SatCon Technology Corporation, a developer and manufacturer of power electronics and motors for the alternative energy markets, announced its operating results for the quarter ended Dec. 31, 2005. Net loss for the quarter was $1.3 million, or $0.03 per share, compared with a net loss of $1.4 million, or $0.05 per share, for the same period in fiscal 2005.
"This quarter should be viewed as a transition quarter," said David Eisenhaure, chairman and chief executive officer. "We closed the books on the December quarter with 14 megawatts of solar inverters already shipped and on the strength of the product launch of our 500kW solar inverter we are emerging as the leading provider of commercial grade inverters. Our market traction in the burgeoning photovoltaic market combined with our leading position in providing inverters for the stationary fuel cell market give us confidence that our revenue growth in the alternative energy sector is sustainable. This is an important inflection point for our company as we invest in the service infrastructure to support the anticipated growth. The sale of the non-strategic shaker and amplifier product line was a key step in this transition."
Revenue for the quarter ended Dec. 31, 2005, was $7.1 million, compared with $9.2 million for the quarter ended Jan. 1, 2005. This quarter's revenue was affected by revenue deferrals in the current quarter totaling about $0.4 million and still excludes the recognition of the Rotary Uninterruptible Power Supply for the National Institute for Standards and Technology, which was a system we shipped in third quarter of fiscal 2005. Upon successful product commissioning, this previously deferred revenue is expected to be recognized in 2006.
Operating loss for the quarter ended Dec. 31, 2005, was about $1.2 million, essentially unchanged from the $1.2 million operating loss recorded in the quarter ended Jan. 1, 2005.
SatCon recently announced a series of development contracts supporting its hybrid electric vehicle and auxiliary power initiatives, including a NASA contract for a superconducting dc homopolar motor, Army hybrid electric vehicle integrated starter generator contract, and Army tactical vehicle auxiliary power unit.
"Our prospects for sustainable revenue growth are sound," Eisenhaure said.
SatCon is a developer and manufacturer of electronics and motors for the alternative energy, hybrid-electric vehicle, grid support and high-reliability electronics and advanced power technology markets.