Energy Conversion Devices Inc. (ECD, Rochester Hills, MI) reported a net loss of $11.3 million on revenues of $17.9 million for the third quarter ended March 31, 2005. This compares to its net loss of $12.3 million on revenues of $16.5 million in the same quarter last year. On a per-share basis, the loss was $0.39 in the third quarter of fiscal 2005 compared to a loss of $0.49 in the same quarter last year.
For the nine months ended March 31, 2005, ECD Ovonics had net income of $57.2 million on revenues of $135.8 million. This compares to a loss of $40.0 million on revenues of $46.4 million in the same period last year. On a per-share basis, the net income was $2.16 in the nine months ended March 31, 2005, compared to a loss of $1.70 in the same period last year.
"Our product sales increased 57% in the quarter versus a year ago and we achieved monthly production records in our United Solar Ovonic subsidiary in March and April," stated Chairman and CEO Robert Stempel. "We have been implementing planned improvements to our manufacturing processes and procedures at United Solar Ovonic and expect further increases in production volume. We will also continue our company-wide effort to restructure costs and grow revenues so that we can meet our commitment of sustained profitability by July 2006."