SunSi Energies Inc's (OTC: SSIE)
goal is to become one of the world's largest producers of trichlorosilane ("TCS"). The Company plans to achieve this objective by acquiring and developing a portfolio of high-quality, scalable, strategically located TCS production facilities that possess a potential for future growth and expansion. U.S. based SunSi controls approximately 55,000 metric tons of TCS production in China.
The Company has announced its operating results for its first fiscal quarter ended March 31, 2012.
For the three months ended March 31, 2012, "sales totaled $507,627, compared to $5.5 million in the prior year period. Net loss per diluted share for the quarter was ($0.02), compared to break-even results in the first quarter 2011. EBITDA, a non-GAAP measure, was a negative $405,525 in the first quarter 2012, versus positive EBITDA of $124,646 in the comparable period last year."
Jason Williams, SunSi's CFO stated,
"Despite a very challenging situation in both the Chinese and global TCS marketplaces, we have been able to minimize our cash consumption due to our low corporate and operational overhead structures. We realized an almost $475,000 improvement in cash used in operating activities over the prior year quarter. We will continue to closely monitor our liquidity in order to better position SunSi for the improvement we anticipate within the industry during the latter half of 2012."
, SunSi Energies' Chief Executive Officer, said,
"The unprecedented global conditions surrounding polysilicon and TCS created a very challenging environment for SunSi this past period. While some of the polysilicon surplus remains, we continue our efforts to secure new orders and diligently manage our operations. We are confident that our operating results for the first quarter will represent the low-water mark for the SunSi and its TCS business. As the low cost producer and operator of one of the top TCS facilities in China, we believe that we are well positioned to emerge as a prominent TCS provider with the continued stabilization of the market. Furthermore, consolidation within our industry has started to occur which supports our current and long term objective as a TCS production leader."
Mr. Natan continued,
"We are very excited about the diversification and growth opportunities presented by the renewable energy industry. We are working to complete our transaction to acquire a majority stake in TransPacific Energy, Inc. (TPE), a designer and seller of innovative and proprietary energy systems that maximize heat recovery and convert waste heat directly into electrical energy, by the end of June 2012. We are optimistic that our financial results will benefit from the combination as early as the third quarter of 2012. This transaction is a major step in our acquisition strategy and represents a significant opportunity for the Company and its shareholders."
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