SatCon Technology Corp. announced its operating results for the quarter and year ended December 31, 2007.
"2007 was an exciting and busy year for SatCon. Our revenues hit an all time high of $56.6 million," said David Eisenhaure, President and Chief Executive Officer. "This change was fueled by the growth in our solar inverter product line of 200%. Our expectation for the year, that we set at mid-year, was for $55 million in revenue. We exceeded that expectation. We also saw a significant increase in our sales order backlog which grew from $35 million at the end of 2006 to $46 million at the end of 2007, a 30% increase, both of which were driven by our alternative and renewable energy business."
Eisenhaure continued, "In addition, I am pleased to announce that we have recently completed our year-end audit and Vitale, Caturano and Company, our auditors, have decided to remove the ’going concern’ opinion from our 10-K filing for the year-ended 2007. We take this move very seriously and believe that we have the plans in place and the cash and availablity to move SatCon to a sustainable company in the near future."
Revenues for the 4th quarter ended December 31, 2007, were $15.6 million, compared to $9.6 million in the 4th quarter of 2006, an increase of over 60%. Driving that growth were revenue increases in photovoltaic inverters of over 142% to $8.0 million compared to $3.3 million for the same period in 2006.
Operating losses for the 4th Quarter of 2007 improved to $3.4 million, as compared to an operating loss of $4.4 million for the fourth quarter of 2006, a $1.0 million reduction. Revenues for the year ended December 31, 2007 were $56.6 million, compared to $33.7 million in the same period of 2006, an increase of approximately 68%.
Revenues in the Stationary Power Systems Division increased by 134% to $33.0 million for 2007 compared to $14.1 million in 2006. Driving that growth were increases in photovoltaic PowerGate inverters of over 140% to $21.1 million compared to $8.7 million in 2006. Also included in 2007 results was a high power dc-dc converter project, which accounted for an increase of approximately $5 million over 2006.
Operating losses for the year 2007 were reduced by approximately 25% to $11.0 million dollars versus $14.6 million for 2006. These losses in 2007 would have been lower if not for a weakening of the US dollar relative to the Canadian dollar, which cost approximately $2 million dollars, and losses on two large legacy projects booked in 2004 which also added approximately $2 million dollars.
Direct investment spending in unfunded R&D increased approximately $1.2 million to $3.2 million in 2007 over that of 2006, primarily to support the development of new products in the photovoltaic inverter line and other products throughout the company.
