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Executives

Dustin M. Shindo - Chairman of the Board, President and CEO

Darryl S. Nakamoto – Chief Financial Officer, Treasurer, Secretary

Scott B. Paul – Vice-President – Business Development

Analysts

Rob Stone - Cowan & Co

Colin Rush - Rockpoint Capital

Jeff Osborne - Thomas Weisel Partners

Zack Lesko - America’s Growth Capital

Hoku Scientific, Inc. (HOKU) F1Q09 Earnings Call July 16, 2008 5:00 PM ET

Operator

Welcome to the Hoku Scientific first quarter fiscal 2009 earnings results conference call. (Operator Instructions) Now at this time, for opening remarks and introductions, I would like to turn the call over to Darryl Nakamoto.

Darryl S. Nakamoto

During this conference call, you will hear forward-looking statements that involve many risks and uncertainties. These statements relate to Hoku Materials financing strategies, amount of financing required, ability to successfully raise sufficient funds to establish a polysilicon manufacturing facility within the time required from its contracts, the Sanyo Electric Co, Ltd., Global Expertise Wafer Division Ltd., Wuxi Suntech Power Co., Ltd., and Solarfun Power Hong Kong Ltd. or [inaudible]; whether or not Hoku Materials or Global Expertise Wafer Division Ltd. terminate the polysilicon supply agreement; whether or not Hoku Materials or Sanyo Electric Co. Ltd. terminate the polysilicon supply agreement; the cost to engineer, procure and construct its planned polysilicon facility; its ability to engineer and construct its plastic production plant for polysilicon; Hoku Materials’ ability to manufacture polysilicon; Hoku Materials’ forecasted revenue from the potential future sale of polysilicon and its ability to secure additional pre-payments from the sale of 300-500 metric tons of annual unallocated production capacity;

Hoku Materials’ ability to meet the delivered schedules and its customer contracts, its ability to successfully achieve the milestones in its contracts with Sanyo Electric Co, Ltd., Global Expertise Wafer Division Ltd., Wuxi Suntech Power Co., Ltd., and Solarfun Power Hong Kong Ltd; the ability of its vendors, contractors and consultants to meet the deliveries schedules and the respective agreements with Hoku Materials; Hoku Materials’ costs to manufacture polysilicon and its ability to offer pricing that is competitive with competing products and Hoku Materials’ plan for future expansion of its polysilicon production facilities.

These statements also relate to Hoku Solar’s ability to successfully complete photovoltaic or PV system installations; its ability to obtain third party financing for Hoku Solar’s power purchase agreement with Hawaiian Electric Company; the performance and durability of Hoku Solar’s PV systems; the cost to produce, to procure and install the PV systems; its ability to offer pricing that is competitive with competing products; and expected future revenue from the PV system installation business.

These statements also relate to Hoku Scientific, Hoku Materials, and Hoku Solar’s future financial performance including revenue and growth margin projections; Hoku Scientific, Hoku Materials and Hoku Solar’s business strategies and plans, and objectives established for future operations.

In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, and timeframes for achievements to be materially different from any future results, performance, timeframes for achievements expressed or implied by the forward-looking statements.

Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. In evaluating these statements, you should specifically consider the risk described in Hoku Scientific’s filings with the Securities and Exchange Commission.

Except when acquired by law, Hoku Scientific assumes no obligation to update these forward-looking statements publically or to update the reasons actual results could differ materially from anticipated, those anticipating these forward-looking statements even if the information becomes available in the future.

During this conference call, we will use non-GAAP financial measures in the course of analyzing our results. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures, with the most, directly comparable GAAP financial measure which reconciliation may be found in our press release announcing our first quarter 2009 results.

This call is the property of Hoku Scientific, Inc. and any recording, reproduction or transmission of this conference call without expressed, prior written consent of Hoku Scientific, Inc. is strictly prohibited.

Now, I would like to turn the call over to Dustin Shindo, Chairman of the Board of Directors, President and Chief Executive Officer of Hoku Scientific.

Dustin M. Shindo

Good afternoon and thank you for participating in Hoku Scientific’s first quarter 2009 earnings call. Joining me today via conference call is Darryl Nakamoto, our Chief Financial Officer, and Scott Paul, our VP of Business Development.

We are very pleased with the continued progress that we made during the quarter towards executing on our solar and polysilicon strategies. Before turning the call over to Darryl Nakamoto for a detailed review of our first quarter financial results, I would like to begin with an update on recent developments with Hoku Materials, followed by an update on Hoku Solar.

To begin, we continue to make progress in the engineering, procurement and construction of our planned polysilicon production plant in Pocatello, Idaho. We have substantially completed the technology integration engineering phase; the excavation and installation of the foundations for underground utility rock, the reactor building and the vent gas recovery system have been completed. The erection of the structural field is in progress.

The next significant construction milestone is the delivery of the first set of polysilicon reactors planned for August which we believe will put us in position to complete our pilot demonstration in the fourth quarter of calendar year 2008 and begin shipping product to our customers in the first half of 2009.

As stated during our last earning call, we believe we need to make payments of $111 million for engineering, procurement and construction in order to complete pilot production in the fourth quarter of calendar year 2008. As of June 30, 2008, the amount contributed to the project was at $58 million. We plan to fund the remaining $53 million of the $111 million that we believe we need to complete the pilot production to our available cash, proceeds from sales of common stock under the equity distribution agreement with UBS, equipment leasing and other debt financing, and with potential additional pre-payments from new customers who may sign long-term contracts for the remaining 300-500 metric tons per annum of unallocated polysilicon production.

If the pilot production demonstration is successful, we will therefore commence one or more debtor equity offerings to raise an additional $56 million which together with the release of remaining customer commitments, is expected to be sufficient to complete the construction of our polysilicon plant.

Hoku Materials currently has polysilicon supply contracts with Sanyo, Suntech, Global Expertise Wafer Division, and Solarfun for the delivery of polysilicon for future revenue of up to approximately $1.7 billion in the aggregate. We have amended our polysilicon supply contract with Suntech and Solarfun to revise the financing deadline to December 31, 2008 and to reduce the amount of capital we are required to raise by that date to $75 million, including the $25 million previously raised by our private placement of our common stock. We have not amended the deadlines in our polysilicon agreements with Sanyo and Global Expertise Wafer Division which deadlines expired May 31, 2008. We maintain an open dialog with each of these parties. As such, we do not currently plan to terminate either of these contracts and believe neither Sanyo nor GEWD will terminate their respective contracts.

However, we cannot guarantee either we, Sanyo, or GEWD will not terminate these contracts and if any of the supply agreements are terminated, our business will be materially harmed. In addition, we will be required to return any deposits and advance payments received to date before the termination which is $17 million in aggregate for the four supply contracts and we will need to secure new funds in order to finance the construction of our polysilicon plant.

Moving to our plans to finance our polysilicon facility, we entered into an equity distribution agreement with UBS. The agreement provides that we may offer and sell shares of our common stock at market price having an aggregate offering amount of up to $54 million through UBS as a sales agent. Common stock sales as a program began on June 12, 2008 with aggregate sales through June 30, 2008 of 527,815 shares resulting in gross proceeds to us of $3.3 million.

Beginning on July 1, 2008, we suspended the program until we properly disseminate our financial and other information related to the quarter ended June 30, 2008. We expect to begin selling shares under the program within the next couple of weeks.

We want to make it very clear that we closely monitor the dilutive effect that this program may have and we’re not taking the approach to maximize our proceeds as evidence of the number of shares sold. The most important takeaways are that we have a financing plan in place that we believe we’ll let us generate the cash necessary to meet our goal of pilot production in the fourth quarter of calendar year 2008. We are looking towards alternative non-equity financing options to reduce the number of shares sold.

We have recently announced the acceptance of an offer of $5.8 million for the purchase of our land and building in Kapolei, Hawaii and are in discussions to finance certain production equipment.

As part of our financing plan, we also need to amend our supply agreements with Sanyo and GEWD, however, we’re in discussion with other customers to sell our future capacity from our potential expansion to up to 8,000 metric tons per annum of polysilicon and for the sale of our current 300-500 metric tons per year of unallocated polysilicon production capacity. We expect that any new supply agreements that we enter into can generate additional pre-payments for the construction of our plant.

Now I would like to move to our Hoku Solar business. We have been able to meet our revenue guidance for the first quarter and I believe we remain on track to meet our fiscal year 2009 guidance of $15-18 million.

In June, we completed an over 250 kilowatt PV system installation for Paradise Beverages. We have also substantially completed the detail design and engineering work and expect to begin the installation in August of a 218 kilowatt PV system in which we will sell the power generated by that system over a 20-year period to Hawaiian Electric Company. We expect to complete the Hawaiian Electric Company installation during the second quarter of fiscal 2009, along with residential installations related to our program with D.R. Horton-Schuler Division, the wholly owned subsidiary of D.R. Horton, Inc., the Kahiwelo at Makakilo development in Kapolei, Hawaii.

To conclude, we believe we have taken great strides in the quarter ended June 30, 2008. We continue to make progress in the construction of our polysilicon plant and set in place a path to complete the necessary financing. We also continue to successfully install PV systems in Hawaii and expect to sign installation contracts for the remainder of this fiscal year. Furthermore, as we previously stated, we expect to see losses as we increase our efforts supporting a polysilicon manufacturing and PV system installation service business. However, we are excited that we are able to control our expenditures and achieve profitability for this quarter.

Now, I’d like to turn over the call to Darryl Nakamoto, our Chief Operating Officer for review of our financial results.

Darryl S. Nakamoto

 

I will provide details on our financial results for the first quarter ended June 30, 2008.

Beginning with our statement of operations, our revenue for the quarter ended June 30, 2008 was $2.2 million of PV system installation and related service contracts, compared to $1.1 million from fuel cell contracts with the U.S. Navy in the same period in fiscal 2008. As of June 30, 2008 and March 31, 2008, the current revenue of $24,000 and $36,000 respectively was attributable to PV system installation and related service contracts.

Cost of service and license revenue was $1.5 million for the first quarter compared to $758,000 for the same period in fiscal 2008. The cost of service and license revenue for the three months ended June 30, 2008 related to PV system installations primarily from a contract with Paradise Beverages compared to cost of service and license revenue from contracts with the U.S. Navy for the same period of 2008. Cost of service and license revenue consisted primarily of employee compensation, and supplies and materials.

Our selling, general and administrative expenses were $1.2 million for the quarter ended June 30, 2008 compared to $1.2 million for the same period in fiscal 2008.

There were no research and development expenses for the quarter ended June 30, 2008 compared to $43,000 for the same period in fiscal 2008. The decrease was primarily due to incurring no expenses related to research and development of fuel cells due to our ship and business strategies.

Our net income computed in accordance with GAAP for the quarter ended June 30, 2008 was $178,000 or $0.01 per diluted share compared to a net loss of $653,000 or $0.04 for the same period in fiscal 2008. Net income was primarily due to unrealized gains related to foreign currency for contracts.

Non-GAAP income for the quarter ended June 30, 2008 was $646,000 or $0.03 per diluted share compared to non-GAAP net loss of $340,000 or $0.02 per diluted share for the same quarter in fiscal 2008. Non-GAAP net income for the quarter ended June 30, 2008 and non-GAAP net loss for the quarter ended June 30, 2007 excludes non-cash stock-based compensation of $468,000 and $313,000 respectively.

Finally, turning to our balance sheet as of June 30, 2008, we had $8.2 million in cash, cash equivalents and short-term investments affected $29.8 million as of March 31, 2008.

Our policy is to provide revenue guidance for the next fiscal quarter. Fluctuations in revenue are expected to continue in future periods due to uncertainty regarding the level and the timing of PV system installation and our ability to obtain third-party financing for our power purchase contracts.

Based on our current outlook, we expect revenue for the quarter ended June 30, 2008 to be in the range of $1.6 million to $2.0 million. In addition, we expect that we will need to increase our efforts in supporting polysilicon manufacturing and PV system installation services, develop our products and expand our corporate shelters. As a result, we expect our costs to continue to increase significantly and expect to incur losses for the foreseeable future.

Except as required by law, we assume no obligation to update these forward-looking statements updates or to update the reasons actual results could differ materially from those anticipated and forward-looking statements, even if new information becomes available in the future.

This concludes our prepared remarks. Now we would like to open the meeting for questions.

Question-and-Answer Session

 

Operator

(Operator Instructions) Your first question comes from Rob Stone - Cowan & Co.

Rob Stone - Cowan & Co

I wonder if you could answer a couple housekeeping questions, Darryl. First of all, what was the capital spending during the quarter and any depreciation?

Darryl S. Nakamoto

There’s no depreciation. There’s still construction in progress. Capital expenditures were approximately $25 million.

Rob Stone - Cowan & Co

Dustin, why are you expecting a sequential decline in systems revenue? Is that timing of projects that are going to fall past the end of the quarter or something?

Dustin M. Shindo

 

Actually, before I answer that, if I can add one thing to your previous question and Darryl’s answer. That’s actually what we booked as construction in progress. It’s not necessarily contractual commitments for equipment. Of course, we’ve procured much more than that but we haven’t yet had to pay for it.

 

Just to be clear, as far as the system decline in terms of revenue, I think we discussed this in past periods. The projects that we’re doing now are a little bigger than the first few we did. It takes longer to plan and execute these. Because we use the computed contract method for the revenue recognition, we don’t expect to have anything bigger, if you will, fall in this quarter. We still expect to be at the $15-$18 million mark for the fiscal year.

Rob Stone - Cowan & Co

So that’s based on the pipeline that you can see and what you think you’ll get fully completed by next March?

Dustin M. Shindo

 

Absolutely. Of course, as you know, based on the way the tax credits are looking, it’s going to be a mad rush for the December quarter for most installers.

Rob Stone - Cowan & Co

Related to the other income, Darryl, can you break out how much the impact of the ForEx gain was and what is the nature of those forward contracts? Is that related to protecting your obligations for foreign currency, equipment purchases or something?

Darryl S. Nakamoto

Yes, it’s related to, we have a contract in euros. So we had to get to some foreign contracts, Euro exchange contracts in order to protect ourselves from some of the fluctuations in the dollars versus Euros. The difference or the gain is generally due to the difference in the interest and other income line items, approximately $500,000 or so.

Rob Stone - Cowan & Co

About $500,000? Okay. SG&A was down quite a bit sequentially; although every quarter you described how you have to increase your investment to do all the things you got going on. Can you comment on what accounted for the sequential decline and how we should be thinking about the level of expense in this quarter?

Darryl S. Nakamoto

It’s generally related to professional fees. We just incurred more professional fees in the previous quarter related to our 10-K for instance as well as entering into the equity distribution agreement. I can’t guarantee we are going to stay on this line but I think its more inline with where we should be seeing our numbers. Again, that’s something that we’re not committing to by any means.

Dustin M. Shindo

Keep in mind, Rob, that the pilot test is scheduled for the latter part of this year so we’re going to have to bring people on for that test. You can expect that, obviously, at least in terms of head count and its impact in terms of expense will start being visible this year.

Rob Stone - Cowan & Co

The gross margin was quite impressive for systems business. I know the Hawaiian market has some pretty attractive conditions right now. Any comment on what led to such a strong gross margin for the systems business?

Dustin M. Shindo

I think a lot of that comes from the extra effort that some of the managers put in. I think that kept our costs very much under control. That’s probably the best way to look at it. That’s not any different than our history as a company. We do a good job at keeping control of all of our costs.

Rob Stone - Cowan & Co

I know that this is the first quarter but systems revenue above $1 million, it’s probably too soon to plot a trend but can you comment on where you think the range of margins might be for your systems business?

Dustin M. Shindo

I think it’s going to get smaller, if I dare to say. That’s largely driven by the increased competition over time as well as us building larger systems. The larger a system, of course, the smaller the percentage on the gross margin.

Operator

Your next question comes from Colin Rush - Rockpoint Capital.

Colin Rush - Rockpoint Capital

I’m curious about the trend for pre-payment in terms of the percentage of the entire contract, for these new contracts that you are negotiating right now. What are you seeing as the trend in terms of the percentage of pre-payment?

Dustin M. Shindo

That’s a tough question because, as you know, contracts for polysilicon have a lot of different variables. Depending on the customer you’re dealing with, they may care more about price than pre-payment or they may care more about timing, volumes, and a lot of different variables. Because of that, you can have one customer say that 20%-30% is fine as a pre-payment and someone else asks for 5%. I wouldn’t necessarily say there’s a trend. You can see from our contracts that in fact it is all over the place.

Colin Rush - Rockpoint Capital

With the equipment leases, how much of the remaining financing do you expect to actually include from those leases?

Dustin M. Shindo

We actually are looking primarily at leases for larger pieces of equipment therefore it could be a substantial amount of the total cost that we could actually finance through our leases. At this point in time, we haven’t made a commitment yet.

Colin Rush - Rockpoint Capital

Just so I can understand the comments about the revenue trend, it sounds like the December quarter is going to be potentially the heaviest quarter for revenue. In your expectations, is that a fair assessment?

Dustin M. Shindo

 

We haven’t given a number yet for that quarter. Obviously, if you look at what we are projecting for the year, and the stating of the federal tax credit for next year, I think it’s safe to say that that quarter should be the busiest.

 

Colin Rush - Rockpoint Capital

Just with the share agreement, it sounds like you’re monitoring that on a daily or weekly basis, can you just give us a little bit more insight on how the decision-making process works and are you approving individual sales or in baskets or in blocks that you’re looking at those sales of shares?

Dustin M. Shindo

 

It’s fair to say, as mentioned earlier; we are watching very closely to make sure that our sales don’t overly impact the market. We do have control over that. With that said, we are working with UBS and I work very closely with them and their advice on what we do.

Operator

 

Your next question comes from Jeff Osborne - Thomas Weisel Partners.

 

Jeff Osborne - Thomas Weisel Partners

 

Dustin, can you give us an update on the TCS issue with Suntech’s ability to source TCS and how you stand there?

Dustin M. Shindo

What you’re referring to is the provision in the amendment with the Suntech contract where they’re offering to provide their best efforts to help us get some TCS early. Just to be clear of course, we are building TCS capacity in our own plant. Based on timing of when certain components of our plant, specifically reactors will be ready, we wanted to have some TCS earlier. I don’t have any update on the status of that but obviously, we have, in speaking to several companies, we would like to get TCS in advance of our own plant being ready.

Jeff Osborne - Thomas Weisel Partners

You just updated, you mentioned the reactors will be delivered in August. When do you expect your TCS equipment to be delivered?

Dustin M. Shindo

To be specific, the first reactors will be delivered in August, are expected to be delivered in August. They will then be delivered over time. Not all of the reactors are coming at once.

In terms of our TCS completion, that’s expected in the middle of next year, the completion of that part of the plant.

Jeff Osborne - Thomas Weisel Partners

Can you just go into greater detail on the short-term obligations that you have in Q3 and Q4 and what I’m trying to get at through this exercise is a sense of how much stock you actually need to sell in the third quarter to offset those obligations? Is that something you’re willing to disclose?

Dustin M. Shindo

 

I think I can’t disclose that in full detail but I can tell you that we have said we needed the $54 million, $53 million before the reactor test which will be later this year. So sometime between now and then, we would need to raise that. Certainly, there is the balance of not overly impacting our stock as well as the balance of speed. The sooner we get the money, the faster we can go. So those are the few things that kind of play off each other with respect to how we are going to sell that stock. Keep in mind though that the amount of stock that we can sell may be reduced significantly by new customers.

Jeff Osborne - Thomas Weisel Partners

Which would be 300-500 metric tons in the associated pre-payments for that?

Dustin M. Shindo

 

Yes. As we’ve made progress over the past two years, the amount that we get in pre-payments or the type of amount that we’ve agreed to have been much more favorable. So we would expect that if there is a new customer, that there would be a substantial, meaningful portion of that pre-payment upfront which would reduce the amount of shares that we would sell which would be internal.

Jeff Osborne - Thomas Weisel Partners

Strategically, would you be willing to deliver that 300-500 metric tons in 2009 or do you want to leave yourself some wiggle room in the event that you’re below plan?

Dustin M. Shindo

 

Sure, of course, we’ve been fairly conservative in our ramp-up as evident by our pilot testing in late ’09 and full capacity in 2010. By the same token, to be fair to current customers, we would expect that our new customers tag on at the end, which would be at the very end of ’09 or 2010.

Jeff Osborne - Thomas Weisel Partners

Can you just describe graphs in ’08 and ’09 strategically in terms of where you’re headed, the mix of residential and commercial for your systems business in Hawaii?

Dustin M. Shindo

I think you should be expecting that the commercial business is the primary driver of our installation revenue.

Jeff Osborne - Thomas Weisel Partners

Can you update us on the process on getting into the wafer business over the next several years?

Dustin M. Shindo

Okay, we have allowed ourselves the window, or the opportunity to potentially provide wafers to Suntech. That is also in the amended agreement. We have also left a small space in our property to produce and get some wafers but we have made no solid commitment to do that as of today. We are clearly being very focused at the task at hand which is building the polysilicon plant.

Operator

Your next question comes from Zack Lesko - America’s Growth Capital.

Zack Lesko - America’s Growth Capital

On the sale of your property that you just announced, I read it was contingent on the purchaser selling its property. Is there a deadline for that to occur?

Dustin M. Shindo

It’s 120 days.

Zack Lesko - America’s Growth Capital

 

What would the lease payments be on a future property that you’re looking at?

Dustin M. Shindo

We don’t know that yet. We haven’t begun searching for that. This is very new. I wouldn’t expect that it would be a significant number though because we would be essentially looking for warehouse space and a reasonably-sized office. It would not be a very large number.

Zack Lesko - America’s Growth Capital

What, if any permits are you awaiting at this point for your plant?

Dustin M. Shindo

We’re current on all the permits we need to do construction today. The permits that we don’t have are those construction permits that happen as plans are delivered and they get approved over time. That is part of the process. We have every permit that we need as of today.

The operating permits as such can only be approved when we are ready to turn things on but I can assure you that we work very closely with the department in Idaho to make sure that once complete, we’ll be fully compliant. In fact, I should also mention, our engineering company is very involved in that as well.

Operator

 

Your next question comes from Rob Stone - Cowan & Co.

Rob Stone - Cowan & Co

 

Darryl, what was the number of common shares outstanding at the end of the quarter, including the sales under the distribution deal?

Darryl S. Nakamoto

 

About 20.4 million.

Operator

There are currently no further questions at this time.

Dustin M. Shindo

Thank you for participating in our first quarter 2009 earnings call. We look forward to speaking with you again when we report our second quarter 2009 results.

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Source: Hoku Scientific, Inc. F1Q09 (Qtr End 06/30/08) Earnings Call Transcript

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