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11.8.2006: Meldung: SatCon Technology Corp.: Multi-Million Dollar Order - Quarterly Results
SatCon Receives Multi-Million Dollar Order for DC Power Electronics Through Fluor Canada Ltd.; Over 30 MW of Advanced DC Power Electronics to Be Delivered Over the Next Year
Thursday August 10, 8:56 am ET
BOSTON, August 10 / - SatCon Technology Corporation(R), a developer and manufacturer of power electronic and control products for the alternative energy and power distribution markets, today announced that it has received a purchase order, valued in excess of $5 million, issued through Fluor Canada Ltd., acting as representative for a client. The order is for over 30 MW of Inverpower(TM) DC power electronics for use in a copper refining process. This order is not included in third quarter orders on hand reported earlier today as final terms and conditions are expected to be finalized within the fourth quarter. Fulfillment of the order is scheduled over the next year.
"SatCon, through its wholly-owned Canadian subsidiary, was the first company in the world to supply high power DC power electronics using IGBT power transistor technology. DC power distribution based on power transistor technology is recognized for its high efficiency and power quality, and is also a key feature in our alternative energy inverter products," said Clemens van Zeyl, President of SatCon Stationary Power Systems. "To-date, SatCon has supplied over 450 MW of DC power distribution equipment utilizing IGBT technology, more than any other company in the world."
"We are pleased to be working with world leaders like Fluor Canada Ltd. to supply high quality, reliable DC power for copper refining," said David Eisenhaure, CEO and Chairman of SatCon Technology Corporation. "This order underscores the "utility-grade" quality of our DC power electronics and is indicative of the high-quality platform for our alternative energy initiatives."
About Inverpower(TM) Power Delivery Products
Inverpower(TM) power delivery products are designed for the supply of high precision power with high efficiency and low impact to the power grid. The Inverpower DC (direct current) power delivery systems using power transistor (Insulated Gate Bipolar Transistor or "IGBT") technology was introduced in the late 1990"s and is obtaining increasing acceptance in industrial markets. This innovative product is built using standard power modules rated over 1 MW each and is one of the building blocks for SatCon"s alternative energy products. SatCon"s leading experience in using this technology for industrial applications places SatCon in a unique competitive position for MW class alternative energy systems.
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.
SatCon Technology Reports Quarterly Results for the Third Quarter Ended July 1, 2006
Thursday August 10, 8:33 am ET
BOSTON----Aug. 10, 2006--SatCon Technology Corporation©, a developer and manufacturer of power electronic products for the alternative energy markets, today announced its operating results for the third quarter ended July 1, 2006. Net loss for the quarter was $3.5 million, or $0.09 per share, compared with a net loss of $2.3 million, or $0.07 per share, for the same period in fiscal 2005. Net loss for the nine months year-to-date was $8.0 million, or $0.21 per share, compared with a net loss of $6.1 million, or $0.19 per share, for the same period in fiscal 2005. Year-to-date, approximately $1.6 million has been invested in new market and product initiatives, which are expected to drive incremental revenue growth over the upcoming quarters.
Revenue for quarter ended July 1, 2006 was $8.1 million, compared with $8.2 million for the quarter ended July 2, 2005. Revenue for nine months ended July 1, 2006 was $22.8 million, compared with $25.6 million for the comparable period ended July 2, 2005. Orders on hand at the end of the third quarter were a record $26.6 million compared with $23.3 million at the end of the third quarter 2005.
The recently completed financing transaction subsequent to the end of the third quarter has added a net $11.0 million of cash, to strengthen the Company"s balance sheet and provide the necessary resources to fund, primarily, the working capital requirements associated with our anticipated revenue growth.
"We continue to make solid progress towards transitioning into a growth-oriented business with revenues coming from a diversified but linked portfolio of assets," commented David Eisenhaure, Chairman and Chief Executive Officer. "The investments we are making in new products combined with the increase in marketing and sales initiatives, are beginning to bear fruit. The gains in revenue in our electronics and stationary power systems businesses, associated with these investments, have partially offset the reduction in revenue caused by the sale of our shaker product line in December 2005. I continue to be encouraged by the market reception for our alternative energy and stationary power products. Our commercial grade solar inverters continue to gain market traction and represent approximately 19 percent of our total corporate revenues for the year-to-date, compared with approximately 7 percent in the prior year."
"The steps we are taking to align our organization with our product and market initiatives will ultimately drive greater profitability in our business," said David Eisenhaure. " As an indication of our commitment to the growth prospects in alternative energy and electronics, approximately 63 percent of our employees are now dedicated to these businesses, up from 53 percent one year ago. We expect this trend to continue."
The previously stated milestones have been updated below:
* December 2005: Focus on SatCon core business by selling the Ling Shaker product line. Done.
* March 2006: Qualify a 500 kW solar photo-voltaic power control unit product for the California Energy Commission listing. Done.
* March 2006: Secure development projects for the U.S. Army"s Future Combat System applications. Done
* June 2006: Book orders for production quantities of HEV motors and converters. Done
* June 2006: Book an order for a megawatt stationary fuel cell power control unit. Done
* June 2006: Introduce a new design for a Powergate solar photovoltaic inverter in the power range of 100 kw for the European photo-voltaic market. Done
* June 2006: Introduce for 2006 delivery a high reliability standard product line of 1 Amp to 5 Amp Class K Low Drop Out Voltage Regulators used in power supplies for space flight and satellite applications. Done
* September 2006: Develop new high-temperature packaging technology for Silicon Carbide power devices.
* September 2006: Introduce the PowerPac line of industry leading 15W to 30W non-isolated DC to DC converters for the emerging high reliability distributed power markets.
Commenting on the outlook for SatCon for the remainder of the year, Mr. Eisenhaure said, "Our two pronged approach to generating sustainable results is taking shape -with our focus on delivering positive EBITDA from a growing electronics business and maximizing revenue growth from stationary power systems - driven by market traction in alternative energy and industrial power products. Taking into consideration the record level of orders on hand combined with active quotes and supply agreements, we are expecting to end fiscal 2006 on a positive note, with a modest increase in fourth quarter revenue compared with third quarter 2006. We believe the record backlog is a strong indicator of revenue growth for fiscal 2007."
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, 617-897-2407
VP, Corporate Development
Source: SatCon Technology Corporation
Thursday August 10, 8:56 am ET
BOSTON, August 10 / - SatCon Technology Corporation(R), a developer and manufacturer of power electronic and control products for the alternative energy and power distribution markets, today announced that it has received a purchase order, valued in excess of $5 million, issued through Fluor Canada Ltd., acting as representative for a client. The order is for over 30 MW of Inverpower(TM) DC power electronics for use in a copper refining process. This order is not included in third quarter orders on hand reported earlier today as final terms and conditions are expected to be finalized within the fourth quarter. Fulfillment of the order is scheduled over the next year.
"SatCon, through its wholly-owned Canadian subsidiary, was the first company in the world to supply high power DC power electronics using IGBT power transistor technology. DC power distribution based on power transistor technology is recognized for its high efficiency and power quality, and is also a key feature in our alternative energy inverter products," said Clemens van Zeyl, President of SatCon Stationary Power Systems. "To-date, SatCon has supplied over 450 MW of DC power distribution equipment utilizing IGBT technology, more than any other company in the world."
"We are pleased to be working with world leaders like Fluor Canada Ltd. to supply high quality, reliable DC power for copper refining," said David Eisenhaure, CEO and Chairman of SatCon Technology Corporation. "This order underscores the "utility-grade" quality of our DC power electronics and is indicative of the high-quality platform for our alternative energy initiatives."
About Inverpower(TM) Power Delivery Products
Inverpower(TM) power delivery products are designed for the supply of high precision power with high efficiency and low impact to the power grid. The Inverpower DC (direct current) power delivery systems using power transistor (Insulated Gate Bipolar Transistor or "IGBT") technology was introduced in the late 1990"s and is obtaining increasing acceptance in industrial markets. This innovative product is built using standard power modules rated over 1 MW each and is one of the building blocks for SatCon"s alternative energy products. SatCon"s leading experience in using this technology for industrial applications places SatCon in a unique competitive position for MW class alternative energy systems.
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.
SatCon Technology Reports Quarterly Results for the Third Quarter Ended July 1, 2006
Thursday August 10, 8:33 am ET
BOSTON----Aug. 10, 2006--SatCon Technology Corporation©, a developer and manufacturer of power electronic products for the alternative energy markets, today announced its operating results for the third quarter ended July 1, 2006. Net loss for the quarter was $3.5 million, or $0.09 per share, compared with a net loss of $2.3 million, or $0.07 per share, for the same period in fiscal 2005. Net loss for the nine months year-to-date was $8.0 million, or $0.21 per share, compared with a net loss of $6.1 million, or $0.19 per share, for the same period in fiscal 2005. Year-to-date, approximately $1.6 million has been invested in new market and product initiatives, which are expected to drive incremental revenue growth over the upcoming quarters.
Revenue for quarter ended July 1, 2006 was $8.1 million, compared with $8.2 million for the quarter ended July 2, 2005. Revenue for nine months ended July 1, 2006 was $22.8 million, compared with $25.6 million for the comparable period ended July 2, 2005. Orders on hand at the end of the third quarter were a record $26.6 million compared with $23.3 million at the end of the third quarter 2005.
The recently completed financing transaction subsequent to the end of the third quarter has added a net $11.0 million of cash, to strengthen the Company"s balance sheet and provide the necessary resources to fund, primarily, the working capital requirements associated with our anticipated revenue growth.
"We continue to make solid progress towards transitioning into a growth-oriented business with revenues coming from a diversified but linked portfolio of assets," commented David Eisenhaure, Chairman and Chief Executive Officer. "The investments we are making in new products combined with the increase in marketing and sales initiatives, are beginning to bear fruit. The gains in revenue in our electronics and stationary power systems businesses, associated with these investments, have partially offset the reduction in revenue caused by the sale of our shaker product line in December 2005. I continue to be encouraged by the market reception for our alternative energy and stationary power products. Our commercial grade solar inverters continue to gain market traction and represent approximately 19 percent of our total corporate revenues for the year-to-date, compared with approximately 7 percent in the prior year."
"The steps we are taking to align our organization with our product and market initiatives will ultimately drive greater profitability in our business," said David Eisenhaure. " As an indication of our commitment to the growth prospects in alternative energy and electronics, approximately 63 percent of our employees are now dedicated to these businesses, up from 53 percent one year ago. We expect this trend to continue."
The previously stated milestones have been updated below:
* December 2005: Focus on SatCon core business by selling the Ling Shaker product line. Done.
* March 2006: Qualify a 500 kW solar photo-voltaic power control unit product for the California Energy Commission listing. Done.
* March 2006: Secure development projects for the U.S. Army"s Future Combat System applications. Done
* June 2006: Book orders for production quantities of HEV motors and converters. Done
* June 2006: Book an order for a megawatt stationary fuel cell power control unit. Done
* June 2006: Introduce a new design for a Powergate solar photovoltaic inverter in the power range of 100 kw for the European photo-voltaic market. Done
* June 2006: Introduce for 2006 delivery a high reliability standard product line of 1 Amp to 5 Amp Class K Low Drop Out Voltage Regulators used in power supplies for space flight and satellite applications. Done
* September 2006: Develop new high-temperature packaging technology for Silicon Carbide power devices.
* September 2006: Introduce the PowerPac line of industry leading 15W to 30W non-isolated DC to DC converters for the emerging high reliability distributed power markets.
Commenting on the outlook for SatCon for the remainder of the year, Mr. Eisenhaure said, "Our two pronged approach to generating sustainable results is taking shape -with our focus on delivering positive EBITDA from a growing electronics business and maximizing revenue growth from stationary power systems - driven by market traction in alternative energy and industrial power products. Taking into consideration the record level of orders on hand combined with active quotes and supply agreements, we are expecting to end fiscal 2006 on a positive note, with a modest increase in fourth quarter revenue compared with third quarter 2006. We believe the record backlog is a strong indicator of revenue growth for fiscal 2007."
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, 617-897-2407
VP, Corporate Development
Source: SatCon Technology Corporation