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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Satcon Technology Corp. (MM) | NASDAQ:SATC | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.4275 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
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 second quarter ended June 30, 2010.
(in millions, except per share data) Three Months Ended Six Months EndedJune 30,2010
July 4,2009
% ChangeJune 30,2010
July 4,2009
% Change Revenue $27.6 $7.6 262% $42.4 $21.0 102% Gross Margin 21% -4% 18% 4% Operating loss ($5.3) ($7.0) 25% ($12.3) ($12.1) -2% Net Loss Attributable to Common Shareholders ($8.5) ($7.1) -20% ($15.7) ($19.0) 17%Net Loss Attributable to Common Shareholders per weighted average share, basic and diluted
($0.12) ($0.13) 8% ($0.22) ($0.36) 39%“Second quarter sales of $27.6 million represented the largest quarter in Satcon’s history, reaching revenues over two and a half times greater than what we reported in the same period a year ago,” said Steve Rhoades, Satcon’s President and Chief Executive Officer. “We also grew gross margin to 21%, a significant improvement over last quarter’s 14%, fueled by the transfer of our primary manufacturing to our lower cost facility in Shenzhen, China, which we completed during the second quarter.”
Bookings for the first half of 2010 totaled $123 million, an increase of 1100% over the same period last year, reflecting the explosive growth that the company is experiencing in its key end markets in North America, Europe and Asia Pacific. These bookings represent 506 MW of orders for Satcon’s products, with 39% of that demand coming from North America, 25% from Europe and 36% from Asia Pacific.
For the first half of 2010, the company shipped 161 MW of its industry-leading PowerGate® Plus, Prism™, and Solstice™ solutions. Satcon's 500kW PowerGate Plus solution continued to be its strongest performing product, shipping over 101.5 MW during the period, and representing 233% growth over the number of 500kW PowerGate Plus units shipped in the first half of 2009.
At June 30, 2010, the company's backlog, which consists of firm fixed purchase orders with customers, was $82 million. Backlog from Asia topped the list representing 43% of orders to be delivered. North America contributed 42% to the mix, while Europe contributed 15%. Backlog as of August 3, 2010 totaled $111 million, of which about 90% is currently expected to ship this calendar year.
“With the strength of our backlog and bookings activity, we continue to invest in operational enhancements that will grow our current capacity significantly in the second half of the year and beyond,” said Rhoades. “This global demand has driven our recent move to raise our global manufacturing to over 1 gigawatt, and move toward over 1.75 gigawatts of global capacity in 2011.”
Recent customer wins and company highlights include:
"As we look to the third quarter of 2010, we are well-positioned to deliver significant top-line growth with revenues expected to be in the $43-$47 million range,” Rhoades said. “We are also confirming that we anticipate achieving gross margin greater than 30% in the second half of the year as a result of the continuous improvements we are making to our operations and manufacturing supply chain, and that we remain on target to have our operations plan fully implemented by the end of Q3. With these improvements, we expect that our margins in the third quarter will be in the mid to high 20’s, and margins for the fourth quarter will be in the low to mid 30% range."
Rhoades continued, “We see momentum continuing into our fourth quarter of 2010, and expect that our fourth quarter revenues will increase over those that we generate in our third quarter."
Satcon also announced that it has entered into an agreement with Silicon Valley Bank to increase its revolving line of credit to $15 million. “This expansion of our senior debt facility, along with the $12 million subordinated debt transaction we closed in June, provides Satcon with greater working capital resources to support our growth plans in the global utility-scale solar market,” said Donald Peck, Satcon’s Chief Financial Officer.
Conference Call Reminder
The company will hold a conference call to review its financial results and business highlights today, August 5, 2010 at 5:00 p.m. ET. During the conference call, the company may answer questions concerning business and financial developments and trends, and other business and financial matters. The company’s responses to these questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been previously disclosed.
The conference call will be webcast live over the Internet and can be accessed on the Investor Relations section of the company’s website at http://investor.satcon.com. The conference call also can be accessed by dialing (877) 407-8289 (U.S. and Canada) or (201) 689-8341 (International). Interested parties that are unable to listen to the live call may access an archived version of the webcast on Satcon’s website.
About Satcon
Satcon Technology Corporation is a leading provider of utility scale power solutions for the renewable energy market, enabling the industry’s most advanced, reliable, and proven clean energy alternatives. For over 24 years, Satcon has designed and delivered the next generation of efficient energy systems for solar photovoltaic, stationary fuel cells, and energy storage systems. To learn more about Satcon, please visit www.Satcon.com.
Safe Harbor
Statements made in this document that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
SATCON TECHNOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, December 31, ASSETS 2010 2009 Current assets: Cash and cash equivalents $ 14,381,207 $ 13,369,208 Restricted cash and cash equivalents — 34,000Accounts receivable, net of allowance of $1,154,187 and $196,909 at June 30, 2010 and December 31, 2009,respectively
28,545,956 17,577,640 Unbilled contract costs and fees 174,342 202,228 Inventory 18,685,977 11,898,571 Prepaid expenses and other current assets 2,192,588 717,535 Current assets of discontinued operations — 35,004 Total current assets 63,980,070 43,834,186 Property and equipment, net 4,898,343 4,633,926 Non-current assets of discontinued operations — 224,227 Total assets $ 68,878,413 $ 48,692,339LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities: Line of credit $ 9,360,912 $ 3,000,000 Notes payable, current portion 615,690 — Accounts payable 20,166,133 20,751,975 Accrued payroll and payroll related expenses 2,733,425 2,235,349 Other accrued expenses 3,802,181 2,710,568 Accrued restructuring costs 375,023 38,034 Deferred revenue, current portion 7,052,199 451,008 Current liabilities of discontinued operations — 117,702 Total current liabilities 44,105,563 29,304,636 Warrant liabilities 4,446,742 4,976,774 Notes payable, net of current portion 10,313,673 — Deferred revenue, net of current portion 7,407,674 5,531,413Redeemable convertible Series B preferred stock (75 shares issued and outstanding at June 30, 2010 and December 31,2009; face value $5,000 per share; liquidation preference at June 30, 2010 $375,000)
375,000
375,000
Other long-term liabilities 232,818 280,472 Total liabilities 66,881,470 40,468,295 Commitments and contingenciesRedeemable convertible Series C preferred stock (25,000 shares issued and outstanding at June 30, 2010 and December31, 2009, face value $1,000 per share, liquidation preference $28,219,863 and $27,600,000 at June 30, 2010 andDecember 31, 2009 respectively)
24,759,305
22,257,423
Stockholders' deficit:Common stock; $0.01 par value, 200,000,000 shares authorized; 72,126,226 and 70,567,781 shares issued andoutstanding at June 30, 2010 and December 31, 2009, respectively
721,262
705,678
Additional paid-in capital 221,766,836 218,599,384 Accumulated deficit (243,820,892 ) (231,656,734 ) Accumulated other comprehensive loss (1,429,568 ) (1,681,707 ) Total stockholders' deficit (22,762,362 ) (14,033,379 ) Total liabilities and stockholders' deficit $ 68,878,413 $ 48,692,339SATCON TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended June 30,2010
July 4,2009
June 30,2010
July 4,2009
Product revenue $ 27,627,473 $ 7,627,619 $ 42,359,952 $ 21,007,468 Cost of product revenue 21,890,030 7,935,446 34,589,139 20,220,484 Gross margin 5,737,443 (307,827 ) 7,770,813 786,984 Operating expenses: Research and development 2,711,070 2,244,162 5,442,855 4,115,424 Selling, general and administrative 8,282,484 4,417,941 13,862,366 8,766,222 Restructuring charge — — 783,701 — Total operating expenses from continuing operations 10,993,554 6,662,103 20,088,922 12,881,646 Operating loss from continuing operations (5,256,111 ) (6,969,930 ) (12,318,109 ) (12,094,662 ) Change in fair value of warrant liabilities (857,965 ) 1,776,137 231,013 (3,594,334 ) Other (loss) income, net (251,043 ) (486,649 ) (319,458 ) (625,590 ) Interest income 10 1,836 185 5,567 Interest expense (226,169 ) (137,823 ) (289,396 ) (220,184 ) Net loss from continuing operations (6,591,278 ) (5,816,429 ) (12,695,765 ) (16,529,203 ) Gain on sale of discontinued operations, net — — 500,217 — Income (loss) from discontinued operations, net — (16,511 ) 31,390 (58,193 ) Net loss (6,591,278 ) (5,832,940 ) (12,164,158 ) (16,587,396 ) Deemed dividend and accretion on Series C preferred stock(1,538,934
)
(887,526
)
(2,808,125
)
(1,709,020
)
Dividend on Series C preferred stock (368,697 ) (387,051 ) (723,757 ) (708,089 ) Net loss attributable to common stockholders $ (8,498,909 ) $ (7,107,517 ) $ (15,696,040 ) $ (19,004,505 )Net loss attributable to common stockholders per weighted average share, basic and diluted
$
(0.12
)
$
(0.13
)
$
(0.22
)
$
(0.36
)
Weighted average number of common shares, basic and diluted 71,512,306 54,717,764 71,216,831 53,127,814
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