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Meldungen 18.01.2005

18.1.2005: Meldung: SatCon 2004 Year-End Results

SatCon Technology Corporation? (Nasdaq NM: SATC - News), a developer and manufacturer of electronic power control systems, in accordance with Nasdaq regulations today announced that its independent auditors maintained their "going concern" opinion in the most recently filed Form 10K. David Eisenhaure, SatCon president and chief executive officer issued the following statement. "We believe that the $2 million cash on hand we had at the beginning of our fiscal year and the nearly $8 million we raised in December, puts us in a much stronger position to execute our plans."

 

"To provide some perspective," continued Eisenhaure, "fiscal 2004 showed positive improvements over fiscal 2003. Our revenue increased by 27 percent from $27 million to $34 million. On an operating basis we lost $4 million for the fiscal year. In fiscal 2003 we had losses in excess of $26 million. That"s a significant improvement and one that we can credit to a substantial increase in our business and a major shrinking of our cost structure. Our backlog at year end was $24 million, the highest quarterly backlog number that we"ve had since we began reporting quarterly backlog data about 2 years ago. I believe we have laid the groundwork for significant progress in 2005. So, from an overall operating viewpoint, our costs have stabilized, and we are working to capitalize on profitable growth opportunities."

 

About SatCon Technology Corporation

 

SatCon Technology Corporation manufactures and sells power control systems for critical military systems, alternative energy and high-reliability industrial automation applications. Products include inverter electronics from 5 kilowatts to 5 megawatts, power switches, and hybrid microcircuits for industrial, medical, military and aerospace applications. SatCon also develops and builds digital power electronics, high-efficiency machines and control systems for a variety of defense applications with the strategy of transitioning those technologies into multiyear production programs. For further information, please visit the SatCon website at www.satcon.com.

 

Statements made in this document that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the Company"s expectation. There can be no assurance that the company will be able to achieve its objectives for 2005 or eliminate its "going concern" opinion in the future. Additional information concerning risk factors is contained from time to time in the Company"s SEC filings. The Company expressly disclaims any obligation to update the information contained in this release.

Contact:

 

SatCon Technology Corporation(R)

Ralph Norwood, 617-897-2400

Chief Financial Officer

or

Investor Relations

Aurelius Consulting Group

Dave Gentry/Jeff Wadley, 407-644-4256

www.runonideas.com

info@AURCG.com

 

 

Source: SatCon Technology Corporation

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