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Nighthawk Systems is a provider of wireless and IP-based control devices and solutions, with a primary focus on power control devices for the electric utility industry and high definition set top boxes in the hospitality industry.
Saathoff said , "As I stated just over a month ago, we are coming off the strongest year ever for the Company. With our set top box business fully integrated into the Company, we produced record revenues during 2008 and enhanced our margins as well. Based on feedback from existing customers and prospective customers, we expect to see further growth in 2009, and positive cash flow remains a realistic goal of the Company for this year. However, I expect revenues for the first half of the year to decline in comparison to last year as we deal with the effects of the current economic downturn. Although interest in our products remains strong, customers are acting more slowly and cautiously, and production cycles are getting longer as everyone deals with a tighter credit environment. Capital sources are strained and acting more slowly than normal."
Saathoff continued, "In spite of the economy, the reasons for optimism at Nighthawk are many, and the results from 2008 have us better prepared for the road that lies ahead. A growing customer base, new products and better sales channels should lead to growth in the second half of 2009. We have been working with several new companies within the hospitality market, integrating our set top boxes into their systems, and with several new customers outside of the hospitality industry as well. New relationships should supplement existing order flow for set top boxes in the latter half of 2009. Demand for money-saving devices should increase in this economy, and spending on smart grid devices should increase due to government incentives and regulatory requirements. These factors, combined with our new relationship with Itron and the introduction of new products into the market, should lead to growth in sales of power control devices in the utility industry during the latter half of 2009."
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