27.12.2003: Meldung: SatCon Technology Corp.: Fourth Quarter and Year End Results
Tuesday December 23, 8:01 am ET
Quarterly operating loss improves to its lowest in over three years
CAMBRIDGE, Mass -- Dec. 23, 2003--SatCon Technology Corporation© (Nasdaq NM: SATC - News), a manufacturer of power control products, today reported financial results for its fiscal 2003 fourth quarter and year end, which ended September 30, 2003.
Revenues for the three months ended September 30, 2003 were $8.0 million as compared to $11.2 million in the same period last year. For the year, revenues totaled $26.9 million in fiscal 2003 compared with $41.6 million in fiscal 2002. David Eisenhaure, SatCon"s president and chief executive officer, said: "Although our revenues for the quarter were down compared to a year ago, they were up from the $6.4 million of last quarter and was our highest quarterly revenue for the fiscal year."
The operating loss for the fourth quarter ending September 30, 2003 was $2.2 million compared to $4.0 million in the fourth quarter of fiscal 2002. For the year, the net operating loss totaled $26.1 million in fiscal 2003 compared with $19.0 million in fiscal 2002.
"What is important is that the trend has been toward reduced operating losses and lower our cash burn rates. Our operating loss in the fourth quarter was our lowest quarterly loss in over three years and is clear evidence that our cost reduction efforts are taking hold."
"We have made significant cuts in our workforce in order to reduce overhead costs. Our total workforce has been reduced from over 300 to just less than 200 personnel. We reorganized the Power Systems division under Mike Turmelle, our Chief Operating Officer, to reduce management and overhead costs. To gain efficiencies, we have also created an engineering pool that supports all the divisions. We have cut outside service costs to save on expenses. We will continue to investigate the possibilities of further facility consolidation and other cost cutting measures in the coming months."
"We have focused on the design, manufacture and sale of power control products that we believe have achieved increased market acceptance. Power control products match electrical power characteristics to load requirements. In other words, they make power usable, distributable and manageable by controlling the power characteristics at the end use. This ability is important for high power applications in critical military systems, alternative energy applications and in high reliability industrial automation. We are seeing a growing market acceptance for power control products in these markets."
"This past year we introduced a line of Power Conversion Systems for photovoltaic (solar) power generation for commercial and light industrial applications to complement our alternative energy products for fuel cell and wind turbine power generation. The converters are designed for use with solar power systems to generate electrical power in office buildings, small factories, hotels and similar facilities. The report Clean Energy Trends 2003, published by Clean Edge research, estimates that solar photovoltaics (PV) (including modules, system components, and installation) will grow from a $3.5 billion global industry in 2002 to more than $27.5 billion by 2012. And fuel cells for mobile, stationary, and portable applications will grow from $500 million to $12.5 billion over the next decade. We believe SatCon"s power conversion products can take part in this growing global market."
"Uni-Solar, the leading manufacturer of thin film photovoltaic solar panels and provider of commercial PV roof system solutions, recently selected the SatCon PowerGate(TM) Power Converter System for integration into its photovoltaic power generation systems for installations greater than 50-kilowatts."
"During the year we delivered and recently installed two of our Rotary UPS systems. A power outage occurred within the following day of the installation at LeCroy and our system was able to maintain power to the facilities critical systems. The installation at the Deluxe Film Laboratories in Toronto also went well and we are encouraged by the feedback that we have received from potential customers and product representatives now that we have units working in the field."
Concluded Eisenhaure, "After our recent financing, our cash position has improved significantly and, while we continue to operate under a "going concern" opinion from our auditors, our cost cutting efforts combined with a more focused approach to marketing and sales has helped to improve our financial position going forward. We believe that the improved results in the fourth quarter provide a sound base for future improvements for fiscal 2004."
About SatCon Technology Corporation
SatCon Technology Corporation manufactures and sells power Control products for critical military systems, alternative energy applications and in high-reliability industrial automation. 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 and high-efficiency machines and control systems for a variety of defense applications. For further information, please visit the SatCon website at www.satcon.com.
SatCon Technology Corporation(R)
Ralph Norwood, 617-661-0540
Aurelius Consulting Group
Dave Gentry, 407-644-4256
Source: SatCon Technology Corporation(R)