SatCon Technology Corp. (Cambridge, MA) reported financial results for its fiscal 2002 fourth quarter and year end, which ended September 30, 2002. For the fourth quarter, revenues were $11.2 million compared to $10.0 million in the fourth quarter of 2001. For the year, revenues were $41.6 million compared to $41.7 million in fiscal year 2001.
The operating loss for the fourth quarter of 2002 was $4.0 million as compared to $6.9 million in 2001, a 42 percent reduction. The net loss attributable to stockholders for the fourth quarter of 2002 was $5.4 million as compared to a net loss attributable to stockholders of $9.3 million in 2001, a 42 percent reduction. For the year, the operating loss for 2002 was $19.0 million as compared to $16.2 million in 2001, an increase of 17 percent, however the net loss attributable to stockholders was reduced by 15 percent from $24.3 million in 2001 to $20.8 million in 2002, primarily due to the elimination of losses from Beacon Power Corp.
