SatCon Reports Q4 2002, Year End ResultsJanuary 01, 2003 by Jeff Shepard
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.