SatCon Technology Corporation (Nasdaq NM: SATC), a developer and manufacturer of power electronics and motors for the alternative energy markets, today announced operating results for the quarter ended December 31, 2005. Net loss for the quarter was $1.3 million, or $0.03 per share, compared with a net loss of $1.4 million, or $0.05 per share, for the same period in fiscal 2005. “This quarter should be viewed as a transition quarter,” commented David Eisenhaure, Chairman and CEO. “We closed the books on the December quarter with 14 megawatts of solar inverters already shipped and on the strength of the product launch of our 500kW solar inverter we are emerging as the leading provider of commercial grade inverters. Our market traction in the burgeoning photovoltaic market combined with our leading position in providing inverters for the stationary fuel cell market give us confidence that our revenue growth in the alternative energy sector is sustainable. This is an important inflection point for our company as we invest in the service infrastructure to support the anticipated growth. The sale of the non-strategic shaker and amplifier product line was a key step in this transition.”
Revenue for quarter ended December 31, 2005 was $7.1 million, compared with $9.2 million for the quarter ended January 1, 2005. This quarter’s revenue was impacted by revenue deferrals in the current quarter totaling approximately $0.4 million and still excludes the recognition of the Rotary Uninterruptible Power Supply for the National Institute for Standards and Technology, which was a system we shipped in third quarter of fiscal 2005. Upon successful product commissioning, this previously deferred revenue is expected to be recognized in 2006.
Operating loss for the quarter ended December 31, 2005 was approximately $1.2 million, essentially unchanged from the $1.2 million operating loss recorded in the quarter ended January 1, 2005. In spite of the revenue shortfall, costs were contained and channeled towards the businesses poised for growth. The sale of the non-strategic shaker and amplifier product line contributed a gain of approximately $1.4 million, which offset the operating loss in the quarter ended December 31, 2005.
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