Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER), a leading global manufacturer of solar thin-film products, today reported increased revenues and a smaller net loss for the quarter ended December 31, 2007.
The quarter, which marks Q208 for ECD, saw revenues of $56.4 million–a 20% increase from $47 million for Q108 and up 146% from Q207, according to a company release.
ECD reported a net loss for the quarter of $5.4 million, compared to a net loss of $7.6 million for Q108, and a net loss of $2.9 million in the year-ago period.
ECD said Revenues from its solar business were $51.7 million, or 92% of total revenues. Second quarter solar revenues represented a 23% sequential increase and a 169% increase over the prior-year quarter. Gross margins in the solar business were reported at 19.2%.
For the first six months of fiscal 2008, ECD said total revenues were $103.5 million compared with $50.1 million for the first six months of fiscal 2007, an increase of 106%.
For the six-month period, the company reported a net loss of $13.0 million, compared with the previous year’s net loss of $5.2 million. ECD said restructuring costs for the first six months of fiscal 2008 amounted to $5.1 million, and preproduction costs for the period were $4.8 million.
Mark Morelli, ECD’s president and CEO, commented, "During the quarter, our production of thin-film solar laminates expanded by 50 percent over the first quarter, and tripled over last year’s second quarter. At the same time, our sales pipeline continues to run ahead of production capacity as new and repeat customers in key markets around the world have come to recognize the significant advantages and attractive return on investment of our UNI-SOLAR laminates. As a result, we remain confident that we will reach sustainable profitability by the fiscal fourth quarter."
The company noted that no polysilicon is required for the manufacturing of UNI-SOLAR laminates; therefore, production within its solar subsidiary, United Solar Ovonics, is not affected by polysilicon supply.
ECD is increasing its guidance on United Solar gross margins for Q408 to approximately 23 to 25%.
About Energy Conversion Devices
Energy Conversion Devices, Inc. manufactures and sells thin-film solar laminates that convert sunlight to energy using proprietary technology. Distributed globally under the UNI-SOLAR® brand, the company says its products are ideally suited for roofing applications because they are lightweight, durable, flexible, can be integrated directly with building materials, and generate more energy in real- world conditions. ECD also pioneers other alternative technologies, including a new type of nonvolatile digital memory technology, which it says is significantly faster and less expensive, ideal for use in a variety of applications including cell phones, digital cameras and personal computers.
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