ECD Reports First-Quarter, Fiscal 2004 Results
Energy Conversion Devices Inc. (ECD, Rochester Hills, MI) announced its operating results for the first quarter ended September 30, 2003. Revenues were $14.2 million compared to $15.9 million in the first quarter last year. The company's net loss was $14.3 million for the first quarter compared to a loss of $3.4 million in the same quarter last year. On a per-share basis, the loss was $0.65 in the first quarter of fiscal 2004 compared to a loss of $0.16 in the same quarter last year.
As of September 30, 2003, the company had consolidated cash, cash equivalents, short-term investments and accounts, and short-term note receivable (including $5,489,000 of amounts due from related parties) of $43,139,000, a decrease of $21,357,000 from June 30, 2003. As of September 30, 2003, the company had consolidated working capital of $24,989,000 compared with a consolidated working capital of $37,795,000 as of June 30, 2003.