SatCon Technology Corp.(Nasdaq CM: SATC), developer and manufacturer of power electronic products for the alternative energy markets, announced its operating results for the nine months through September 30, 2006.
Revenue decreased by 10% to $2.6 million. The company attributes the decrease to its exit of non-strategic product lines. Revenue its Stationary Power Systems division increased by 23%.
Operating losses increased to $10.2 million, up from $8.3 million in 2005, as a result of lower revenue combined with increased investment spending of approximately $1.1 million in its core businesses, including renewable energy. Orders on hand are at an all-time high of $32 million, including $16 million for the Stationary Power Systems division. While total orders on hand are up over 50% compared with this same time a year ago, the orders on hand for the Stationary Power Systems division are up approximately 150%, compared with $6 million a year ago, and is indicative of the success the Company is having in its Stationary Power Systems product lines.
“I am pleased to see the growth in our Stationary Power Systems division revenues and order backlog,” commented David Eisenhaure, President and CEO. “For the quarter and nine months ended September 30, 2006, Stationary Power Systems division revenues increased 28% and 21%, respectively, driven by continued market success in solar inverters.”
In September, Satcon announced it would streamline operations to focus spending on its growing Stationary Power Systems division.
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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