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Acorn Energy Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: March 16, 2011 04:34PM
Acorn Energy Inc. (ACFN) filed Annual Report for the period ended 2010-12-31.
Highlight of Business Operations:
Through SCR-Tech, which is 100% owned by our 72% owned CoaLogix subsidiary, we offer a variety of services for coal-fired power plants that use SCR systems to reduce nitrogen oxides (“NOx”) emissions. NOx emissions are contributors to ground-level ozone (smog), particulate matter and acid rain. These services include SCR catalyst management, cleaning and regeneration, as well as consulting services to help power plant operators optimize efficiency and reduce overall NOx compliance costs.
Our SCR catalyst and management services business currently primarily serves the U.S. coal-fired power generation market. Our customer base ranges from large investor-owned utilities and independent power producers to smaller municipal power generators. As part of an ongoing growth and revenue diversification strategy, SCR-Tech continues to actively target SCR operators at coal-fired power plants throughout the United States, and the Eastern U.S. in particular, to further expand its customer base and broaden its reach in the marketplace. In 2010, four customers represented approximately 54% of SCR-Tech s revenue (18%, 15%, 11%, and 10%), and one of those customers (the Tennessee Valley Authority) comprised approximately 11% ($3.9 million) of Acorn s consolidated revenues for 2010. In 2009, two customers represented approximately 36% of SCR-Tech s revenue, with one of those customers, Allegheny Energy, comprising 16.0% of Acorn s sales for 2009. The loss of one or more of these customers could have a material effect on this segment.
All of this segment s operations (excluding sales and product delivery, set-up and service) take place in Israel. In 2010, approximately 55% of this segment's revenues were derived from outside of Israel. In 2009, approximately 43% of the segment s revenues were derived from outside of Israel While in 2008, only 15% of this segment s revenues were derived from outside of Israel. We expect this trend of increasing shares of this segment s revenues to be generated from outside of Israel to continue in 2011. DSIT continues to invest considerable effort to penetrate European, Asian, U.S. and other markets in order to broaden its geographic sales base with respect to its sonar technology solutions. We have significant customer relationships with some of Israel s largest companies in its defense and electronics industries as well as relationships with some of the biggest Asian defense integrators. We are currently exploring several cooperation opportunities within Europe and the US.
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