These notes are not my but of wellingtonbr9 which is very nice of him to post, I'm just reposting so that it is easy to access and view.
FWIW, here are my notes from the meeting.
First, BW’s powerpoint presentation (see slides in SEC filing)
Then, Q&A (questions and answers are paraphrased)
Q1 (1) The $263 million outstanding turbine receivables, where are they from? A—from North America
(2) SB32 (bill in CA?) Are you working for these greenhouse gas reduction contracts? A—nonspecific answer
Q2 (1) Regarding sales, when have we specifically met with Gov. Schwartzenegger last? Met specifically with our company? A—didn’t know, meeting with utilities
(2) We need a top down approach. This meeting in Sacramento 2 weeks ago was specifically about (our business) and we should have been there and on top of it
(3) Why an increase in managements’ salary while restructuring stock options? A—Didn’t have an increase in salary, because had conditions attached to the increase that have not been met yet ` A—as regarding the stock option restructuring, needed 35¢ incentive for sales
Q3 Are you paying top dollar for aluminum? Wouldn’t it be cheaper to strip wire, use old aluminum, and re-strand rather than have to pay to mine new aluminum? A—We don’t strand ourselves, but it probably would not save stranders much with the cost of all the labor
Q4 (1) what is current monthly cash flow? (2) what is current monthly cash burn? A—Can’t divulge current cash position, but look at cash position @12/08 per the 10Q
Q5 Does our patent cover that we have twice the aluminum as our competitors? A—Yes, among other things.
Q6 Where are we with General Cable? Is the relationship rocky because of Mercury? A—GC recognized we are a perfect fit for them. A—They still strand for us. A—They say they still don’t know how to sell the product. A—They want a long-term contract. A—In regards to Mercury, soon be announcing steps. We don’t see Mercury as a problem with General Cable
Q7 (1) Isn’t turbine production a problem with the European production end? A—That’s why we’re looking at alternatives and a supply chain in North America. Euro can cause problems
(2) Is wind cost competitive? A—Depends on the price of natural gas, must still have a tax credit to be competitive
(3) Do we have a back-up to RBS, since they are a bank that is in trouble? A—The division we are dealing with is different than the commercial division, so should have no negative effects
Q8 Will you offer a share buy back? A—No. We have $9 million of convertible debt remaining, so we can’t offer it
Q9 Isn’t our turbine better in many ways? A—Yes.
Q10 The 19 km cable line energized in Mexico in Dec., who stranded that line? A—Far East (China) stranded that line
Q11 With the 10 turbines sold to Seawind/Chile at a $9 million loss, when will revenue be posted? A—17 (or 19?) million revenue coming, also deferred revenue, inventory reduced in valuation—a three way accounting post
Q12 Do we have any prospective conductor orders (solid/firm ones)? A—We are in negotiations and talks on orders, if they pan out, then booked to capacity
Q13 How long do we have on our current lease on our facility? A--until 2011, plus an option of another 5 years
Q14 Do we run the facility on two shifts? A—No, it runs on three shifts A—If we need more than capacity, we can expand quickly in 8 to 10 weeks to be producing more
Q15 I was told by someone else that there’s 40 or so rolls ACCC at the facility. I didn’t see that when I visited. How much do we currently have extra and why? A—It changes from day to day, but we only run what we have orders for.
Q16 How long can you run with the money that you have? A—can’t say. It depends. A—we have great potentials, etc…so money could come in
Q17 Will you let us know what is happening through press releases? A—of course
Q18 A U.S. order for 320 D6 turbines (400MW total) was delayed due to an environmental disaster—a flood. Where was the disaster, and has it been cleaned up so that we can do the order now? A—It was in Kansas. No, the company has been disbanded
Q19 What is happening with the project in the Czech Republic? A—The project is still stalled. We are “shovel ready.”
Q20 What about the U.S. ACCC project that you talked about on the conference call? You said they might sign last week? A—It’s stalled.
BW then closed the meeting with--
• I empathize with you on the price of the stock. • We will push on the sales • We will find a partner for DeWind • We will take advantage of the stimulus package and be shovel ready