Satcon Technology: Financial Results Q1 2011


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Satcon Technology Corporation(R) (NASDAQ CM:SATC), a leading provider of utility scale power conversion solutions for the renewable energy market, today announced its results for the first quarter ended March 31, 2011.
                                                                Three Months Ended            
(in millions except margin data)
March 31, 2011  March 31,2010
                                         % Change

$     62.0    $     14.7                 321     %
Gross Margin               24     %                 14     %             
Operating Income (Loss)                                             ($1.5  ($1.5 )                 ($7.1     )   79     %

Revenue for the first quarter of 2011 was $62.0 million, an increase of 321% over the same period last year. North America continued to be the company's strongest performing region, representing 76% of total sales. Asia contributed 22% of sales, while Europe represented 2%. During the first quarter, the company shipped 276.5 MWs of its industry-leading PowerGate(R) Plus, Prism(R), and Solstice(R) solutions. Satcon's utility scale solutions, of 250kW and above, continued to be the company's strongest performing offering, shipping over 240 MW, and representing 87% of total units shipped in the quarter.

"Our performance in the first quarter of 2011 reflected continued demand for our utility scale solar PV systems in both North America and Asia, where Satcon continues to be the market leader," said Steve Rhoades, Satcon's President and Chief Executive Officer. "At the same time, our European business was weaker than we expected due to the uncertainty around government policies for renewable energy in several European countries."

Bookings for the first quarter of 2011 totaled $35.5 million. This represents 132 MW of orders for Satcon's solutions, with 77% of that demand coming from North America, 20% from Asia Pacific and 3% from Europe.

At March 31, 2011, the company's backlog, which consists of purchase orders from its customers, was $72.2 million. Backlog from North America represented 78.5% of orders to be delivered. Asia contributed 14.7%, while Europe contributed 6.8%.

"We continue to see increasing demand for our utility scale PV inverter solutions in North America and Asia," said Rhoades. "For the second quarter of 2011 we believe the markets in North America and Asia will remain strong and that Germany and Italy will define their long-term FIT strategies. We expect Q2 revenue to be in the range of $50 to $60 million."

Conference Call Reminder

The company will hold a conference call to review its financial results and business highlights today, April 27, 2011 at 5:00 p.m. ET. During the conference call, the company may answer questions concerning business and financial developments and trends, and other business and financial matters. The company's responses to these questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been previously disclosed.

The conference call will be webcast live over the Internet and can be accessed on the Investor Relations section of the company's website at http://investor.satcon.com. The conference call also can be accessed by dialing (877) 407-8289 (U.S. and Canada) or (201) 689-8341 (International). Interested parties that are unable to listen to the live call may access an archived version of the webcast on Satcon's website.

About Satcon

Satcon Technology Corporation is a leading provider of utility-grade power conversion solutions for the renewable energy market, enabling the industry's most advanced, reliable, and proven clean energy alternatives. For more than ten years, Satcon has designed and delivered advanced power conversion products that enable large-scale producers of renewable energy to convert the clean energy they produce into grid-connected efficient and reliable power. To learn more about Satcon, please visit http://www.Satcon.com.

Safe Harbor

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 "will," "intends," "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. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
SATCON TECHNOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)

            March 31,            December 31,
ASSETS             2011             2010
Current assets:                         
Cash and cash equivalents             $     33,619,823                 $     30,094,162     

Accounts receivable, net of allowance of $1,105,225 and $974,887 at March 31, 2011 and December 31, 2010,
respectively
                69,399,723                    73,713,308     
Unbilled contract costs and fees                 174,342                     174,342     
Inventory                 72,870,272                     40,542,893     
Prepaid expenses and other current assets                 4,941,148                     4,254,246     

Total current assets                 181,005,308                     148,778,951     
Property and equipment, net                 8,641,376                     7,284,285     
Other long-term assets                 217,744                     --     

Total assets             $     189,864,428                 $     156,063,236     


LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:                         

Line of credit             $     30,000,000                 $     15,000,000     

Note payable, current portion, net of discount of $406,594 and $434,247 at March 31, 2011 and December 31, 2010,
respectively
                3,144,289                    2,107,473     

Accounts payable
                56,499,894                    45,060,537     
Accrued payroll and payroll related expenses                 3,999,279                     4,476,685     
Other accrued expenses                 7,604,804                     6,824,388     
Accrued restructuring costs                 --                     49,203     
Deferred revenue                 9,967,874                     8,099,852     
Total current liabilities                 111,216,140                     81,618,138     

Warrant liabilities                 2,544,274                     5,454,109     

Note payable, net of current portion and discount of $312,178 and $399,589 at March 31, 2011 and December 31,
2010, respectively


8,136,939


9,058,691

Deferred revenue, net of current portion                 15,560,262                     11,622,918     
Other long-term liabilities                 331,532                     318,151     
Total liabilities                 137,789,147                     108,072,007     
Commitments and contingencies                         

Stockholders' equity:                         

Common stock; $0.01 par value, 200,000,000 shares authorized; 119,007,647 and 117,911,278 shares issued and
outstanding at March 31, 2011 and December 31, 2010, respectively


1,190,076


1,179,113

Additional paid-in capital                 297,929,039                     291,717,323     
Accumulated deficit                 (245,614,266     )                 (243,475,639     )
Accumulated other comprehensive loss                 (1,429,568     )                 (1,429,568     )
Total stockholders' equity                 52,075,281                     47,991,229     
Total liabilities and stockholders' equity             $     189,864,428                 $     156,063,236     

SATCON TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)

            Three Months Ended


March 31,
2011


March 31,
2010

Product revenue             $     62,004,937                 $     14,732,479     
Cost of product revenue                 47,132,525                     12,699,109     
Gross margin                 14,872,412                     2,033,370     

Operating expenses:                         
Research and development                 6,136,333                     2,731,785     
Selling, general and administrative                 10,223,313                     5,579,882     
Restructuring charges                 --                     783,701     
Total operating expenses from continuing operations                 16,359,646                     9,095,368     

Operating loss from continuing operations                 (1,487,234     )                 (7,061,998     )

Change in fair value of warrant liabilities                 123,561                     1,088,978     
Other (loss) income, net                 (199,856     )                 (68,415     )
Interest income                 151                     175     
Interest expense                 (575,249     )                 (63,227     )
Net loss from continuing operations                 (2,138,627     )                 (6,104,487     )
Income from discontinued operations, net of tax                 --                     31,390     
Gain on sale of discontinued operations, net of tax                 --                     500,217     
Net loss                 (2,138,627     )                 (5,572,880     )
Deemed dividend and accretion on Series C preferred stock                 --                     (1,269,191     )
Dividend on Series C preferred stock                 --                     (355,060     )
Net loss attributable to common stockholders             $     (2,138,627     )             $     (7,197,131     )

Net loss per weighted average share, basic and diluted:                         
From loss on continuing operations attributable to common stockholders             $     (0.02     )             $     (0.11     )
From income on discontinued operations                 --                     0.00     
From gain on sale of discontinued operations                 --                     0.01     

Net loss attributable to common stockholders per weighted average share,
basic and diluted


$


(0.02)


$


(0.10)

Weighted average number of common shares, basic and diluted                 118,726,322                     70,921,357     

SOURCE: Satcon Technology Corporation

Satcon Technology Corporation
Leah Gibson, 617-897-2400
Investor Relations
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