ECD Reports Second-Quarter Fiscal 2005 Results
Energy Conversion Devices Inc. (ECD, Rochester Hills, MI) announced its operating results for the second quarter ended December 31, 2004. The company reported net income of $67.1 million on revenues of $95.7 million, compared to a loss of $13.4 million on revenues of $15.7 million in the same quarter last year.
On a per-share basis, the income was $2.63 ($2.44 on a fully diluted basis) in the second quarter of fiscal 2005 compared to a loss of $.57 in the same quarter last year. For the first half of the year, product sales increased $8.9 million (63%) primarily due to a $12.9 million (113%) sales increase in United Solar Ovonic's photovoltaics sales.
In December 2004, ECD Ovonics expanded the scope of licenses granted to Cobasys, its 50-50 nickel-metal hydride (NiMH) battery manufacturing joint venture with ChevronTexaco Technology Ventures. The expansion of the license agreements will enable Cobasys to capitalize on the growing interest in Ovonic NiMH batteries for military, homeland security, load leveling, stationary power and other (prismatic) battery applications.