SatCon Announces Q4 and Year-End 2001 ResultsDecember 13, 2001 by Jeff Shepard
SatCon Technology Corp. (Cambridge, MA) announced fourth-quarter financial results for the period ended September 30, 2001. Revenue for the year increased by $10.6 million, or 34 percent, to a record level of $41.7 million versus $31.1 million for fiscal year 2000. Fiscal year 2001 represented the second consecutive year of record revenue growth for the company with revenue having grown at a compound annual rate of 64 percent since fiscal year 1999.
"Our strong revenue growth for the year continues to demonstrate the increasing demand for our enabling products for the power and energy-management marketplace," said David Eisenhaure, president and CEO of SatCon. "Despite difficult economic conditions, all of our business units produced solid revenue growth for the year. We expect this growth to continue in 2002 as the economy improves and we expand our market penetration with existing products and the introduction of new products such as our StarSine MegaPower UPS system."