SatCon Announces Second Quarter Results for 2006
SatCon Technology Corp.® (Nasdaq NM: SATC) announced its operating results for the second quarter ended April 1, 2006. Revenue showed modest growth over the first quarter of fiscal 2006 and backlog remains strong and growing at $25.1 million versus $21.5 million for the same period in fiscal 2005. Net loss for the quarter was $3.2 million, or $0.08 per share, compared with a net loss of $2.4 million, or $0.07 per share, for the same period in fiscal 2005. Net loss for the six months year-to-date was $4.5 million, or $0.12 per share, compared with a net loss of $3.8 million, or $0.12 per share, for the same period in fiscal 2005.
"I am pleased with the progress we are making towards transitioning into a products-oriented business," commented David Eisenhaure, Chairman and Chief Executive Officer. "I am also encouraged by the market reception for our alternative energy products. Our commercial grade solar inverters continue to gain market traction and represent approximately 15 percent of our total corporate revenues for the year-to-date, compared with 10 percent in the prior year."
Commenting on the outlook for SatCon for the remainder of the year, Mr. Eisenhaure said, "Taking into consideration the record level of orders on hand combined with active quotes and supply agreements, we are expecting to show improvement in revenues in the second half of fiscal 2006. We are on track with the achievement of our 2006 milestones and I am particularly excited to be entering the European market with our newest product, our 100 kW inverter targeted at the large and rapidly growing European solar market. The organizational changes we have made are designed to expand our presence in our target markets and accommodate a rationalization of our facilities - both of which are expected to contribute to improved financial results.