SatCon Technology Corporation (NASDAQ CM: SATC), a manufacturer of power management and system architecture solutions for distributed power markets, announced strong revenue growth and a smaller loss for Q307.
The company says revenues within the Power Systems Division in Canada increased by over 250% to $14.7 million for the quarter compared to $4.1 million in Q306.
For the first 9 months of 2007, Revenue in Power Systems Canada was $23.5 million a 142% increase over the $9.7 million in 2006.
In addition, the Applied Technology Division revenue recorded a third quarter growth of over 115% to $2.8 million from $1.3 million and over 80% to $6.3 million for nine months in 2007 from $3.5 million in 2006.
Revenues in the Motors and Hybrid Electric Vehicle business for the nine months were up 42% to $2.7 million compared to $1.9 million in 2006.
The company says overall revenue growth reflects the results of its effort to focus on products targeted at the alternative energy and distributed power markets.
Operating Losses for Q307 were $1.1 million, as compared to $3.5 million in Q306. The losses for the first nine months of 2007 were $7.7 million as compared to $10.2 million for the same period of 2006.
The company says it continued to increase direct investment spending in R&D with an increase of $0.6M to $2.2M for the first nine months of 2007, primarily to support the development of new photovoltaic products.
“This has been another strong revenue growth quarter for SatCon,” said David Eisenhaure, President and CEO. “As reported last quarter, the Photovoltaic Inverter market opportunity continues to experience rapid growth and we continue to be well positioned due to the technical strength of our products.”
The company reports that sales order backlog was approximately $47 million at the end of the quarter, a 78% increase over last year. As a result, the company expects to achieve annual revenues of $55 million for 2007, compared to 2006 annual revenues of $34 million.
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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