18.5.2005: Meldung: SatCon Technology Corp.: Second Quarter Results
Tuesday May 17, 8:00 am ET
First six months revenue grows 7% over 2004
BOSTON-- May 17, 2005--SatCon Technology Corporation? (Nasdaq NM: SATC - News), a developer and manufacturer of power control electronics, today reported financial results for its fiscal 2005 second quarter, which ended April 2, 2005.
"Our revenue for the quarter was $8.3 million dollars compared to $8.2 million in 2004," said David Eisenhaure, SatCon president and chief executive officer. "The $8.3 million does not reflect an expected $1.5 million of revenue recognition from the completion of the EDO program. No additional charges are being accumulated on that contract since its completion during the past quarter. We are currently working with EDO to process the final acceptance documents in order to post that revenue. Our operating loss for the second quarter was $2.1 million, a $1.0 million dollar increase over 2004. That loss included about $0.4 million of settlements and severance costs and some higher costs of manufacturing as we ramp up our infrastructure in the Power Systems Division for planned increased production."
"Our first six months of fiscal 2005 showed revenue growing by 7% from $16.3 million to $17.5 million, primarily in our Power Systems Division. The operating loss for the first six months of fiscal 2005 was $3.3 million, which was an increase over 2004"s operating loss of $1.8 million, primarily due to the settlement, severance and manufacturing costs noted above."
"These expenses reflect our commitment to capitalize on some near term market opportunities that we have seen over the last two quarters," continued Eisenhaure. "Over time, we have built a strong inventory of technology solutions and products with which we can now capitalize on some growing market needs to address, solar, hybrid-electric vehicles, wind, stationary power and grid support "power control" issues."
"Our evidence is that these industry sectors have now matured to the point where each one has become a significant and growing market. SatCon is now transitioning to become the "Power Control" off-the-shelf system solution for these markets. SatCon"s highest percentage revenue growth in 2005 was derived from products sold into the solar, stationary fuel cells and grid support marketplace. These revenues accounted for almost 80% of our product revenue growth in the first six months of fiscal 2005."
Concluded Eisenhaure, "We recognize that, over the long term, our success is dependent on driving toward profitability and that remains our goal. In the short term however, to achieve that goal, we must focus on market opportunities as they present themselves to us. We believe this focus will ultimately provide the greatest return on shareholder value."
About SatCon Technology Corporation
SatCon Technology Corporation is a developer and manufacturer of power electronics and control systems for alternative energy, high-reliability industrial automation applications and critical military systems. For further information, please visit the SatCon website at www.satcon.com.
SatCon Technology Corporation(R)
Dave Eisenhaure, 617-897-2400
Jeff Wadley, 407-644-4256
John Ewen, 212-375-2953
Source: SatCon Technology Corporation