Newspaper article The Florida Times Union

Executives Say Solar Energy Initiatives Still on Target

Newspaper article The Florida Times Union

Executives Say Solar Energy Initiatives Still on Target

Article excerpt

Byline: MARK BASCH

Solar Energy Initiatives Inc. last week reported a loss for the third quarter ended April 30, which can be expected for a business in its first year of operations.

But company executives told investors in a conference call that its growth plan continues to be on target.

"Management is pleased with its recent accomplishments and believes that we are only at the very early stages of realizing the company's potential," President Greg Bakeman said.

Solar Energy Initiatives is a Ponte Vedra Beach-based company that is seeking to build a network of dealers across the country to install solar energy systems.

The company says it has more than 65 dealers in place now.

One of those dealers helped the company secure a $6 million contract with an unnamed school district in the western U.S. to install a solar power system.

During the conference call, company officials pointed to the contract as major stepping stone in achieving their goals. They expect the company to achieve positive quarterly cash flow during this calendar year.

Solar Energy Initiatives reported a net loss of $693,703 on revenue of $463,570 for the third quarter.

LOSS FOR EQUIPMENT MAKER

Jacksonville-based International Baler Corp. reported a net loss of $125,341, or 3 cents a share, for the second quarter ended April 30. Sales fell 45 percent to $1.36 million.

International Baler, which recently changed its name from Waste Technology Corp., makes recycling equipment. The company said in its quarterly report filed with the Securities and Exchange Commission that its results this year are being hurt by the weak economy, "including the collapse of commodity prices for recycled materials."

CITIGROUP SELLS CSX

Citigroup Inc. has sold off about 18 million shares of Jacksonville-based CSX Corp. recently, according to an SEC filing last week. That leaves Citigroup with 3.3 million CSX shares, or 0.9 percent of the stock. Citigroup had owned 5.4 percent when CSX filed its annual proxy statement in March.

With Citigroup selling off most of its stake, the only party owning more than 5 percent of CSX would be Capital Research Global Investors, which was listed in the proxy with a 6. …

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