18.8.2005: Meldung: SatCon Technology Corp.: Third Quarter Results - Financing Transaction for $5.8 Million completed
Tuesday August 16, 9:21 am ET
BOSTON-- Aug. 16, 2005--SatCon Technology Corporation? (Nasdaq NM: SATC - News), a developer and manufacturer of power electronics and motors, today reported financial results for its fiscal 2005 third quarter, which ended July 2, 2005.
"Our revenue for the quarter was $8.2 million dollars compared to $8.6 million in 2004," said David Eisenhaure, SatCon Chairman and Chief Executive Officer. "However, we have an additional $1.3 million in deferred revenue related to the shipment of a Rotary UPS made during the quarter, and $1.5 million in revenue deferred from Q2 for the EDO program. Our operating loss for the third quarter was $2.2 million, compared to $0.7 million in 2004. That loss was primarily due to higher costs of manufacturing as we ramp up our support in the Power Systems Division for planned increased production in the Alternative Energy, HEV and Grid Support market sector."
"Our first nine months of fiscal 2005 showed revenue increasing from $25.0 million to $25.6 million, excluding $2.8 million in deferrals noted above. The operating loss for the first nine months of fiscal 2005 was $5.6 million, which was an increase over 2004"s operating loss of $2.5 million, primarily due to manufacturing costs, as noted above, and corporate legal and other costs."
On August 15, 2005, the Company consummated an equity financing transaction with several unrelated accredited investors involving the sale of approximately 4.7 million shares of common stock and warrants to purchase 1.2 million additional shares of common stock. The Company received proceeds from the sale of these shares and warrants equal to approximately $5.8 million less the Company"s expenses relating to the sale. The stated use of proceeds is to expand the Company"s sales and marketing efforts to exploit the opportunity for significant growth within the Solar, Hybrid Electric Vehicles, Wind, Stationary Power and Grid Support sectors. SatCon President and Chief Operating Officer, Millard Firebaugh stated, "The proceeds from this sale of common stock and warrants will allow SatCon to continue aggressive growth in the Alternative Energy, Hybrid-Electric Vehicle and Grid Support markets. These markets are growing at accelerating rates. The Energy Policy Act further reinforces the future market potential. SatCon already has successful products in these markets from which we are experiencing our most rapid growth in product revenue. We are positioning for success with appropriate investment."
Ardour Capital Investments, LLC has been retained to act as the Company"s financial advisor in connection with these capital raising activities, including introducing potential investors and negotiations regarding pricing and structure of the shares of common stock and warrants issued in the financing transaction.
The shares of common stock and warrants issued in the equity financing transaction have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. However, as part of the transaction, the Company has agreed to use its best efforts to prepare and file a registration statement with the Securities and Exchange Commission to enable the resale of the shares issued and sold in the transaction.
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 Corporation(R)
Dave Eisenhaure, 617-897-2400
Chief Executive Officer
Chris Bermudez, 407-644-4256
Source: SatCon Technology Corporation