Energy Conversion Devices Reports Financial Results for First Quarter of Fiscal Year 2010
Energy Conversion Devices, Inc. (ECD) announced financial results for the first quarter of its fiscal year 2010. Total consolidated revenues for the first quarter of fiscal 2010 were $42.9 million, compared to $95.8 million in the first quarter of fiscal 2009 and $51.4 million in the fourth quarter of fiscal 2009. Solar product and project sales for the quarter were $36.1 million, compared to $89.5 million in the same quarter last year and $46.0 million in the fourth quarter of fiscal 2009.
For the first quarter, the company reported a net loss of $11.8 million, or $0.28 per fully diluted share, compared to net income of $11.8 million, or $0.27 per fully diluted share, in the year-ago period. This compares to a net loss of $17.6 million, or $0.41 per fully diluted share, in the fourth quarter of fiscal 2009. Results for the first and fourth quarters of fiscal 2009 have been adjusted to reflect the company’s implementation of FASB ASC 470-20.
First quarter net results were affected by several items, which, when taken collectively, had a positive net impact of approximately $2.7 million or $0.06 per share. These items included the impact related to the acquisition and integration of Solar Integrated Technologies (SIT) and non-SIT related items including the sale of previously written-down inventory and tax refunds for prior research and development expenditures.
Mark Morelli, ECD’s President and Chief Executive Officer, said "In the first quarter, new construction and reroofing projects continued to be slow, negatively impacting sales through our traditional building-materials channel. We are the leaders in this building-integrated photovoltaic (BIPV) market, and remain confident that this channel will recover and our new and reroofing business will improve longer term."
"To expand our near-term addressable market beyond our traditional BIPV focus, we are developing product solutions for rooftop retrofit applications including our recently launched tilt solution. This product leverages the light-weight attributes of our core flexible laminates as well as our superior energy yield resulting in leading levelized cost of energy (LCOE) performance and attractive returns to customers worldwide" said Morelli. "We are also working with project developers to pursue large-scale projects in our key markets."
"The addressable markets for our products are large, especially as we extend our reach beyond our traditional BIPV market into the existing roof market segment where our unique product and LCOE leadership provide a cost-effective solution with attractive returns to more customers worldwide," added Morelli.