(Source: Business Wire)
Satcon Technology Corporation (NASDAQ CM:SATC), a leading provider of
utility scale power solutions for the renewable energy market, today
announced its results for the third quarter ended October 3, 2009.
(in millions, except per share data) Three Months Ended Nine Months Ended
October3,2009 September27,2008 % Change October3,2009 September27,2008 % Change
Revenue $11.7 $18.5 -37% $35.7 $43.2 -17%
Gross Margin 1% 19% 4% 14%
Operating loss ($7.3) ($3.3) -120% ($19.5) ($10.9) -78%
Net Loss Attributable to Common Shareholders ($8.5) ($3.0) -186% ($27.5) ($16.5) -67%
Net Loss Attributable to Common Shareholders per weighted average share, basic and diluted ($0.12) ($0.06) -100% ($0.47) ($0.33) -42%
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"During the quarter we saw a peak in costs associated with the
transition of our manufacturing to China that led to a significant
increase in our manufacturing costs," said Steve Rhoades, Satcon's
President and Chief Executive Officer. "These transition costs will
continue into the fourth quarter, but will be lower relative to our
expected Q4 revenue, and we expect to largely complete the transition by
the end of the year."
"While total sales were down year over year due to the global recession,
revenue for the third quarter increased 27% over the second quarter of
2009," said Rhoades. "Our top-line growth highlights the successful
execution of our corporate strategy to develop and launch the industry's
most advanced utility scale solar PV inverter solutions.
