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Hoku Corp. reported a net loss of $3 million, or 6 cents per diluted share, on revenues of $1.2 million for its fiscal 2011 third quarter, which ended Dec. 31. That compares to a loss of $1.3 million, or 6 cents per diluted share, on revenues of $259,000 for the same quarter in fiscal year 2010.
Hoku (Nasdaq: HOKU) also gave an update on its polysilicon production plant being constructed in Pocatello, Idaho.
Scott Paul, the company’s president and CEO, said that most of the engineering work is complete and major equipment is now on-site, but Hoku is over budget and behind schedule. Hoku had invested $440 million in the plant as of Dec. 31, and it anticipates incurring around $600 million in capital costs before it can begin operating at 2,500 metric tons of capacity.
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