SatCon Technology Reports Third-Quarter 2000 Financial Results
SatCon Technology Corp. (Cambridge, MA) reported financial results for the third quarter ended June 30, 2000. Revenue for the third quarter increased by $4.6 million, or 112 percent, to a record $8.7 million versus $4.1 million in the third quarter of 1999. Revenue for the first nine months of 2000 increased by $9.3 million, or 81 percent, to $20.8 million versus $11.5 million in 1999. The net loss for the quarter was $2.6 million versus $7.8 million in the third quarter of 1999. The net loss per share attributable to common stockholders for the quarter was $0.19 versus $0.85 per share in the third quarter of 1999. Net loss for the first nine months of 2000 was $6.9 million versus $9.0 million for the prior year. The net loss per share attributable to common stockholders for the first nine months of 2000 was $0.81 versus $0.99 for the first nine months of 1999. SatCon President and CEO David Eisenhaure said, "We were pleased to see our revenues more than double in the third quarter as compared to last year. We have been continuing our transition to a manufacturing-based company and our revenue growth reflects this momentum."SatCon also announced changes to its financial statements for fiscal years 1996, 1997, 1998, 1999 and the quarter ended December 31, 1999, prompted by the recently completed initial audit of the financial statements of Beacon Power Corp. (Woburn, MA). The effect of this change is to increase the reported net loss in fiscal years 1996 and 1997, and to decrease the reported net loss in fiscal years 1998 and 1999, and in the quarter ended December 31, 1999.