SatCon Technology Corp. (Cambridge, MA), a leader in power and energy management, reported financial results for its fiscal 2004 third quarter, which ended on June 26, 2004. Revenue for the three months ended June 26, 2004, was $8.6 million, a 41% increase over the $6.1 million for the same period last year. In addition, the operating loss for the third quarter was $0.7 million, compared to an operating loss of $7.3 million for the same period last year.
For the nine months ended June 26, 2004, revenue was $25.0 million, compared with $18.1 million for 2003, a 38% increase. Operating loss was $2.5 million for the nine months ended June 26, 2004, compared to $23.9 million for the same period last year.
"The third quarter was very successful for SatCon," said SatCon President and CEO David Eisenhaure. "We had a strong quarter of bookings and our backlog increased by over 25%, from $18 million to $23 million. We had $8.6 million in sales, an increase from the $8.2 million of last quarter and a 41% increase over last year's $6.1 million. Our EBITDA, which we define as operating profit plus depreciation and amortization, was close to breakeven at a negative $200 thousand. So, from an overall viewpoint, we are seeing our business growing, our costs stabilizing and our goal to be EBITDA positive for the second half of the year becoming a reality."
