Canino remains president of CNF Construction and a Kenetech senior vice president. Miller will also stay with Kenetech in some other as-yet-unannounced role, says company spokesman, Bud Grebey. He explains the changes are because Kenetech is to concentrate more on manufacturing its backlog of ordered turbines.
The corporation also announced fourth-quarter and year-end results on February 16. Total revenues for 1994 were $379 million and for the quarter ended December 31, they were $125 million. The revenues yielded a net income of $12 million or 18 cents a share, and a net income of $6.5 million or 12 cents a share for the year and quarter respectively, after preferred dividends.
The revenues, however, include the one-off sale of a 50% equity interest in a wind plant under construction in Texas and of a 42 MW thermal power plant in Jamaica. The revenues also included the first outright sale of Model 33M-VS turbines. The variable speed machine has now been renamed the 33 KVS.
Full year revenues for 1993 were $236.4 million, resulting in a net loss of $7.6 million or 22 cents a share, fully diluted. Revenues for the comparable fourth quarter in 1993 totalled $76.3 million, and net income was $0.2 million.
Kenetech plans to produce some 1100 turbines in 1995 and a projected 1600 in 1996, says Grebey, compared with 100 manufactured in 1993 and 462 in 1994. The major constraint is getting enough components, he says.
A total of 700 turbines are to be bought by Aban Loyd Chiles Offshore Ltd of India over the next two years. Ninety-two were shipped in the fourth quarter, while an agreement for 600 turbines worth $150 million was signed recently while Energy Secretary Hazel O'Leary was in India. The turbines for India are being manufactured in Livermore and shipped to India, where they are subject to a stiff import tariff. Once in India they are assembled under license by Aban. Kenetech, however, is considering both setting up sources for materials and components and manufacturing the 33 KVS in India within the near future, confirms Grebey.
The variable speed turbine is being renamed to enable Kenetech to name modifications more easily -- for cold weather, with different towers, and so on. The Model 56-100 is renamed the KCS-56, with CS standing for constant-speed.