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Meldungen 18.11.2006

18.11.2006: Meldung: SatCon Technology Corp.: Quarterly Results for the Quarter Ended September 30, 2006

SatCon Technology Reports Quarterly Results for the Quarter Ended September 30, 2006

Thursday November 16, 10:14 am ET

Backlog at $32 Million, Including $16 Million Related to Stationary Power Systems

Company Also Provides Nine Month Results As a Result of Previously Announced Change in Year End

 

BOSTON----SatCon Technology Corporation, a developer and manufacturer of power electronic products for the alternative energy markets, today announced its operating results for the quarter ended September 30, 2006. Revenue for the nine months ended September 30, 2006 decreased $2.6 million or 10% to $24.2 million principally as a result of the Company exiting non-strategic product lines, partially offset by a 23% increase in revenue from its Stationary Power Systems division. Operating loss for the nine months ended September 30, 2006 increased to $10.2 million compared with an operating loss of $8.3 million for the same period in 2005 as a result of lower revenue combined with increased investment spending of approximately $1.1 million in its core businesses, including renewable energy.

 

Orders on hand are at an all-time high of $32 million, including $16 million for the Stationary Power Systems division. While total orders on hand are up over 50% compared with this same time a year ago, the orders on hand for the Stationary Power Systems division are up approximately 150%, compared with $6 million a year ago, and is indicative of the success the Company is having in its Stationary Power Systems product lines.

 

"I am pleased to see the growth in our Stationary Power Systems division revenues and order backlog," commented David Eisenhaure, President and Chief Executive Officer. "For the quarter and nine months ended September 30, 2006, Stationary Power Systems division revenues increased 28% and 21%, respectively, driven by continued market success in solar inverters."

 

On September 20, 2006 the Company announced that it is streamlining its operations to focus spending on its growing Stationary Power Systems division. In order to ensure that the Company will be able to respond effectively to these rapidly emerging market opportunities, steps are being taken to: (1) curtail activities in non-strategic product lines; and (2) direct working capital towards growth markets like alternative energy inverters.

 

Net loss for the quarter was $7.6 million, or $0.19 per share, compared with a net loss of $4.2 million, or $0.12 per share, for the same period in 2005. Net loss for the nine months ended September 30, 2006 was $14.3 million, or $0.37 per share, compared with a net loss of $8.8 million, or $0.26 per share, for the same period in 2005. A major contributor to the increase in net loss for both the quarter and year to date (as compared to the prior periods in 2005) was non-cash financing charges associated with the valuation of derivatives related to the recently issued convertible notes and related warrants.

 

Product Line Revenues

 

The Company continues to support growth in the Stationary Power Systems division. At September 30, 2006, approximately $16 million, or 50%, of the orders on hand were from the Stationary Power Systems division compared with approximately $6 million, or approximately 30% of the total orders on hand at September 30, 2005. For the nine months ended September 30, 2006, the Stationary Power Systems division revenues were $9.7 million, or 40% of total revenues, compared with $7.9 million, or 29% of total revenues for the nine months ended September 30, 2005. As a further indication of the pace of the changing revenue mix, the Stationary Power Systems division revenues were $4.1 million, or 48% of total revenues for the most recent quarter ended September 30, 2006, compared with $3.2 million, or 31% of total revenues, for the comparable quarter in 2005. Commercial grade solar inverters continue to gain market traction and represent approximately $2.2 million, or 26%, and $5.5 million, or 23%, of its total corporate revenues for the quarter and year-to-date, respectively, compared with approximately $1.5 million, or 15%, and $3.0 million, or 11%, for the comparable periods in the prior year.

 

For the nine months ended September 30, 2006, Electronics revenues were $7.5 million, or 30% of total revenues, compared with $7.3 million, or 27% of total revenues for the comparable period in 2005. This business has been a stable revenue generator for the Company.

 

For the nine months ended September 30, 2006 Applied Technology revenues were $3.5 million, or 15%, of total revenues compared with $5.2 million, or 20%, of total revenues for the comparable period in 2005. Government funding of its power technology initiatives subsidizes the Company"s research and development activity, as well as advances its power electronics portfolio.

 

For the nine months ended September 30, 2006 other power systems, based in Worcester, recorded revenues of $3.5 million, or 15%, of total revenues compared with $6.4 million, or 24%, of total revenues for the comparable period in 2005. The year over year decline of $2.9 million is primarily due to the sale of the Shaker product line in December 2005 and lower MagLev revenue.

 

Operating Expenses and Margins

 

Total operating expenses for the quarter ended September 30, 2006 were $12.0 million compared with $14.3 million for the comparable period in 2005. Excluding combined direct material and labor costs of $5.3 million, which are volume related, overhead costs were $6.7 million, a 10% reduction compared with $7.4 million for the prior year.

 

Total operating expenses for the nine months ended September 30, 2006 were $34.4 million compared with $35.0 million for the comparable period in 2005. Excluding combined direct material and labor costs of $13.8 million, which are volume related, overhead costs were $20.6 million, a 5% increase, compared with $19.7 million for the prior year. Excluding an incremental $1.1 million in investment spending in new product and marketing initiatives, overhead expenses were essentially flat compared with the comparable period in 2005.

 

Direct margins (Revenues minus Direct Materials and Direct Labor) for the Company are increasingly being driven by its Stationary Power Systems division and Electronics business, which combined, now represent $17.3 million, or 71% of nine months-to-date revenues. Combined direct margins for Stationary Power Systems division and Electronics business are $7.2 million for the nine months ended September 30, 2006 compared with $6.4 million for the comparable period in 2005.

 

The Company recently announced the planned closing of a facility encompassing approximately one third of the Company"s capacity, as measured by square footage. While the Company will incur certain charges associated with the closing of this facility (as previously disclosed), this closing is expected to result in a reduction in annual overhead expenses of approximately $3 million, or 15%.

 

"The steps we are taking to align our organization with our revenue growth initiatives is expected to ultimately generate profitability in our business," said David Eisenhaure. " As an indication of our commitment to the growth prospects in Stationary Power Systems and Electronics, approximately 67% of our employees are now dedicated to these faster growing businesses, up from 55% one year ago. We expect this trend to continue."

 

The Company will conduct a conference call on Thursday, November 16, 2006 at 10:00 AM Eastern Time. Interested parties should call 800.289.0572 (US and Canada) or 913.981.5543 (International) five minutes in advance to participate. The call will also be open to all interested investors through a live audio Web broadcast accessible at the SatCon corporate website, www.satcon.com.

 

About SatCon Technology Corporation

 

SatCon Technology Corporation is a developer and manufacturer of electronics and motors for the Alternative Energy, Hybrid-Electric Vehicle, Grid Support, High Reliability Electronics and Advanced Power Technology markets. For further information, please visit the SatCon website at www.satcon.com.

 

Contact:

 

SatCon Technology Corporation®

Gary Brandt

VP, Corporate Development

617-897-2407

 

Source: SatCon Technology Corporation

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