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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 |
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
October 3,2009
September 27,2008
% Change
October 3,2009
September 27,2008
% 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%“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. In addition, we began to see an increase in bookings in North America, Europe and China, resulting in current backlog of over $24 million, positioning us for a solid fourth quarter.”
Highlights from the third quarter included a number of landmark customer wins that are significant to the growth of utility scale solar in North America.
The company also secured an order for approximately 23 megawatts of the company’s PowerGate Plus 500 kilowatt inverters to a large Chinese reseller. This is Satcon’s largest single order to date, and will be delivered in the fourth quarter of 2009.
During the quarter Satcon also experienced strong demand for its ARRA and Ontario FIT compliant inverters, including two projects in California totaling 2.4 megawatts of Satcon PowerGate Plus solutions.
Other recently announced highlights include:
“The momentum of our business is steadily improving which is supported by the growing strength of the large scale solar market and the increasing demand for utility grade solar solutions,” said Rhoades. “We continue to see the trend of projects growing in both size and sophistication and, most importantly, we have seen the expansion of large scale projects into new emerging markets both domestically and worldwide. We continue to target reaching our first key financial milestone of cash generation on a run-rate basis as we exit 2009.”
Conference Call Reminder
The company will hold a conference call to review its financial results and business highlights today, October 27, 2009 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 distributed 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, wind-turbines, 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)
ASSETSOctober 3,
2009
December 31,2008
Current assets: Cash and cash equivalents $16,306,546 $9,957,716 Restricted cash and cash equivalents 84,000 84,000 Accounts receivable, net of allowance of $191,217 and $168,219 at October 3, 2009 and December 31, 2008, respectively 11,666,49011,471,671
Unbilled contract costs and fees 189,675 398,707 Inventory 9,608,123 11,457,532 Prepaid expenses and other current assets 1,060,465 1,040,441 Total current assets $38,915,299 $34,410,067 Property and equipment, net 3,049,006 1,964,968 Goodwill, net 123,714 123,714 Intangibles, net 102,810 398,526 Total assets $42,190,829 $36,897,275 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Line of credit $3,000,000 $3,000,000 Accounts payable 10,190,033 8,588,313Short-term secured note payable
1,297,200 — Accrued payroll and payroll related expenses 1,854,718 2,042,786 Other accrued expenses 3,181,529 2,825,255 Accrued contract loss — 1,131,370 Accrued restructuring costs 216,483 602,782 Deferred revenue 1,658,291 4,214,389 Total current liabilities $21,398,254 $22,404,895 Warrant liabilities $3,154,817 $2,407,438 Deferred revenue, net of current portion 4,041,571 2,512,794 Redeemable convertible Series B preferred stock (75 and 290 shares issued and outstanding at October 3, 2009 and December 31, 2008, respectively; face value $5,000 per share; liquidation preference $375,000 and $1,450,000 at October 3, 2009 and December 31, 2008, respectively)
375,000
1,450,000
Other long-term liabilities 34,879 58,282 Total Liabilities $29,004,521 $28,833,409 Commitments and contingencies (Note H) Redeemable convertible Series C preferred stock (25,000 shares issued and outstanding at October 3, 2009 and December 31, 2008; face value $1,000 per share; liquidation preference $27,295,206 and $26,350,000 at October 3, 2009 and December 31, 2008, respectively)
$20,946,365
$17,248,593
Stockholders' deficit: Common stock; $0.01 par value, 200,000,000 shares authorized; 70,278,812 and 51,479,822 shares issued and outstanding at October 3, 2009 and December 31, 2008, respectively$702,788
$514,798
Additional paid-in capital 218,894,693 182,222,762 Accumulated deficit (225,630,062) (189,962,435) Accumulated other comprehensive loss (1,727,476) (1,959,852) Total stockholders' deficit $(7,760,057) $(9,184,727) Total liabilities and stockholders' deficit $42,190,829 $36,897,275SATCON TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months EndedOctober 3,2009
September 27,2008
October 3,2009
September 27,2008
Revenue Product revenue $ 10,040,941 $ 17,215,392 $ 31,048,409 $ 36,947,201 Funded research and development and other revenue 1,637,668 1,301,362 4,682,466 6,292,490 Total revenue $ 11,678,609 $ 18,516,754 $ 35,730,875 $ 43,239,691 Cost of revenue: Cost of product revenue $10,466,120 $ 13,869,078 $ 30,686,604 $ 32,509,593 Cost of funded research and development and other revenue 1,150,805 1,145,719 3,519,056 4,828,139 Total cost of revenue $11,616,925 $ 15,014,797 $ 34,205,660 $ 37,337,732 Gross margin $ 61,684 $ 3,501,957 $ 1,525,215 $ 5,901,959 Operating expenses: Research and development $2,187,554 $ 1,642,265 $6,302,978 $ 3,619,615 Selling, general and administrative 4,884,613 4,585,771 14,228,431 11,830,775 Restructuring charge 211,267 512,609 211,267 1,119,216 Amortization of intangibles 78,572 78,572 235,716 235,716 Total operating expenses from continuing operations $7,362,006 $6,819,217 $ 20,978,392 $ 16,805,322 Operating loss from continuing operations $(7,300,322) $(3,317,260) $(19,453,177) $(10,903,363) Change in fair value of warrant liabilities (305,289) 2,041,697 (3,899,623) (822,501) Other (loss) income, net 384,261 57,734 (241,329) 62,047 Interest income 2,956 56,872 8,523 197,143 Interest expense (38,919) (98,139) (259,103) (241,876) Net loss from continuing operations $(7,257,313) $(1,259,096) $(23,844,709) $(11,708,550) Loss from discontinued operations, net — $(990,434) — $ (1,957,837)Gain on sale of discontinued operations
— 327,798 — 327,798 Net loss $(7,257,313) $(1,921,732) $(23,844,709) $(13,338,589) Deemed dividend and accretion on Series C preferred stock and warrants (961,257)(1,056,093)
(2,670,277)$ (2,987,846)
Dividend on Series C preferred stock (320,180) (10,000) (1,028,269) (126,000) Net loss attributable to common stockholders $(8,538,750) $(2,987,825) $(27,543,255) $(16,452,435) Net loss per weighted average share, basic and diluted: From loss on continuing operations attributable to common stockholders$(0.12)
$(0.05)$(0.47)
$(0.29) From loss on discontinued operations — $(0.02) — $(0.04) From gain on sale of discontinued operations — $0.01 — $0.01 Net loss attributable to common stockholders per weighted average share, basic and diluted$(0.12)
$(0.06)
$(0.47)
$(0.33)
Weighted average number of common shares, basic and diluted 70,239,878 51,013,182 58,831,835 50,454,300
1 Year Satcon Technology Corp. (MM) Chart |
1 Month Satcon Technology Corp. (MM) Chart |
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