 08:29ET

Menlo Park, Ca., Dec. 28 /Xinhua-PRNewswire/ -- - Solar EnerTech Corp. (OTC Bulletin Board: SOEN) (the "Company") today announced results for the fourth quarter and the 2007 fiscal year.

Fourth Quarter 2007 Financial Results

For the fourth quarter ended September 30, 2007, Solar EnerTech reported total revenue of $4.1 million compared to no revenue in the same period in 2006. The Company incurred a negative gross profit of $368,000 for the quarter ended September 30, 2007.

Total operating expense, which included a $3.0 million non-cash stock compensation charge related to the hiring and retention of key executives, was $4.1 million for the quarter ended September 30, 2007. Excluding stock compensation expense, operating expense for the quarter was $1.1 million.

Net income for the fourth quarter, which included $10.4 million in non-cash gains associated with a change in fair market value of compound embedded derivative liability and change in fair market value of warrant liability, was $5.1 million. Both the compound embedded derivative and warrant liabilities were recorded in conjunction with the convertible notes transaction entered into by the Company in March 2007. Excluding these non- cash gains, the Company had a net loss of $5.3 million, or $(0.07) per diluted share.

Mr. Leo Young, Chief Executive Officer of Solar EnerTech commented, ''Our results for the fourth quarter met our internal plan as we continued to take the appropriate steps to ramp up production and expand capacity. During our 2007 fiscal fourth quarter, we had one production line running, while we fine-tuned our manufacturing process and made progress towards completing our second manufacturing facility. These initiatives have positioned us well for increased solar cell shipments in fiscal 2008.''

Fiscal 2007 Financial Results

For the fiscal year ended September 30, 2007, Solar EnerTech reported total revenue of $5.6 million, compared to no revenue in the 2006 fiscal year. During its initial production run, the Company incurred higher than average manufacturing costs which resulted in a negative gross profit of $361,000 for the fiscal year ended September 30, 2007. Total operating expense, which included a $9.3 million non-cash stock compensation charge, was $12.0 million for the year ended September 30, 2007. Excluding stock compensation expense, total operating expenses for the 2007 fiscal year were $2.7 million.

The Company recorded a net loss of $29.4 million, or ($0.38) per diluted share in fiscal 2007, which included $15.7 million in non-cash losses associated with the issuance of convertible notes, the change in fair market value of compound embedded derivative liability and change in fair value of the warrant liability. Excluding these non-cash charges, the Company had a net loss of $13.7 million, or $(0.18) per diluted share.

Mr. Young continued, ''We are pleased with the progress we made in our business during the course of fiscal 2007 and are proud of our accomplishments. In addition to growing our revenues, we established a joint R&D venture with Shanghai University, completed our first 25 MW solar cell production line, signed a long-term material silicon supply agreement, obtained ISO 9001 and 14001 Certifications, received IEC Certification which has facilitated our entry into the European market, added an additional 21,000 square feet of manufacturing space which will increase future module production capacity, and improved our accounting and corporate governance functions.''

Financial Outlook

Order trends for Solar EnerTech's businesses continue to track internal expectations and the Company has positive, growth-driven momentum heading into fiscal 2008. The Company's revenue outlook for the fiscal 2008 first quarter, ending December 31, 2007 is $4.7 million to $5.0 million.

''As we look to the first quarter of 2008, our business continues to be on track and we have positive, growth-driven momentum for photovoltaic cell and module sales as customer demand remains very high in Europe and is increasing in other countries around the world. We were pleased to recently announce our largest sales contract win to date to ship solar modules to one of the largest solar system integrators in Europe. We expect the majority of this $21.8 million contract to be fulfilled in our fiscal 2008 second quarter. We have completed our first production line and are currently working diligently to ensure that our second production line is up and running in the second half of calendar year 2008. The growth of the renewable energy market remains strong and we are well positioned to increase our performance with our leading solar cell products and modules,'' concluded Young.

As of September 30, 2007, the Company had $3.9 million in cash, $900,000 of accounts receivables, $6.5 million of prepayment primarily for purchase of raw materials and $5.7 million of inventories on hand. Additionally, the Company had $9.6 million of accounts payable and accrued liabilities. It also recorded $16.8 million of derivative and $17.4 million of warrant liabilities.

Fiscal 2006 Restatements

In the fiscal year ended September 30, 2006, the Company accrued $2.1 million of compensation expense for its President and a U.S. employee. The Company has the obligation to withhold tax upon exercise of stock options by U.S. employees. The withholding tax absorbed by the Company was accounted for as additional compensation expense to employees. During fiscal year 2007, the Company's management ascertained that the initial estimate on the withholding tax liability was understated by $2.3 million. As a result, the Company restated its 2006 financial statements by increasing its fiscal year 2006 compensation expense and the accrued liability balance due to related party by $2.3 million. Information related to restated 2006 financial results can be found in today's Form 8-K filing being made with the Securities Exchange Commission.

[kslifka]

Break-out. 

Wish I had seen this one earlier when La-onda posted quarterly results.

I guess I was too busy getting ready for New Years Eve.

[kslifka]

Don't own...wish I did.