SatCon Reports First-Quarter 2004 Operating Results
SatCon Technology Corp. (Cambridge, MA), a leader in power and energy management, reported financial results for its fiscal 2004 first quarter, which ended on December 27, 2003. Revenues for the three months ended December 27, 2003, were $8.2 million as compared to $6.9 million in the same period last year. In addition, the operating loss for the first quarter was $744,000 compared to an operating loss of $5.1 million in the same period last year.
"We are very pleased with our first-quarter results," said SatCon President and CEO David Eisenhaure. "These results present more evidence that our restructuring efforts have significantly improved our operations. We have increased revenues by 18 percent while reducing losses by 85 percent over the same quarter last year, and our cash position has improved substantially. We are well positioned for continued growth."
SatCon ended the quarter with $5.4 million in cash and no bank borrowings against its $6 million credit line.