ECD Announces First-Quarter Operating Results
Energy Conversion Devices Inc. (ECD, Rochester Hills, MI) announced its operating results for the first quarter ended September 30, 2001. Revenues increased 122 percent to $22,459,000, compared to $10,134,000 in the first quarter last year. The company's net loss was $2,765,000, compared to $1,745,000 in the same quarter last year. On a per-share basis, the loss was $0.13 in 2001, compared to a loss of $0.09 in 2000.
The company had a net loss of $2,765,000 on revenues of $22,459,000 in the three months ended September 30, 2001, compared to a net loss of $1,745,000 on revenues of $10,134,000 for the three months ended September 30, 2000.
Stanford Ovshinsky, president and CEO, and Robert Stempel, chairman, said, "The increase in net loss of $1,020,000 was anticipated as we positioned ourselves for future growth with the relocation of our headquarter operations to a more efficient building featuring advanced state-of-the-art laboratory and product-development facilities for ECD."