SatCon Technology Reports Results for First Quarter of Fiscal 2001
SatCon Technology Corp. (Cambridge, MA) announced financial results for its fiscal 2001 first quarter ended December 31, 2000. Revenue for the first quarter rose 108 percent to $9.5 million, compared with $4.6 million in the same period last year. Net loss for the quarter ended December 31, 2000, excluding an unrealized loss on $2.9 million on an investment, was $2.8 million, equal to $0.20 per share, compared with $3.1 million, or $0.29 per share, in the fiscal 2000 first quarter.
During the quarter, SatCon adopted Statement of Financial Accounting Standards No. 133 that requires the carrying value of the warrants it holds to purchase 300,000 shares of Mechanical Technology Inc. (Albany, NY) common stock to be adjusted to market value. As a result, SatCon recorded an unrealized loss of $2.9 million, or $.21 per diluted share, on this investment. Including this charge, net loss for the fiscal first quarter was $5.6 million, or $0.41 per share. The net operating loss for the fiscal 2001 first quarter improved to $2.3 million from $2.4 million in the first quarter of fiscal 2000.
First-quarter revenue for the electronics products segment increased 44 percent to $2.6 million over the prior year's period. The motion control products segment revenue rose 257 percent to $4.8 million. Within this segment, revenue from Ling Electronics increased 215 percent to $2.5 million, while MagMotor revenue increased 196 percent to $2.3 million. As Ling Electronics was acquired on October 21, 1999, revenue for the first 21 days of October 1999 was not included in SatCon's results for the quarter ended December 31, 1999. Revenue from the technology center, the funded research and development segment, was up 48 percent to $2.1 million.
"We are pleased to kick off the 2001 fiscal year with growth in each of our business segments, and first-quarter revenue that doubled over the first quarter last year," said David Eisenhaure, president and CEO of SatCon.