ECD Reports Second-Quarter 2001 Results

February 14, 2002 by Jeff Shepard

Energy Conversion Devices Inc. (ECD, Rochester Hills, MI) announced its operating results for the second quarter ended December 31, 2001. Revenues increased 77 percent to $26,745,000, compared to $15,088,000 in the second quarter last year. The company's net loss was $4,317,000, compared to $716,000 in the same quarter last year. On a per-share basis, the loss was $0.20 in 2001 compared to a loss of $0.04 in 2000.

Stanford Ovshinsky, president and CEO, said, “The large-scale expansion of our production facilities, with advanced state-of-the-art laboratory and product development facilities, allows us to respond to the needs of our customers, joint ventures and manufacturing units. The investments we have made throughout the years have resulted in the increased acceptance of our enabling technologies and products that provide the needed Ovonic solutions in the energy and information industries.”