SatCon Technology Corp. (Cambridge, MA) reported financial results and accomplishments for its fiscal 2002 second quarter, which ended March 30, 2002. Revenue for the second quarter decreased 11 percent to $10.3 million from $11.5 million in the same period last year. However, revenue increased 23 percent from the $8.3 million reported in the first quarter of this year with all operating segments showing increases.
The net loss for the second quarter of fiscal 2002 decreased by 22 percent to $5.0 million, or $0.30 per share, as compared to a net loss of $6.4 million, or $0.46 per share, in the second quarter of 2001. For the six months ended March 30, 2002, revenue decreased by 11 percent to $18.6 million from $21.0 million for the same period last year with a net loss of $10.4 million, or $0.63 per share, as compared to a net loss of $10.4 million, or $0.75 per share, for the first six months of 2001.
"As you know, we have been making investments in preparing ourselves for what we believe is significant potential growth in the power products market," said SatCon President and CEO David Eisenhaure. "However, like our shareholders, we are extremely disappointed with the performance of our stock price over the past few weeks. We believe that we have taken steps to better position the company to achieve growth and profitability."
