ECD Announces First-Quarter Operating Results

November 19, 2001 by Jeff Shepard

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."