SatCon Technology Corporation (Nasdaq NM: SATC), a developer and manufacturer of power electronic products for the alternative energy markets, announced its Q2 results.
Revenue for quarter was $7.6 million, compared with $8.3 million for the quarter ended April 2, 2005. Revenue for six months ended April 1, 2006 was $14.7 million, compared with $17.5 million for the comparable period ended April 2, 2005.
Net loss for the quarter was $3.2 million, or $0.08 per share, compared with a net loss of $2.4 million, or $0.07 per share, for the same period in fiscal 2005.
The company has a strong backlog of $25.1 million in orders ($21.5 million for Q2 2005. “I am pleased with the progress we are making towards transitioning into a products-oriented business,” commented David Eisenhaure, Chairman and Chief Executive Officer. “I am also encouraged by the market reception for our alternative energy products. Our commercial grade solar inverters continue to gain market traction and represent approximately 15 percent of our total corporate revenues for the year-to-date, compared with 10 percent in the prior year.
I am particularly encouraged by the recent traction that HEV and alternative fuel vehicles are achieving in the market and feel that the time is right for us to re-dedicate ourselves to these markets.”
Operating loss for the quarter ended April 1, 2006 was approximately $3.2 million, compared with $2.1 million operating loss recorded in the quarter ended April 2, 2005. Operating loss for the six months ended April 1, 2006 was approximately $4.5 million, compared with $3.3 million operating loss recorded for the six months ended April 2, 2005. On a year-to-date basis, approximately $1.2 million has been invested in new market and product initiatives, which are expected to drive incremental revenue growth over the upcoming quarters.
Commenting on the outlook for SatCon for the remainder of the year, Mr. Eisenhaure said, “Taking into consideration the record level of orders on hand combined with active quotes and supply agreements, we are expecting to show improvement in revenues in the second half of fiscal 2006. We are on track with the achievement of our 2006 milestones and I am particularly excited to be entering the European market with our newest product, our 100 kW inverter targeted at the large and rapidly growing European solar market. The organizational changes we have made are designed to expand our presence in our target markets and accommodate a rationalization of our facilities – both of which are expected to contribute to improved financial results. ”
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.
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