SatCon Technology Corp. (Cambridge, MA), a leader in power and energy management, reported financial results for its fiscal 2003 fourth quarter and year end, which ended September 30, 2003. Revenues for the three months ended September 30, 2003, were $8 million as compared to $11.2 million in the same period last year. For the year, revenues totaled $26.9 million in fiscal 2003 compared with $41.6 million in fiscal 2002.
The operating loss for the fourth quarter ending September 30, 2003, was $2.2 million compared to $4 million in the fourth quarter of fiscal 2002. For the year, the net operating loss totaled $26.1 million in fiscal 2003 compared with $19 million in fiscal 2002.
SatCon President and Chief Executive Officer David Eisenhaure stated, "Although our revenues for the quarter were down compared to a year ago, they were up from the $6.4 million of last quarter, and was our highest quarterly revenue for the fiscal year. What is important is that the trend has been toward reduced operating losses and lower cash burn rates. Our operating loss in the fourth quarter was our lowest quarterly loss in over three years, and is clear evidence that our cost-reduction efforts are taking hold."
