SatCon Technology Reports First-Quarter 2002 Results
SatCon Technology Corp. (Cambridge, MA) announced financial results for its fiscal 2002 first quarter, which ended December 29, 2001. Revenue for the first quarter decreased 12 percent to $8.3 million, compared to $9.5 million in the same period last year. The net loss for the first quarter of fiscal 2002 was $5.4 million, or $0.33 per share, as compared to net loss of $4.0 million, or $0.29 per share, in the first quarter of 2001.
"As we prepare ourselves for the future, this was an important quarter for us,” said David Eisenhaure, president and CEO. “We made significant investments, primarily in facility upgrades and in the manufacturing and commercialization of our StarSine rotary UPS and power quality product lines. Although we did experience some slow down in revenue for the quarter, we remain confident that we will experience growth for the year and there have been some positive achievements in the quarter to bolster that confidence.”